About: http://data.cimple.eu/news-article/d33005ded58600d9b6e9cf2afadafc87a4972ec1af70b2ceeaa9f400

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About: http://data.cimple.eu/news-article/d33005ded58600d9b6e9cf2afadafc87a4972ec1af70b2ceeaa9f400 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	European Union member states and MEPs reached a deal on Tuesday on tougher tax transparency measures for multinationals as international pressure grows for greater scrutiny of major companies. The directive will apply to multinational companies with an annual turnover of more than 750 million euros ($915 billion). They will be required to declare their profits, how many people they employ and how much tax they pay in each EU country where they operate -- as well as in countries on the EU's tax haven black list. The deal was agreed by negotiators but still has to formally approved by MEPs at a full sitting of the EU parliament, and by the European Council. But Portugal, which currently holds the six-monthly rotating chair of the European Council, hailed the obligation for public country-by-country reporting as a major step forward for tax justice. Several political groups within the European Parliament including the Social Democrats and the Greens also welcomed the development. Some campaigners for tax justice however said the measures did not go far enough. The new agreement comes as US President Joe Biden is pushing the need for a 15-percent minimum tax for multinationals back up the international agenda. Biden's proposal is due to be discussed by finance ministers from the Group of Seven wealthy nations at a meeting on London on Friday. The EU measures were first proposed in the wake of a series of international financial scandals revealed in major investigations such as LuxLeaks and the Panama Papers. "At a time when our fellow citizens are trying to overcome the effects of the pandemic, it is more crucial than ever to demand real financial transparency," said Portugal's Economy Minister Pedro Siza Vieira. He estimated the European Union's losses from tax evasion to be 50 billion euros a year. But Transparency International EU said the proposed measure would not work. "EU legislation on country by country reporting set to be finalised is not fit for purpose," the campaign group tweeted. "It won't apply to most company operations and tax avoidance will continue." aro/jj/dl
schema:headline	EU agrees new tax transparency rules for multinationals
schema:mentions	European Council Panama Papers European Parliament Tax avoidance Transparency International Australian Greens Tax evasion Seven Network Pedro I of Brazil London European Union Pandemic Portugal Joe Biden United States President of the United States Aro Confederacy Tax haven Mark Roebuck
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-06-01 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	80 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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