The European Commission has stepped up efforts to tackle tax avoidance, and has published measures to “hamper aggressive tax planning”.

One proposal is for tax authorities to share information on multinationals among themselves, as agreed in the Organisation for Economic Co-operation and Development (OECD) deal signed by 31 nations yesterday.

However, the UK Chancellor George Osborne said he wanted to “see that information made public,” in line with the Conservative Party’s manifesto.

According to BBC News, the Commission said it was currently looking at the issue of public country-by-country reporting and will publish its findings in the Spring.

Billions of Euros are currently lost to tax avoidance every year, according to the Commission.

The proposals come amid criticism of Google’s 130 million British Pounds deal with UK tax authorities to settle a back tax bill.

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