DHAKA: The European Union has unveiled plans to force large companies to disclose more about their tax affairs.

They will have to declare publicly how much tax they pay in each EU country as well as any activities carried out in specific tax havens, reports the BBC.

The rules on ‘country-by-country reporting’ would affect multinational firms with more than €750m in sales.

The plans come amid heightened scrutiny of the use of tax havens following the Panama Papers revelations.

And it follows increasing pressure on multinationals such as Starbucks and Google to pay more tax in the countries where they operate.

More than 6,000 of the world’s biggest companies will be covered by the proposals, representing approximately 90% of the turnover of all multinationals, a third of them with their headquarters in the EU.

It is estimated that EU states lose at least €50-70bn each year to corporate tax avoidance.

Under the proposals multinationals would have to disclose for each country within the EU:

BDST: 2147 HRS, APR 12, 2016
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