The rules have been delayed for five years after ‘five years of foot-dragging by some EU governments’, the EU said.

Multinationals and their subsidiaries with annual revenues over €750m (£640m) - and which are active in more than one EU country - will now have to publish the amount of tax they pay in each member state.

This information will also need to be made publicly available on the internet, using a common template and in a machine-readable format.

Detailed reporting for greater transparency