EU eyes tax residency law change

Legislation that would force every company with more than 500 workers to declare how much it earns in each country, and how much tax it pays, could have a major effect on Ireland.

The European Commission vowed to have the draft law ready next month and hopes it would take affect quickly, with the support of the European Parliament and the member states.

Internal Market Commissioner Michel Barnier said it would mean large companies such as Apple or Google could not operate as they do now, shifting profits to jurisdictions where they pay no tax.