Scotland Bans Companies Based in Tax Havens From Accessing Coronavirus Bailout Money

Source: The Independent »

Scotland has become the latest country to block companies based in tax havens from accessing coronavirus bailout funds, in a move that will increase pressure on Boris Johnson’s government to introduce similar measures.

MSPs approved new rules on Wednesday night that will mean companies that are registered in tax havens, or are a subsidiary of an offshore company, cannot apply for government grants.

France, Belgium, Denmark, Poland, Wales and Argentina have applied similar policies to their coronavirus business support packages.

A second amendment to the Scottish legislation, introduced by the Green Party, would have required companies taking bailout money to commit to country-by-country reporting in their accounts. However, the amendment was voted down.

Country-by-country reporting has long been a central policy request of the tax justice movement because it would open up to public scrutiny any shifting of corporate profits into tax havens…

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