European Union Calls for Big Companies to Disclose More Tax Data

European Union officials on Tuesday waded into the fight against international tax dodging, calling for the world’s biggest companies to disclose more data about their tax arrangements with the bloc’s member governments and to share information about offshore havens where they shelter money.The proposed rules were in the planning before the recent leak of millions of documents from a Panamanian law firm, Mossack Fonseca. But European officials adjusted the plans in recent days to pay more attention to offshore holdings in light of the revelations in the Panama Papers. see:EU privacy watchdogs could seek U.S. data pact review in two years
European privacy watchdogs could ask for a review in two years of a new transatlantic data pact designed to help companies such as Microsoft and IBM to shuffle around user data, according to three people familiar with the matter.European data protection authorities are assessing whether to endorse the EU-U.S. Privacy Shield, a framework agreed in February that will allow companies to move Europeans’ data to the United States without falling foul of strict EU data transferral rules.

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