Following the Panama Paper leaks international scandal, the European Commission is bringing forward plans to make major multinationals such as Google, Amazon and Facebook disclose exactly where and how much tax they pay across the continent.
The draft legislation being tabled on Tuesday was proposed before the latest Panama Papers scandal, but comes amid a growing clamour to force the biggest companies to pay their fair share.
The plan was expected to include rules requiring businesses earning more than £600 million a year to open up their tax affairs to public scrutiny, revealing their profits and accounts in every country in which they operate within the EU.
Since the Panama Papers, a new clause has reportedly been added to require the companies to say how much money they make in so-called “tax havens”. A final, more general statement would reveal profits in the rest of the world, treated as a single item.
Be the first to comment