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Banks Defy Gravity in Tax Havens

Vincent Bouvatier (), Gunther Capelle-Blancard () and Anne-Laure Delatte ()

Working Papers from CEPII research center

Abstract: This paper provides the first quantitative assessment of the contribution of global banks in intermediating tax evasion. Applying gravity equations on a unique regulatory dataset based on comprehensive individual country-by-country reporting from all the Systemically Important Banks the European Union, we find that: 1) Tax havens generate a threefold extra presence of foreign banks; 2) The favorite destinations of tax evasion intermediated by European banks are Luxembourg and Monaco 3) British and German banks display the most aggressive strategies in tax havens; 4) New transparency requirements imposed in 2015 have not changed European banks commercial presence in tax havens; 5) Banks intermediate EUROS 550 billion of offshore deposits, that is 5% of their origin countries' GDP.

Keywords: Tax evasion; International banking; Tax havens; Country-by-country reporting (search for similar items in EconPapers)
JEL-codes: F23 G21 H22 H32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc, nep-ban, nep-eec, nep-iue, nep-pbe and nep-pub
Date: 2017-09
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Handle: RePEc:cii:cepidt:2017-16