Sunday, January 29, 2023
HomebanksEuropean banks book $24 billion in tax havens every year, report says

European banks book $24 billion in tax havens every year, report says

Europe's biggest banks are booking an average of 20 billion euros ($23.7 billion) in tax havens every year, according to a new report.

That accounts for 14% of their total profits, the analysis found.

Published Monday, the report from the EU Tax Observatory looked into the activities of 36 systemic European banks, headquartered in 11 countries across Europe, that have been subject to mandatory country-by-country reporting on their actions since 2015.

Seventeen jurisdictions were included in the report's tax haven list: the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Gibraltar, Hong Kong, Ireland, Isle of Man, Jersey, Kuwait, Luxembourg, Macao, Malta, Mauritius, Panama and Qatar.

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