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EU tax rulings committee questions banks

The European Parliament’s special committee on tax rulings questioned officials of six major European banks Crédit Agricole ING Group Nordea Santander UBS and Unicredit on the role of offshore tax havens in corporate tax planning on 21 March.

The MEPs paid particular attention to the banks’ role in facilitating aggressive tax planning for corporate clients. The banks’ representatives:

  • welcomed measures in the Capital Requirements Directive (CRD IV) requiring banks to provide details of their profits and tax bills on a country-by-country basis as helping to promote transparency;
  • rejected suggestions that they help their clients to reduce their tax bills; and
  • insisted they follow the letter and the spirit of the law when paying tax.

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