Ahead of the G7 meeting of the leaders of Canada, France, Germany, Italy, Japan, the UK and US in Brussels today, Cameron said there was a pressing need for what he termed ‘the three Ts: greater transparency, fair tax systems and freer trade.

‘Only when we actually start exchanging information automatically will we really improve the ability of our tax collectors to ensure people and companies pay what is due. So we need to get on with it - and as we do, we must continue to increase the number of countries taking part and, crucially, find ways of making tax information available to developing countries, too,’ Cameron said.

He was equally emphatic about the need to agree on a global country-by-country tax tool, calling on the G7 countries to consider leading by example and implementing this before the November G20 summit in Brisbane.  

Cameron’s comments, made in an article for the Wall Street Journal, also singled out the US for failing to move quickly enough on the issue of country-by-country reporting.

‘Europe has already agreed to rules for public, company-by-company and project-by-project reporting of payments to all governments. Canada plans to follow suit.

'We now need the US to do the same, so we can work together to deliver common global standards. There is no reason we can’t all agree to this within the next few months,’ Cameron said.

Cameron says that a global country-by-country tax tool would help tax authorities build a clear picture of who is paying taxes where.

'I hope this can happen at the November G20 Summit in Brisbane. But to keep us on track I believe that G7 countries should consider introducing this tool sooner, to lead by example and achieve maximum transparency with minimum burdens on business,' he added.

At a conference organised by the International Business Structuring Association earlier this week in London, gathered tax experts were lukewarm on the country-by-country reporting proposals, highlighting problems over cross-jurisctional controls.

Andy Hewitt, senior group tax manager at internet clothing retailer Asos, warned: ‘[Companies] need to understand the potential consequences of country-by-country reporting because this will mean we’ll be in the position of giving lots of tax data to a lot of different governments.

'The important thing to know is that this is just going to be a snapshot – you’re not going to tell the whole story.

'Different tax jurisdictions [tax authorities] may take a different view… deciding they’re not getting their fair slice of the pie, and [they may then decide] to raise an assessment.'