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.
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