EU negotiators have agreed rules to force large multinational companies to disclose publicly where they book profits and pay tax in the bloc as part of Europe’s drive to clamp down on corporate tax avoidance. 

After years of stalled talks, EU governments and members of the European parliament sealed a deal on so-called country-by-country tax reporting for large companies operating in the single market and non-EU jurisdictions named on Brussels’ tax haven blacklist. 

The step has been hailed as a breakthrough for tax transparency and comes as international policymakers are stepping up demands to revamp rules on corporate taxation. G7 countries are expected to conclude a political agreement later this week on raising the effective minimum corporate tax rate to 15 per cent.