.@toveryding: 20% of profits from #EU's 20 biggest banks made in tax heavens. Suspicious? YES indeed #taxjusticepic.twitter.com/rdmcKFb3g5
Business and sustainable development. Accountability. Tax. Feminist test case. Media: Tom Gardner at Slater & Gordon 0207 657 1690 press@slatergordon.co.uk
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.@toveryding: 20% of profits from #EU's 20 biggest banks made in tax heavens. Suspicious? YES indeed #taxjusticepic.twitter.com/rdmcKFb3g5
That report ignored the existence of rules which tax banks in their home countries when they make profits in tax havens. It was worthless.
.@Oxfam explains CFC rules in annex: http://ow.ly/H1sm30g729j - result still very valid. We like CFC if designed effectively - i.e. not ATAD
But your headline figure is implicitly assuming no CFC apportionment to the home jurisdiction, isn’t it?
Current CFC rules are in practice often ineffective - ex. banks argue business arrangement is not 'artificial' http://ow.ly/llwJ30g75s2
Also that is not an accurate description of CFC rules. Lack of artifice no defence to UK CFC rules where there is offshore finance income.
Bulk of “havens” in study HK, Belgium, Lux, Ireland, Singapore - places with big banking sectors. 0.5% of profits in shells w no stafff
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