|MEPs vote through tough new rules on corporate transparency|
|Tuesday, 19 June 2012|
The European Parliament’s Economic and Monetary Affairs Committee has today voted through amendments to the EU’s Transparency and Accounting Directives, making it harder for big multinational companies to hide profits made in the developing world.
Currently, multinational companies only need to submit one set of consolidated accounts despite often having hundreds of subsidiaries – this has allowed some multinationals to hide details of their business activities abroad and also avoid paying taxes to host countries.
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