oxfam exposes tax haven habits of eu big banks
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Oxfam exposes tax haven habits of EU big banks

Egypt Today, egypt today

Egypt Today, egypt today Oxfam exposes tax haven habits of EU big banks

Oxfam uncovered that European banks posted 628 million euros in profit
Brussels - AFP

The twenty biggest banks in the eurozone booked over a quarter of their 2015 profits in tax havens, with Luxembourg and Ireland the favourite destinations, a report by Oxfam said on Monday.
The findings come as the tax affairs of major multinationals are under the microscope after revelations in the LuxLeaks and Panama Papers scandals showed the methods used by big companies to avoid paying tax.
Tax Calculator Tax refund CalculatorSanta barbara bank Tax refundCompanies taxes how theyDeath and taxesWhat is the cadillac Tax
"New EU transparency rules give us a glimpse into the tax affairs of Europe’s biggest banks and it’s not a pretty sight," said Manon Aubry, a tax specialist at Oxfam.
"Governments must change the rules to prevent banks and other big businesses using tax havens to dodge taxes or help their clients dodge taxes," she said.
The report said that tax havens account for 26 percent of the profits made by the 20 biggest banks in Europe, adding up to an estimated 25 billion euros ($27 billion).
By example, Barclays, Europe's fifth biggest bank in 2015, booked profits of 557 million euros in Luxembourg and paid only one million euros in taxes, an effective tax rate of 0.2 percent.
The report also uncovered that European banks posted 628 million euros in profit in tax havens where they employed zero staff.
In the Cayman Islands for example, France's BNP Paribas booked 134 million euros in profit tax free without a single employee present.
Other banks reported profits in tax havens while reporting losses elsewhere.
In 2015, Deutsche Bank registered no or low profits in several major markets, while booking almost 2 billion euros of profits in tax havens.
Oxfam uncovered the data using new EU legislation that requires banks to report their profit on a country by country basis.
The law is intended to stop big banks from artificially shifting their profits to low tax wealth centres with very low, or zero, corporate tax rates.
"These rules must now be extended to ensure all large corporations provide financial reports for every country where they operate," Aubry said.
"This will make it easier for all countries – including the poorest – to establish if companies are paying their fair share of tax or not," she said.
Luxembourg and Ireland were the most favoured tax havens.
Europe's 20 biggest banks posted more profits in the small EU duchy of Luxembourg than they did in the UK, Sweden and Germany combined.


Source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oxfam exposes tax haven habits of eu big banks oxfam exposes tax haven habits of eu big banks



GMT 09:23 2019 Friday ,30 August

Testing

GMT 17:09 2017 Friday ,29 December

At least 14 dead in Mumbai fire

GMT 13:44 2017 Thursday ,21 December

Nine-time champion Loeb set for 2018 cameo

GMT 13:08 2017 Tuesday ,26 September

Bahrain's aluminum industry thriving, manned by 12,184

GMT 08:50 2017 Sunday ,03 December

Reza Zarrab, the star witness unnerving Ankara

GMT 18:26 2018 Friday ,14 December

Mashrou’ Leila headline Apple event in Dubai

GMT 12:35 2018 Thursday ,01 November

UN chief appoints new special envoy for Syria

GMT 12:41 2016 Friday ,09 December

Blatter blasts Infantino over lack of respect

GMT 03:22 2011 Thursday ,05 May

The Leela Palace New Delhi opens

GMT 10:13 2015 Saturday ,03 January

Fashion East reveals AW15 men's presentation line-up

GMT 13:24 2017 Sunday ,13 August

Plane makes emergency landing at Cairo airport

GMT 11:06 2016 Thursday ,15 September

WADA urges Russia to stop doping hacks

GMT 14:05 2014 Thursday ,18 December

Airbnb in Amsterdam tourist tax deal, first in Europe

GMT 09:26 2016 Monday ,29 August

Egypt seeks tougher penalties

GMT 09:08 2018 Wednesday ,10 January

Federer eyes fresh 'fairytale' as Slam rivals struggle
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday