The European Union’s executive body is calling for large companies to reveal their tax and financial data on a country-by-country basis for operations in the 28 EU member states and in some yet-to-be-specified tax havens. The proposal would affect firms with global revenues of more than 750 million euros—roughly 6,000 in total.

Some say the disclosure requirements, which require approval by the European Parliament and EU governments, would have a chilling effect on companies’ European operations. Others say they don’t go far enough.

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