EU unveils plan to toughen tax disclosure rules for multinationals

[STRASBOURG, France] The EU unveiled plans on Tuesday to force the world's biggest multinationals to accurately report their earnings and pay fair taxes, saying the Panama Papers scandal had added to its determination to implement the measures.

The European Commission, the EU's executive arm, said under the new rules big companies operating in Europe would have to make public what they earn in each member state of the 28-nation bloc.

"This proposal is a simple, proportionate way to increase large multinationals' accountability on tax matters without damaging their competitiveness," the Commission said in a statement.

AFP