oxfam exposes tax haven habits of eu big banks
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oxfam exposes tax haven habits of EU big banks

Arab Today, arab today

Arab Today, arab 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

arabstoday
arabstoday

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

 



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 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab 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 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday