Today the European Commission will reveal its new proposals to tackle tax avoidance by multinational corporations.

Writing in the Irish Times, EU Commissioners Valdis Dombrovskis (1) and Jonathan Hill (2) state that “In the fallout from the Panama Papers, one of the issues that has rocketed up the agenda is the question of tax transparency. Today, the European commission is bringing forward proposals to increase tax transparency for multinationals operating in Europe, to shine a light into the complex and sometimes murky world of international tax.”

Today in Brussels, a fake beach called "Tropico Island" was set up outside the EU parliament, commenting on tax havens around the world, with experts on site to provide analysis on the new Country by Country Reporting (CBCR) and tax avoidance, which is set for today at 15.00pm CET.

Organisations such as Oxfam have denounced the revelations of the Panama Papers, arguing that they “give us a disturbing look into the murky world of tax dodging, a problem that governments and international institutions refuse to tackle head-on. The true scandal is that many of the cases uncovered are not always illegal, but instead, fully legal practices that ruthlessly abuse a weak and inadequate tax system. Real political will is needed urgently to plug these holes.”

Susana Ruiz, Oxfam’s Tax Policy Advisor is calling on “All governments, rich and poor, must work to end tax haven abuse because it is their citizens – their electorate – who are the biggest losers. Oxfam calls on governments to penalize banks and any others who facilitate tax dodging, and to rein in countries with weak legislation that allows tax dodging.”

To watch the live stream of the CBCR proposals at 15.00pm, click here

1. Valdis Dombrovskis - EU commissioner for the euro and social dialogue

2. Jonathan Hill - EU commissioner for financial stability

Photo credits: Getty Images