Profits are rising in “paradise”. MPS second in Europe

Profits are rising in "paradise".  MPS second in Europe

There is a gold connection between major European banks and tax bases worth $ 20 billion a year, or 14% of total profits. The number of workers employed in these countries does not exceed four per cent. In practice, a bank employee in Aden makes an average of 238,000 euros a year, compared to 65,000 registered elsewhere. It was written by the European Tax Observatory, which analyzes the operations of 36 regulated banks on the old continent between 2014 and 2020 and considers countries with effective tax rates below 15%, including Ireland, as tax havens. Malta and Luxembourg. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Gibraltar, Hong Kong, Isle of Man, Jersey, Kuwait, Macau, Mauritius, Panama, Qatar. Banks are using the tax benefits to their advantage by shifting to a lower profit tax jurisdiction to reduce taxes, the Observatory comments. Intesa Sanpaolo, Unicredit and Mps are no exception. In fact, Roca Salimbeni, a subsidiary of the Treasury (64% of capital), will receive an average of 49.8% of tax revenue (from 30.3% in 2014-2016) between 2018 and 2020. To Hsbc (at 62.3%).

The research does not properly represent reality, because it is based on incomplete information, which they clarify from Ciana and then explain: only the profit recorded in Luxembourg in 2018 will be considered, regardless of the loss in 2017 and the unequal reading of the data. This is inappropriate because the results are interrelated and linked to weight sharing performance.

During the same period, the average percentage of pre – tax profits recorded by Unicredit in economically attractive countries was 4.1% of the total (up from 11% in 2014-2016) and 24.6% (from 12.5%) in the three-year period of Intasa Sanpaolo. This activity was influenced by the increase in foreign activity and the losses in Italy by 2020). Indrasa Sanpolo points out that the end of profits recorded in Ireland and Luxembourg, and that the group’s profits made through subsidiaries in the tax havens listed in the report, are almost nil, and that Ireland and Luxembourg do not appear on any blacklist.

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According to the report, Ca ‘de Sass was among the seven banks that recorded tax rates of less than or equal to 15% during the period analyzed with Rbs, Barclays, Bayern LB, Nord LB, Hsbc and Kbc. If the minimum tax rate is raised to 15%, European countries will collect an additional 3 to 5 billion a year, which would rise to 6-9 billion if they pay 21% tax and 10-13 billion 25 percent. Great Britain was the first to benefit from the 15% lower tax rate, with 940 million more likely to register by 2020, followed by France (343 million) and Italy (69 million).

Despite the growing public debate on similar issues, European banks have not significantly reformed the use of tax shelters. For this reason, the Observatory concludes that more desirable initiatives, such as the imposition of a 25% minimum tax, are needed to prevent the phenomenon.

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