MOSCOW (Sputnik) – The EU Council adopted rules on Wednesday that require multinational companies to report their taxes, in a bid to address tax dodging.
"The directive is the first element of a January 2016 package of Commission proposals to strengthen rules against corporate tax avoidance," the Council said in a statement.
The regulation affects corporations with a total consolidated group revenue of at least 750 million euros ($836 million).
Tax reporting will be carried out on country-by-country basis, and the information will be shared out among all EU member states.
