European banks active in tax havens despite scandals

The Observatory, which is headed by Berkeley University professor and tax expert Gabriel Zucman, reviewed data published by 36 financial institutions over the 2014-2020 period, with a special focus on big banks HSBC, Deutsche Bank, and Societe Generale

BRUSSELS: European banks have not reduced their presence in tax havens, despite several scandals that have revealed the dubious practices multinationals use to avoid taxes, according to a study published yesterday.

Europe’s leading banks each year book €20bil (US$24bil or RM99.48bil), or 14% of their total profits, in 17 territories with particularly favourable tax regimes, said a report by the EU Tax Observatory, which is housed at the Paris School of Economics.