The EU Moves Ahead With a Corporate Tax Transparency Plan
MIN READFeb 26, 2021 | 16:31 GMT
EU Economy Commissioner Paolo Gentiloni speaks during a press conference after a virtual meeting at the European Council in Brussels, Belgium, on Feb. 15, 2021.
(STEPHANIE LECOCQ/POOL/AFP via Getty Images)
The European Union will move forward with a plan to force large multinational companies to be more transparent about the taxes that they pay in every member state. This measure will likely expose the special (and unpopular) deals that small countries often offer to corporations and, indirectly, increase EU pressure for higher taxation of digital companies. The Portuguese government, which holds the rotating presidency of the European Union, announced on Feb. 25 that it has secured enough support from member states to move forward with a plan to force multinationals with revenue of more than 750 million euros that operate in the bloc to reveal their tax payments and activities for each member state. The proposal will now move to the European Council and the European Parliament, which means that it could be months before it is enforced. Opponents to the plan, which include Luxembourg and Ireland, could challenge its...