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EU seeks country-by-country tax disclosure for large companies

Interview

The European Union will seek to make large companies disclose the taxes they pay and profits they make on a country-by-country basis as it seeks to crack down on firms evading their obligations, Bloomberg reported. Michel Barnier, the EU’s financial services chief, will seek to put the transparency rules in place “as quickly as possible,” Chantal Hughes, his spokeswoman, said in Brussels Thursday. The measures would also cover subsidies that companies receive, she said. “It’s the equivalent of what we already do for banks,” Hughes said. “The idea is therefore to expand that to all large companies operating in the European Union.”

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