EU Politicians Slam New Tax Deal That Lets Big Business Avoid Probes

Members of the European Parliament are not impresse with the European Commission's proposed transparency rules that will oblige multinational declare their profits on a country-by-county basis in an effort to stamp out tax evasion, because they will not apply to 90 percent of companies

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The new rules – coming in the wake of the LuxLeaks and Panama Papers that found widespread use of tax havens by multinationals, including Google, Amazon, Facebook and Apple, to move profits offshore, will actually help such corporate giants avoid paying taxes in countries in the EU where those transactions took place and where taxes should be paid.

Other tax dodges include the use of so-called "sweetheart deals" in countries like Luxembourg and Ireland, where the tax regime is more benign that in other states and the UK, where tax officers will negotiate discounts on standard tax rates if corporate lawyers threaten to move jobs abroad. These procedures – which are totally legal – are known as "aggressive tax planning."

The European Commission has proposed making companies report their actual profits on a country-by-country basis. However, critics say the new tax arrangement – for multinationals with a total consolidated group revenue of at least US$847 million – will only involve passing tax information between member states' tax agencies and will not be made public or available to journalists.

 Transparency International EU says that setting the threshold for companies covered by the reporting requirement at US$847 million in annual consolidated turnover would – according to the OECD’s estimates – exclude 85-90 percent of multinationals from the reporting requirement. A lower threshold would cover more companies, providing more data on the activities of multinationals and ensuring a more level playing field.

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