Banking, Europe, Global Banking, News

European Banks Routed 25 billion Euros Through Tax Havens

European Banks Routed 25 billion Euros Through Tax Havens

According to a report by Oxfam International, Europe’s largest banks have booked 25 billion euros through tax havens in 2015, about a quarter of their profit. The 20 biggest lenders paid no tax on 383 million euros of profit posted in seven tax havens that year, while booking 4.9 billion euros of earnings in Luxembourg, more than the U.K., Sweden and Germany combined,The study was based on data released under new European Union regulations requiring banks to report earnings on a country-by-country basis.

“According to a report by Oxfam International, Europe’s largest banks have booked 25 billion euros through tax havens in 2015, about a quarter of their profit.”

~ Bloomberg

Banks have come under scrutiny for assisting their clients evade taxes after the 2016 leak of offshore financial records exposed billions of dollars in assets hidden in havens around the world.

Related Reports: Bloomberg,  Oxfam Press Release

 


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