Europe's Largest Banks Declare 26% of Profits in Tax Havens
The twenty largest European banks declare a quarter of their profits in tax haven zones, preferring Luxembourg, Hong Kong and Ireland, reported BGNES.
This was shown in a survey of the British non-governmental organisation Oxfam, published on Monday and cited by AFP.
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.
- » First Crypto ATM Machines to be Launched in Bulgaria
- » Bulgaria is Again Among the Leaders in Low Debt in the EU
- » Bulgaria Inflation Accelerates Further In June
- » IMF Chief: Clouds over Global Economy are 'Getting Darker by the Day'
- » The IMF Provides a $ 50 Billion Loan to Argentina
- » Erdogan Claims Turkish Lira’s Loss in Value a Manipulation against Turkey