The twenty largest European banks declare a quarter of their profits in tax haven zones, preferring Luxembourg, Hong Kong and Ireland, reported BGNES. These banks "declare 26% of their profits in tax havens, or EUR 25 B in 2015, but only 12% of their turnover and 7% of their employees," which is "a flagrant omission", according to Oxfam. The same financial institutions declare "a total of EUR 628 M in tax havens where they do not have a single employee."This "abuse of tax havens" could allow banks to "move their profits artificially in order to reduce their taxes, facilitate tax evasion for their clients and circumvent their stipulated obligations," added Oxfam. This was shown in a survey of the British non-governmental organisation Oxfam, published on Monday and cited by AFP.
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"The 20 biggest European banks register around one in every four euros of their profits in tax havens, an estimated total of €25bn [$27 billion] in 2015. Deutsche Bank, for example, registered a loss in Germany while booking profits of €1,897m in tax havens," the report said. It also called for the establishment of a clear list of tax havens and to introduce controlling mechanisms. Oxfam pointed out that tax evasion leaded to discrepancies between the profits made by banks in tax havens and the level of real economic activity they undertake in those countries. According to Oxfam, Ireland and Luxembourg are the most popular tax haven destinations, with the top 20 European banks making 8.4 percent of their profit from tax havens in those countries in 2015.
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collected by :Jack Luxor
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"The 20 biggest European banks register around one in every four euros of their profits in tax havens, an estimated total of €25bn [$27 billion] in 2015. Deutsche Bank, for example, registered a loss in Germany while booking profits of €1,897m in tax havens," the report said. It also called for the establishment of a clear list of tax havens and to introduce controlling mechanisms. Oxfam pointed out that tax evasion leaded to discrepancies between the profits made by banks in tax havens and the level of real economic activity they undertake in those countries. According to Oxfam, Ireland and Luxembourg are the most popular tax haven destinations, with the top 20 European banks making 8.4 percent of their profit from tax havens in those countries in 2015.
read more visit us profit
collected by :Jack Luxor
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