BRUSSELS: US multinationals – including Amazon and Google – will be required to disclose their profits and tax in every country within which they operate in the EU, if new draft legislation aimed at forcing large companies to open up their tax arrangements to public scrutiny is made law.
According to a Guardian report, the legislation will be tabled in April by the European Commission, with president Jean-Claude Juncker said to be in favour of the initiative.
Public country-by-country reporting is intended to deter companies from making secretive deals with governments on where and how they declare their profits, the newspaper said.
Amazon ended its UK sales diversion to Luxembourg in May last year.
Its UK and US accounts revealed net sales of £5.3bn in the UK in 2014, with a payment of £11.9m in tax to UK authorities.
