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“Among the 39 European Union and UK banks analyzed in the study, 31 used little or no tax havens, while 29 appeared to be reporting high profits in countries where they did not actually employ staff,” he said. in a statement, the anti-corruption network Transparency International Portugal (Transparency and Integrity), citing data from the report “Shady havens and phantom profits: the tax affairs of EU and UK banks.”
According to the document, these transactions may reveal that banks are transferring their profits to reduce their tax bill.
Since 2015, banks in the European Union are required to publish “country by country” reports on taxes, benefits and employees.
“The questionable practices highlighted by our investigation continue to escape public scrutiny,” said Elena Gaita, Transparency International official for the EU, exemplifying that HSBC reported earnings of 1.59 billion euros in Saudi Arabia, despite having no employees. in the country.
On the other hand, Deutsche Bank reported earnings of 418 million euros in Malta, where it has no employees since 2016.
“We were only able to examine the fiscal behavior of banks because they are subject to the tax declaration rules of the European Union, country by country,” Elena Gaita said.
For this official, the issue may be “only the tip of the iceberg”, so she believes that it is “fundamental” that the rules are extended to other sectors of the economy.
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