Europe’s biggest banks register €25 billion profit in tax havens

Monday, March 27, 2017

Autor: 

NDung

Europe’s 20 biggest banks are registering over a quarter of their profits in tax havens – well out of proportion to the level of real economic activity that occurs there, according to a new report by Oxfam and the Fair Finance Guide International today.

The report, ‘Opening the Vaults,’ suggests the discrepancy may have arisen because some banks are using tax havens to avoid paying their fair share of tax, to facilitate tax dodging for their clients, or to circumvent regulations and legal requirements.   

The research was made possible by new EU transparency rules that require European banks to publish information on the profits they make and the tax they pay in every country they operate