Members of Parliament, during a January 31 U.K. hearing, did their best to publicly shame representatives of Big Four accounting firms for devising schemes that help multinational corporations avoid U.K. tax. The latest Public Accounts Committee (PAC) hearing follows two high-profile hearings conducted last fall, during which MPs grilled U.K. tax officials and multinational corporation tax executives, expressing outrage over global companies that appear to generate income in the U.K. but pay little or no corporate tax there. The publicity surrounding the November hearings has contributed to a growing international consensus about the need to tighten tax rules that apply to global corporations and prompted the OECD's base erosion and profit-shifting initiative.
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