Clare Moody, South West Labour MEP, reported that the EU adopts Labour proposals for tax transparency, including country-by-country reporting and list of tax havens.
The European Commission announced new proposals to tackle tax dodging by multinational corporations, including public country-by-country reporting and a common list of tax havens - following my Labour MEP colleagues report that was voted through in the European Parliament in December last year.
By making companies publicly declare where they make their profits and where they pay their tax, we can force them into playing by the rules throughout Europe. And the new list of tax havens, which will be based on objective criteria, will ensure greater transparency - all activity in places like Panama will need to be disclosed.
This announcement is another excellent example of the EU showing its value and an amazing step forward in the fight against tax avoidance and evasion.
It is welcome news that the Commission has reversed its proposals to only include EU countries. One of the main measures we called for was the establishment of an objective list agreed to by all within the EU, and accompanied by harsh EU sanctions.