Members of the European Parliament sealed a deal obliging multinationals to publicly declare what taxes they pay in each European Union country, overcoming five years of foot-dragging by some governments, the European Parliament said on June 2.
The deal struck on Tuesday night between European Parliament and Council negotiators sets in place rules that require multinationals and their subsidiaries with annual revenues of more than 750 million euro, and which are active in more than one country, to publish and make accessible the amount of taxes they pay in each member state, the statement said.
The information will also need to be made available on the internet, using a common template, and in a machine-readable format.
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New EU tax supremo urged bloc to oust Luxembourg 3 min. today at 17:59
Economist Gabriel Zucman raised the possibility of excluding Luxembourg in his first book Economist Gabriel Zucman raised the possibility of excluding Luxembourg in his first book French economist Gabriel Zucman at a press conference to launch of the European Tax Observatory on Tuesday Photo credit: AFP
By Diego Velazquez and John Monaghan
An internationally recognised expert on tax havens who has just been appointed as the head of the EU s new tax research arm in the past raised the prospect of excluding Luxembourg from the bloc over its lax tax policies.
La gauche dans son labyrinthe européen monde-diplomatique.fr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from monde-diplomatique.fr Daily Mail and Mail on Sunday newspapers.
The lopsided agreement, which ostensibly aims to level the economic and financial playing field by providing European companies with improved access to the Chinese market, actually allows China to continue to restrict investment opportunities for European companies in many strategic sectors. The deal also lacks meaningful enforcement mechanisms for issues that the EU claims to care about, such as climate change and human rights, including forced labor. China has repeatedly demonstrated its willingness to use its economic power as a strategic weapon. By deepening their economic reliance on China without coordinating their policy with fellow democracies European nations are increasing their vulnerability to pressure from Beijing. That is a remarkably shortsighted decision to make. Gideon Rachman,