EU offers new plan to tackle corporate tax dodging

Brussels

LARGE companies would have to publicly disclose tax and financial data under proposals the European Commission put forth on Tuesday, in an effort to eliminate tax schemes costing European Union (EU) states billions of euros in lost tax revenues.

The EU executive's proposal is part of a broader plan to counter tax avoidance triggered by the LuxLeaks scandal in 2014, which exposed deals by multinationals with EU authorities to reduce their tax bills.

"By using complicated tax arrangements, some multinationals can pay nearly a third less tax than companies that only operate in one country," EU Financial Services commissioner Jonathan Hill said. "Our proposal to increase transparency wi…