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Economy

6 Sept 2021

European Banks are still Booking Profits in Tax Havens

The Index Today

The EU Tax Observatory said in a report on Monday that the top banks in Europe were seen doing tax havens to book lump sum of profits, according to the previous reports, this trend that has changed little since 2014 despite country-by-country disclosures becoming mandatory.
The independent research body, said disclosures from 36 major European banks showed they booked a total of more than 20 billion euros ($23.77 billion) or about 14% of the total profits in tax havens, even though few were employed there.
According to the report said, profits booked by banks in tax havens work out at around 238,000 per employee, compared with 65,000 euros in non-tax havens.
"This suggests that the profits booked in tax havens are primarily shifted out of other countries where service production occurs," added on the report.
Taxes have become a sensitive issue ever since the governments plugging holes in the economy due to COVID seeking to agree on a common rate for taxing Big Tech companies in particular.
The report also mentioned that the domestic or country by country reporting to shed light on the inner workings of banks has failed to change behavior despite the rise of tax issues on the public agenda.
"More ambitious initiatives — such as a global minimum tax with a 25% rate — may be necessary to curb the use of tax havens by the banking sector."

($1 = 0.8413 euros)

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