UN Tax Convention

My Liberal Democrat colleagues and I support the proposals for a fair international system that tackles corporate tax avoidance and evasion for the benefit of all countries.

This is essential for building a strong, fair, rules-based international economy, where the largest and most profitable corporations pay their fair share of tax across the world.

We welcome the work taking place under the auspices of the OECD and its G20 Inclusive Framework – a commitment to tackling tax avoidance, improving the coherence of international tax rules and ensuring a more transparent tax environment.

Whilst the work of the OECD is significant, the framework should be strengthened. The global minimum corporation tax rate set at 15% under the deal is too low, and we have urged the Government to negotiate an increase to 21%.

Further, it’s essential that more is done to ensure that developing countries will benefit from the new system. Oxfam has highlighted that this 15% minimum rate still disadvantages many developing countries, and we were disappointed that the previous Conservative Government failed to take any action.

Although some progress has been made to combat the reprehensible actions of large multinationals in the pursuit of a single cohesive global tax system, it must be strengthened, and the UK should continue working with the international community towards that end.

My Liberal Democrat parliamentary colleagues and I are determined to press for a fairer international tax system and will pressure the Government to push for a stronger, fairer framework.