1 TESTIMONY OF PROF. EDWARD D. KLEINBARD HEARING ...

early May 2013 the European Union took important first steps in this direction, when itannounced that it would press forward with legislation this summer that would require:[D]isclosure of information such as the nature of the company‟s activities and itsgeographical location, turn-over, number of employees on a full-time equivalentbasis, profit or loss before tax, tax on profit or loss, and public subsidies receivedon a country-by-country basis on the trading of a group as a whole – in order tomonitor respect for proper transfer pricing rules. 18The United States should join these initiatives, and do so on an accelerated timetable.18 European Union Committee on Economic and Monetary Affairs, Report on Fight Against TaxFraud, Tax Evasion and Tax Havens (2013/2060(INI)), Par. 48 (May 2, 2013).20