Margaret Hodge, chair of the public accounts committee, said major corporations should be stripped of their right to full privacy over their tax affairs.
She told the Independent new rules should be brought in forcing companies to make a full disclosure to MPs in closed sessions, which would allow their arrangements to be scrutinised.
Mrs Hodge told the newspaper: "We could have a committee of MPs overseeing them in private, the same way that the Intelligence and Security Committee operates. That has operated very effectively. There has never been a leak."
More top news
ITV News spoke to Nick Channing-Williams who described the freezing conditions on board the car ferry that caught fire earlier today.
A widespread frost will affect the UK due to plummeting temperatures along with a lingering fog in several areas.
Members of the Queen's Guard have been assigned the protection of armed police, amid reports they could be targeted by terrorists.