The Commission is set to unveil proposals to crack down on tax evasion and avoidance today, including requiring EU countries to share tax information about large multinational corporations with each other.
The news comes amid growing controversy over a deal struck by the UK government with Google, which netted the Treasury just £130m in tax for an estimated £3.9bn in profits over 10 years.
Liberal Democrat MEP Catherine Bearder commented:
"More transparency is needed across Europe to end these cosy deals and ensure corporations pay their fair share.
"As well being shared between governments, information about multinationals' tax affairs must be made publicly available.
"Only by working together in Europe can we stamp out tax avoidance and get a better deal for British taxpayers."