EC to force multinationals to publicly disclose tax affairs   

New legislation being drafted by the European Commission will require large corporations to reveal their profits and the tax they pay in every country in which they operate within the EU, the Guardian reports. The EC was criticised last month when it proposed that the corporations report only to national tax authorities in Europe, but the new measures would mean the results of country-by-country reporting would be published. John Christensen, executive director of Tax Justice Network, welcomed the plans. “For a very long time big companies have been saying their tax affairs are a matter of competitive confidentiality,” he said. “We think it is incredibly important, as a matter of principle, that this information is made public.”