EU regulators demand greater tax transparency from multinationals
Source: The Guardian
Tax avoidance by multinational corporations will be forced into the open under proposals to be unveiled by European regulators on Tuesday following the Panama Papers revelations.
The European commission will put forward legislation requiring large multinationals operating in Europe to disclose profits earned and taxes paid in each of the EU’s 28 member states, as well as fiscal havens.
All large companies trading in Europe, including subsidiaries of non-European businesses, would have to publish how much tax they pay outside the EU, including detailed country-by-country information on their finances in tax havens.
The commission was already working on measures to force international companies to disclose their earnings and tax bills in the EU. Following the leak of 11.5m files exposing the tax secrets of the global elite, officials have toughened up their plans to include tax havens.
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Read more: http://www.theguardian.com/business/2016/apr/12/eu-regulators-demand-greater-tax-transparency-companies
Jennifer Rankinand Sean Farrell
Tuesday 12 April 2016 10.35 BST
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