A challenge to the tax profession: if you want to be credible back real tax reforms

Richard Murphy of Tax Research UK:

As a result I am not looking for nice words, which is what the profession has offered. Nor will reformed misconduct arrangements that have to date never been used satisfy me. These are cheap. I want real action. That does not, of course, mean tax returns on line. But it does, I think, mean commitment from the major tax players, and active demand from them for a series of entirely appropriate reforms in tax.

The first is active support from the firms and professional bodies for full public country-by-country reporting, including intra-group transactions. Nothing less will do if these firms and their tax department are to be subject to necessary scrutiny for the consequence of their actions.

Then I want support for full disclosure of beneficial ownership of companies (defined as being disclosure of all holdings over 10%), and that has to be worldwide.

And I am looking for support for all limited liability accounts being on public record in full, without exception, worldwide. After all, that’s a pre-condition for fair markets to operate. Why wouldn’t the tax profession want that?

And then I am expecting their support for corporate tax reform to a unitary basis to remove the abuses that artificial structuring still permits.