UK Liberal Democrat MEP Sharon Bowles, who chairs the European Parliament’s Economic and Monetary Affairs Committee, said:
“It is totally unacceptable that corporate tax avoidance is now the norm in Europe, aided and abetted by aggressive tax planning and tax consultancy firms.
“I have been fighting for companies to pay their fair share in tax for many years now and this can only be achieved by much more transparency in how companies prepare their accounts and with much better European and international cooperation.
“The European Parliament vote today sends a strong signal to Europe’s Finance Ministers, ahead of the EU Summit tomorrow, that the time has come to clamp down on tax evasion and tax havens once and for all.
“Hopefully, Mr Osborne sees that the EU can in fact help the UK in combating a problem that costs the Inland Revenue an estimated £4billion a year.”