US firms face tax crackdown in Europe: Report

Matt Clinch
Updated
John Lamb | Photodisc | Getty Images. Legislation being drafted by the EU could force multinationals to reveal details of their tax arrangements, according to the Guardian.

New legislation being drafted by the European Union could force multinationals to reveal details of their earnings and tax bill arrangements, according to the Guardian.

Tech giants like Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOGL) and Facebook (NASDAQ: FB) have faced scrutiny on the amount of tax they pay and lawmakers in the region are looking to shine a light on the situation.

Three senior EU officials familiar with the proposals, told the Guardian Sunday that initial conclusions from an impact assessment have found in favor of obliging large corporations to reveal their profits and the tax they pay in every country in which they operate within the European Union.

The U.K. newspaper said that the commission president, Jean-Claude Juncker, is said to be in favor of the initiative.

The new draft is to be presented on April 12 and would require just a "qualified majority" of European governments to agree the new arrangements, according to sources. Read the full report here.



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