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Panama Papers Leak Means Crackdown On Tax Havens

The EU is cracking down on tax havens after the Panama Papers revealed the true extent of tax evasion.

Large multinationals operating in the EU whose revenue exceeds $856M will now have to publish details of profits and tax bills generated in countries thought to be tax havens, the European Commission’s executive arm said Tuesday, the Wall Street Journal reports.

The EU was already working on plans to make public reports by thousands of companies on their profits and taxes in individual EU countries, an unprecedented move—now the EU is back at the drawing table as it reworks its plans to require even more exhaustive reporting.

It seems public outrage is working to accelerate the EU’s efforts to snuff out corporate tax avoidance. [WSJ]