The EU has unveiled a new bill that aims to create greater transparency on tax in Europe.<br /><br /> The proposed legislation comes after a series of revelations about how major firms struck deals with EU countries to pay less tax.<br /><br /> One idea, initially promoted by the OECD, is to automatically exchange information on non-residents.<br /><br /> Officials argue this will help track down those who are not paying their fair share.<br /><br /> “It is really time to reestablish fiscal fairness so that businesses pay what they owe to the public purse….their fair share in the right place,” said EU economic commissioner Pierre Moscovici. <br /><br /> The European Commission hopes new rules will be in place by January first, subject to approval by MEPs and EU governments.<br /><br /> Transparency lobbyists say the proposals aren’t strong enough.<br /><br /> “Companies in the EU should also be required to publish on a country by country basis basic information on their activities. Informations such as the turnover, the taxes they pay, the contributions
