As reported by the independent, Google, Facebook and other major multinational companies could be forced to disclose how much money they make and how much they pay in tax in Europe, according to a report.

Draft legislation by the European Union’s executive is due to be tabled in April, sources told The Guardian.

It comes amid anger at the low rates of tax paid by many large companies.

Last month, Google agreed with the HM Revenue and Customs that it would pay £130m in tax for the last 10 years – a deal Chancellor George Osborne championed as a “major success”.

However Shadow Chancellor John McDonnell dismissed the amount as “mates rates”, adding “rumour has it that similar deals could be offered to Facebook and Amazon”.

The legislation proposed by the EU would remove the guesswork.

A source said that EU officials “are currently finalising the impact assessment work. It’s likely there will be some form of legislative initiative announced for the beginning of April … for public country-by-country reporting”.

bbabo.Net