MEPs seek corporation tax transparency

Members of the European Parliament’s (MEPs) economic and monetary affairs committee (EMAC) have asked the European Commission (EC) to table measures that would include corporation tax transparency, reports Economia.

Recommendations were voted on by the EMAC on Tuesday and seek to build on work carried out by the European Parliament’s special committee on tax rulings. This was set up following the Lux-leaks scandal last year.

Luděk Niedermayer, an MEP from the Czech Republic, and Anneliese Dodds, a Labour MEP representing the south east of England proposed the report and recommendations.

Passed by an EMAC vote of 45 to three, with 10 abstentions, the report includes a number of proposals, such as introducing country-by-country reporting on profit, tax and subsidies by next June, providing legal protection for whistleblowers, and more.

The proposals will be put to the whole of the European parliament on December 16. Should it be approved, the EC will have three months to respond.