Inquiry into the implementation of the Wales Act 2014 and operation of the Fiscal Framework
The PDCF was launched in January 2019 and remains open and available to all multinational enterprises (MNEs). The facility is part of HMRC‚ s drive to tackle profit diversion by MNEs. HMRC is running a programme of identifying and writing to specific MNEs they believe could be diverting profits away from the UK. This programme paused due to COVID-19 in the first part of the year, but has re-started with a batch of letters sent out in September 2020 and a further batch expected before the end of the year.