Search Results

Do you want to know how much tax multinational companies pay?

May 2, 2017
Yes, so would we... And now there's an action today on twitter which we can all take to help this become reality. All EU banks have been obliged to report their profits and tax paid on a country by country basis since 2015. And not just to tax authorities behind closed doors, but publicly. Because of that we now know for example that "Europe’s 20 biggest banks are registering over a quarter of their profits in tax havens – well out of proportion to the level of real economic activity that occurs there." We also now know that Barclays (the 5th biggest European bank) registered €557m of its profits in Luxembourg and paid only €1m in taxes in 2015 – an effective rate of 0.2%. You can read more on all this in Oxfam's report Opening the Vaults: The use of tax havens by Europe’s biggest banks.

Bringing these facts into the daylight creates considerable pressure on governments to take action. But now we need to extend *public* country-by-country reporting urgently to all multinationals. It is unacceptable in the 21st century that multinational companies can continue to obscure the real contributions they make to the societies from where they make their profits.

Back to Top