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European Banks and Tax Havens: Evidence from Country-by-Country Reporting

Petr Janský ()

No 2018/38, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: Banks in the European Union recently started publicly reporting data on profit, number of employees, turnover and tax on a country-by-country basis. I introduce the largest, hand-collected data set of its kind, which covers almost 50 banks for up to 5 years between 2013 and 2017. I identify the main locations of European bank's profits, which include the largest European economies as well as tax havens. I focus on answering the question of how geographically aligned these profits are with economic activity. I find that some of the tax havens have maintained high shares of profits in contrast with their much lower shares of employees. These results indicate that banks are likely shifting their profits to tax havens, but for the profit shifting to be directly observed, regulators will need to ask banks to publish even better data.

Keywords: country-by-country reporting; banks; tax havens; profit shifting; financial transparency; European Union (search for similar items in EconPapers)
JEL-codes: F21 F23 G21 G28 H25 H87 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc, nep-ban, nep-pbe and nep-pub
Date: 2018-12, Revised 2018-12
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Persistent link: https://EconPapers.repec.org/RePEc:fau:wpaper:wp2018_38

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