No bailouts for tax avoiders

Businesses must publish a binding tax policy that explicitly shuns tax avoidance, the artificial use of tax havens and profit-shifting. Too many multinational companies avoid paying their fair share by fudging where their profits were really made: across the world, some £400 billion of global corporate profits are shifted annually to tax havens. Companies must abide by both the spirit and the letter of the law.

To tell if businesses are abiding by their policies, they must lift the lid on their accounts and publish their profits, loss and taxes paid on a country-by-country basis. After all, companies that have done nothing wrong should have nothing to hide

Businesses must be up front as to who the ultimate beneficial owners of the company are and those with significant control. Anonymously owned companies are one of the key tools used by money launderers and tax evaders to hide their illicit gains. Transparency on ownership and control allows law enforcement and tax inspectors to follow the money and make sure everyone is paying a fair share of tax. Let’s be honest here: anything less looks rather shady.