A new report by Eurodad member organisation CCFD-Terre Solidaire and the institute CERAS concluded that the 50 biggest companies by turnover in Europe all have a presence in tax havens around the world. The results of this investigation are timely as the fight against tax havens is now high on the political agenda at the EU, G8 and G20 levels. Thanks to increasing political mobilisation behind the issue and politicians’ recognition of the need for change, civil society’s proposals in this area are starting to be taken into account. However, this new report highlights that more ambitious measures are needed.
The report uses various different definitions of what a tax haven is. However, whichever definition is used, the authors reach the same conclusion: Europe’s top company groups are heavily present in tax havens. Through an analysis of corporate documents, the report looks more specifically at the degree of information available on companies’ subsidiaries, including those related to their presence in tax havens and the extent to which companies used country-by-country reporting.
Presence of the 50 largest companies in Europe in tax havens:
These recommendations are even more crucial in the context of the G8 conclusions, which were not as ambitious as they should have been, according to the Tax Justice Network.
Read the full report (available in French only).