EU says 6,000 Com­pa­nies World­wide Will Have to Dis­close Tax De­tails

The Economic Times - - Around The World -

Brus­sels: Euro­pean Union au­thor­i­ties called on Tues­day for 6,000 of the world’s largest com­pa­nies to re­veal the tax they pay to each of the bloc’s 28 mem­ber coun­tries and to dis­close their tax ar­range­ments in off­shore havens.

The Euro­pean pro­posal, which of­fi­cials tweaked in re­cent days to pay more at­ten­tion to off­shore holdings in light of the Panama Papers, is pri­mar­ily aimed at stop­ping multi­na­tional com­pa­nies from shift­ing their prof­its around Europe to lower their tax bills. The big­gest im­pact could be on the way com­pa­nies that have eas­ily recog­nised brands, and that are con­cerned about their pub­lic images, man­age their taxes in the EU. To be­come l aw, t he pro­posa l must re­ceive the ap­proval of the Euro­pean par­lia­ment and a ma­jor­ity of Euro­pean Union govern­ments. The rules would ap­ply only to multi­na­tional com­pa­nies with global rev­enues greater than E750 mil­lion a year, or about $855 mil­lion.

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