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Banks Appear Before EU TAXE Committee

by Ulrika Lomas, Tax-News.com, Brussels

23 March 2016


Representatives from six major banks have given evidence on their organizations' roles in facilitating tax planning to the European Parliament's Special Committee on Tax Rulings II (TAXE II).

Committee chair Alain Lamoussoure said that the banks - Crédit Agricole, ING Group, Nordea, Santander, UBS, and Unicredit – were invited to appear before the committee because they represent a "balanced sample" of European banks. A representative from Deutsche Bank was also asked to attend, but was unable to do so owing to a prior commitment.

According to a statement issued by the European Parliament, the banks rejected suggestions that they help corporate clients to reduce their tax bills. It explained that the representatives made clear that the banks concerned follow the letter and the spirit of the law when paying taxes and dealing with their clients' businesses. The representatives likewise denied that their institutions used offshore investments to shelter profits.

The Parliament also said that the representatives welcomed the introduction of a new EU directive that requires credit institutions and investment firms to disclose annually their profit or loss before tax, as well as tax paid, on a country-by-country basis.

TAGS: compliance | tax | investment | business | tax compliance | tax avoidance | law | banking | offshore | tax planning | transfer pricing | European Union (EU) | Europe

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