Campaigners for reform of corporate tax rules, including a number of charities, have welcomed moves by the EU to force multinationals to reveal how much tax they pay in each member state.
The move towards country-by-country reporting - which came after five years of deadlock - had been opposed by a number of member states, including Ireland.
Member states, the European Parliament and the Commission will now have to agree on a compromise text in negotiations.
"This agreement is an important first step towards greater corporate tax transparency, but it is not enough," Jim Clarken, CEO of Oxfam Ireland said.
"The revelations from multiple leaks like the Paradise Papers and Lux leaks have shown the many ways multinational corporations are shifting profits to avoid tax," he added.
Mr Clarken expressed disappointment that Ireland had voted against the measure.
"We urge the European Parliament and Council to build on the current proposal with strong transparency rules. These rules must cover operations in all countries, not just those in EU countries."
Christian Aid described the ruling as significant for building momentum around the progression of tax transparency measures.
"Today is a landmark moment in the fight against tax dodging by multinational companies," Sorley McCaughey, Head of Policy and Advocacy with Christian Aid Ireland said.
"Ireland's opposition ultimately did not make any difference as the majority of the EU are in favour of transparency. We call on Ireland to join these countries now, and work towards making this law as strong as possible, starting by working with the Parliament and Commission to close the loopholes in the draft text."