European finance ministers have given their support for the adoption of the new rules which will shine a light on the tax affairs of multinational corporations.
The proposal would oblige large companies to provide the national tax authorities with all of its global operations, including revenues, earnings, taxes paid and the number of employees in each country where they operate.
The new rules “will provide the national authorities the necessary understanding of how to deal with aggressive tax planning structure,” said Pierre Moscovici, European Commissioner for Economic and Financial Affairs.
He described Europe as being in the throes of “fiscal transparency revolution” caused indignation of the national electorate. The European Commission is going to publish an offer of new rules in April 2016.
“Keeping these reports in the privacy make it almost impossible for governments of developing countries, journalists or the general public to carefully study the activities of transnational corporations,” said Koen Roovers a leading supporter of the EU to ensure the financial transparency of the coalition.