EU wants companies to disclose where they pay taxes

BRUSSELS (AP) — The European Union's executive wants thousands of multinationals to disclose in what member states they make money and pay taxes, an effort to close loopholes and crack down on the use of tax havens.

Reacting to public anger over tax avoidance by some of the globe's best-known companies and by recent revelations of offshore accounts for the rich and famous, EU Taxation Commissioner Jonathan Hill said he wanted "to make sure that taxes are paid where profits are generated."

The EU estimates it loses up to $80 billion in revenue every year because of tax avoidance, and ever since the global financial crisis forced budget cuts in many EU nations the outcry against tax avoidance by the rich has become louder.