New rules requiring multinational companies to disclose tax and financial data to authorities in all European Union countries where they operate could be agreed by March, EU diplomats said Monday.
In an attempt to curb tax avoidance by multinationals, which the European Parliament estimates costs EU countries €70.000 billion ($77.000 billion) a year in lost revenue, The European Commission proposed in January new measures against profit-stealing and other tax evasion schemes.
The EU executive also published draft rules to increase tax transparency for companies that would require them to disclose their revenues, profits, taxes paid and accrued and other sensitive information to tax authorities in all EU countries where they operate.
The bloc's 28 countries will likely accelerate negotiations on the rule with the aim of reaching a "political agreement" next month., diplomats involved in the talks told Reuters.
The first exchange of views on the Commission's proposal will take place at the monthly meeting of EU finance ministers on Friday.
The political deal would need technical backing before it would be operational, but the unusually short period to reach consensus would mark a rare example of EU cohesion on tax issues, where countries routinely block or slow down negotiations for years using their veto power.
The deal could pave the way for more proposals to make more company data public, and not just to tax authorities.
The Commission is assessing the consequences of this move and is seeking a conclusion "at the latest in the first quarter of this year," a Commission spokeswoman told reporters on Monday.
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