In the deal struck on Tuesday night between the European parliament and council negotiators, multinational companies, and their subsidiaries with annual revenues over €750m (£646.6m) are required to publicly declare and make accessible the amount of taxes that they pay in each member state.

The companies that need to do this will be active in more than one country and the information will also need to be made available on the internet using a common template and in a ‘machine-readable format’, meaning that the public are able to see what taxes are being paid.

The published data will need to be broken down into specific items which include the nature of the company’s activities, the number of full-time employees, the amount of profit or loss before income tax, the amount of accumulated and paid income tax and accumulated earnings.