/ world at the moment information/ The twenty largest European banks declare 1 / 4 of their income within the so-called “tax haven” zones with preferences for Luxembourg, Hong Kong and Eire. That is in accordance with a research by the British non-governmental group Oxfam (Oxfam), revealed on Monday and cited by AFP.
These banks “declare 26% of their income in tax havens, or €25bn in 2015, however solely 12% of their turnover and seven% of their staff”, a “putting omission”, in accordance with Oxfram.
The identical monetary establishments additionally declared “a complete of €628 million (income) in tax havens the place they don’t have a single worker.
This “abuse of tax havens” can enable banks to “artificially shift their income to scale back their taxes, facilitate tax avoidance for his or her prospects or circumvent their regulatory obligations”, Oxfram mentioned.
Oxfram lists international locations on the principle checklist of tax havens, together with these of the Group for Financial Co-operation and Growth (OECD) and the Worldwide Financial Fund (IMF). It additionally provides different international locations in accordance with standards equivalent to low efficient tax price.
The authors of the research depend on country-by-country knowledge, the publication of which has turn out to be necessary for EU banks for transparency functions.
These outcomes, “which transcend what is typically understood, present the prevalence of the issue of whole impunity that surrounds the observe of the biggest European banks in tax havens”, commented Manon Aubry, co-author of the report.
Luxembourg, Eire and Hong Kong are among the many privileged among the many establishments studied.
In Eire, 5 banks – Britain’s RBS, France’s Société Générale, Italy’s UniCredit and Spain’s Santander and BBVA – “achieved profitability above 100% and generated income higher than turnover”. emphasised by Oxfram.
Based on this research, the taxes paid by the surveyed banks rose by a mean of 6% and fell by 2% for some banks, “nicely under the conventional already lowest for the European Union of 12.5%”.
The 5 largest French banks: BNP Paribas, BPCE, Crédit Agricole, Crédit Mutuel-CIC and Société Générale have introduced “5.5 billion in earnings in tax havens “.
4 of them are current within the Cayman Islands, the place they made “174 million euros in revenue, though they don’t have any staff there”. /AFP
London / United Kingdom
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