The original proposal included the duty of full transparency on the number of employees, the profits made and the taxes paid per country for all multinationals.
PES president Sergei Stanishev said:
“Transparency is an essential tool to fight tax avoidance. We, the progressives, wanted all multinationals to disclose the amount of taxes paid in each EU country for the sake of transparency and clarity. Taxes should be paid in the country in which companies operate and citizens have the right to know if this is not the case.
“Unfortunately, the conservative majority has weakened the proposal and it has created a massive loophole for multinational corporations, which will allow them to avoid publishing certain tax data for up to 10 years. How will we be able to monitor their activities, then?
“Clearly, conservatives are not committed to the fight for fair and just societies.”
