Plans to force the largest companies to disclose more about their tax affairs will be unveiled by the European Union on Tuesday.
The rules will affect multinational firms with more than €750m in sales.
Lord Hill, the EU's financial services commissioner, said: "This is a carefully thought through but ambitious proposal for more transparency on tax.
"While our proposal on country-by-country reporting is not of course focused principally on the response to the Panama Papers, there is an important connection between our continuing work on tax transparency and tax havens that we are building into the proposal."
