CCR World Magazine

New proposals, announced by the European Commission today, will require European companies to divulge more information about their activities in the developing world.

The Commission’s reforms, if backed by the European Parliament and Member States, will see significant changes to the Transparency Directive, making it harder for European companies to avoid paying taxes and fair wages in developing countries.
 
Sharon Bowles MEP said:
 
“In my role as Chair of the European Parliament’s Economic and Monetary Affairs Committee, I have met with Commissioner Barnier many times to discuss this issue.
 
“While there is little support for these reforms among Europe’s corporate elite, I believe that better transparency is necessary so that countries in the developing world are not exploited by European companies looking to save on tax and pay.
 
“Many countries in the developing world rely on aid but it often comes with conditions. However, an increase in tax revenue would empower countries in the developing world to invest the money on their own terms and encourage better corporate practice from European companies operating abroad.”