European Parliament demands transparent corporate tax reporting

The European Parliament is calling for a fairer system of corporate taxes across the EU. In a vote today, the majority of MEPs urged EU countries to agree on mandatory country-by- country reporting by multinationals of profits and taxes. They’re also calling for a common consolidated corporate tax base and more transparency in any national tax rulings for companies. The MEPs in favour of these measures, believe that multinational companies should pay their taxes where they make their profits.  However, the Fine Gael MEP Brian Hayes voted against the moves saying it is the sovereign right of individual EU states to decide on their own tax affairs.

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