MEPs approve moves to make multinationals disclose tax information – Hayes

The European Parliament today approved moves to make large firms make information about the tax they pay in each country in the world publicly available. The MEPs backed a proposal requiring multinationals to report their tax bills on a country-by-country basis. However they also accepted possible exemptions in the case of commercially-sensitive information. The proposals are a bid to crack down on corporate tax avoidance, which is estimated to cost EU countries between fifty to seventy billion euro (€50bn-€70bn) a year in lost tax revenues, according to the European Commission. The Fine Gael MEP Brian Hayes says the proposals will make Europe more tax transparent.

Out words: made public

Dur: 00:30

Next steps

After approving the draft report by 534 votes to 98 votes, with 62 abstentions, MEPs voted to send the report back to the Committees to start negotiations in 1st reading on the basis of a plenary mandate. 

For further information click on the below link

http://www.europarl.europa.eu/news/en/press-room/20170629IPR78639/multinationals-should-disclose-tax-information-in-each-country-they-operate