EU seeks tougher tax rules after offshore accounts scandal

The European Union's executive wants thousands of multinationals doing business in its 28 nations to show where they pay tax and make their profit on a country-by-country basis to be able to close loopholes many have exploited to avoid paying taxes.

Taxation Commissioner Jonathan Hill announced proposals Tuesday that would force companies with over 750 million euros ($850 million) in global revenues doing business in the EU to publish how much income tax they pay in each member state and how much they pay on outside-EU business.

The Commission says it would affect some 6,000 companies but socialist legislators estimated it would affect less than 2,000 multinationals.

The EU estimates it loses up to $80 billion in taxes through avoidance annually.