Tax avoidance by companies cost EU countries €160-190 billion per year in lost revenue.

According to a Eurobarometer survey commissioned by the European Parliament, 75% of the EU population expects more EU action on the fight against tax fraud: it is necessary to respond effectively to this concern. The European Parliament is leading this fight by adopting ambitious and concrete proposals to increase tax transparency and combat tax avoidance. Parliament is calling for the automatic exchange of tax rulings between member states and public country-by-country reporting for multinationals, together with a common definition of tax havens and strong and concrete sanctions.