FT: EU may introduce country-by-country reporting as soon as summer - Spear's Magazine

FT: EU may introduce country-by-country reporting as soon as summer

At a summit on Wednesday, EU leaders ditched longstanding reservations about more intrusive reporting rules and broadly backed a shake-up that could see a law passed as soon as this summer

Big companies’ tax affairs in Europe are to be opened up to greater public scrutiny with the EU rushing out a law compelling them to reveal corporate profits and taxes on a country-by-country basis.

Amid a political furore over allegations of tax avoidance by corporate-giants such as Apple, Starbucks and Google, the EU is extending transparency reforms for banks and resources groups to all large public and private companies.

At a summit on Wednesday, EU leaders ditched longstanding reservations about more intrusive reporting rules and broadly backed a shake-up that could see a law passed as soon as this summer.

The overhaul will have far-reaching implications for big multinationals in Europe, as most do not break down tax, profits, revenues and staff numbers by country. It would also pile public pressure on groups using low-tax bases such as Ireland or Luxembourg as a revenue hub for their European operations.

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