The European Commission will today outline measures that would force large companies to disclose profits and profits in each of the EU ’s 28 states as well as in fiscal statements . All major companies with a turnover larger than $ 750 m operating in Europe will also have to publish how much they tax they pay outside of the EU . The Commission has been working on the measures for some time , however , the recent revelations in the Panama Papers led regulators to expand their proposals to include tax havens . In order to become binding , the measures have to be backed by a qualified majority of finance ministers and the European Parliament . Officials have stated that an official list of tax havens will be available within six months .
The European Commission will today outline legislation that would force large multinationals to disclose profits and taxes in each of the EU’s 28 states as well as in fiscal havens. All major companies with a turnover larger than €750m operating in Europe will also have to publish how much they tax they pay outside of the EU. The Commission has been working on the measures for some time, however, the recent revelations in the Panama Papers led regulators to extend their proposals to include tax havens. In order to become binding, the proposals have to be backed by a qualified majority of finance ministers and the European Parliament. Officials have stated that an official list of tax havens will be available within six months.