The European Commission has put forth proposals to force large companies to publicly disclose tax and financial data. As Sonia Legg reports, it's an effort to eliminate tax schemes costing European Union states billions of euros in lost tax revenues.
Tropical Brussels - well maybe not! But Oxfam made its point about tax havens clear. The European Union is on their side - up to a point. It's on a mission to clamp down on tax evasion among corporations like Google and Apple - any company with an annual turnover of at least 750 million euros. The Panama Papers leak has increased its resolve. As well as disclosing financial activities within every EU state - it's now proposing disclosure of tax data in havens too. (SOUNDBITE) (English) EU COMMISSIONER IN CHARGE OF FINANCIAL STABILITY, FINANCIAL SERVICES AND CAPITAL MARKETS UNION, JONATHAN HILL, SAYING: "If they are paying tax outside the EU in countries, in jurisdiction that don't abide by international good governance standards on tax, the multinationals will have to publish the same detailed information as for the European country." The problem with that is there's no consensus on which jurisdictions they are. (SOUNDBITE) (English) EU TAX POLICY ADVISER AT OXFAM INTERNATIONAL, AURORE CHARDONNET, SAYING: "Instead of proposing very efficient rules targeting the entire world, the European Commission is going to focus only on the EU and yet-to-be determined tax havens, so we're a bit disappointed because we're missing the full picture of tax evasion and tax dodging." Anti-corruption campaigners says the solution is to apply the rules to everyone. The Commission's say that's a burden too far for business. But the rewards are clear. A recent European Parliament study showed corporate tax avoidance costs EU countries between 50 and 70 billion euros in lost revenues every year.