Opening the vaults - the use of tax havens by Europe's biggest banks

Wednesday, March 1, 2017

France - Since 2015, all banks established in the European Union are obliged to publish their profits made and their taxes paid in each country, including tax havens. This obligation is known as "country by country reporting". This case study is the result of an unprecedented research conducted by Oxfam, for the first time exploiting and thoroughly analyzing this information. It shows the extent of the use of tax havens by the 20 largest banks in the European Union. In particular, the report shows that the 20 largest European banks reported 1 in 4 of their profits in tax havens, for a total of 25 billion euros in 2015.


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