EU Parliament Votes in Favor of Country-by-Country Reporting
March 29th, 2010
Richard Murphy reports that the EU parliament has passed a resolution in support of country-by-country reporting. From his blog:
The EU Parliament has voted by 283 votes to 278 votes for a resolution on development issues that called for:
a new binding, global financial agreement which forces transnational corporations, including their various subsidiaries, to automatically disclose the profits made and the taxes paid on a country-by-country basis, so as to ensure transparency about sales, profits and taxes.
Good news.
This is indeed good news. However, as this is an EU Parliament resolution, it is not a law. Therefore, it is non-binding; member countries can choose to heed or ignore EU Parliament resolutions as they wish. Which means we still have work to do.