Wednesday, June 12, 2013

New study of top 50 Euro companies: Deutsche Bank's 768 tax haven subsidiaries, Barclays 345, RBS 320

The French non-governmental organisation CCFD-Terre Solidaire and the revue-projet.com today launched a new study looking at the 50 biggest European companies, updating figures from earlier research in 2010.

Entitled Aux paradis des impĂ´ts perdus, it is an important report - only in French at the moment, unfortunately - whose main findings are:
  • On average, the 50 biggest European companies have 117 entities in secrecy jurisdictions, or 29% of their foreign subsidiaries. The total amount of offshore subsidiaries is 5848.
  • Only 60% of the companies publish a free and available online full list of entities consolidated in their financial accounts.
  • The winners are Deutsche Bank (768), Barclays (345), Royal Bank of Scotland (320), Allianz (290) and Metro (228)
  • There are twice as many subsidiaries in the Cayman Islands as in India
  • The report provides a world map of favourite tax havens, indicating the main gainers and losers among them in the last 3 years.
As usual, the biggest tax haven users are the banks. See also here.


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