Business World

Wednesday 29 March 2017

New EU tax and revenue rules for multinationals

So-called tax havens have been a major topic of controversy
So-called tax havens have been a major topic of controversy
Gavin McLoughlin

Gavin McLoughlin

The European Commission's proposals for tackling multinationals' aggressive tax planning will be revealed later today.

So-called country-by-country reporting rules would see companies - with a turnover of more than €750m - operating in the EU forced to publish revenue and tax information for each country in which they operate around the world.

The move, which will have to be approved by the European Parliament and European Council, comes on the back of a growing outcry for tax transparency from big companies.

The EU estimates aggressive corporate tax planning costs the bloc between €50bn and €70bn a year. The Panama Papers scandal has added a fresh impetus to authorities' plans.

No member state will have a veto on the proposals.

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