European Union (EU) ministers are set to vote on a move to expose firms' tax avoidance, meaning companies could be forced to reveal profits made and taxes paid in each member state.
These proposals are “in essence, trying to shame the taxpayer,” argued Miles Dean, head of international tax at Andersen Tax UK.
The proposed rule is designed to shine a light on how large companies avoid paying an estimated $500 billion a year in taxes around the world by shifting their profits from higher-tax countries such as the UK, France and Germany to zero-tax or low-tax jurisdictions such as Luxembourg, Ireland and Malta.
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