EU states agree to share tax information on multinationals

LUXEMBOURG - The European Union's 28 finance ministers have agreed to share details of tax deals their countries reach with big multinational companies, in a move they hope will clamp down on aggressive tax avoidance.

Pierre Gramegna, the finance minister of Luxembourg, which is currently chairing the EU, said yesterday that the political agreement means the European Commission can get a directive ready by the end of the year. The rule would be enacted across the 28 member states by the start of 2017.

He hoped the deal will mean companies pay their fair share of taxes.

Many companies, such as Amazon and Starbucks, have struck deals with certain European countries in recent years that have allowed them to pay little tax.