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Opinion Column - 05/10/2015

Tax fairness in the banking sector

On October 5 2015, 62 countries joined forces to launch a widespread program to combat corporate tax cheating, as part of the OECD and G20 intitiatives on Base Erosion and Profit Shifting (BEPS).

The banking sector was one of the first, for which, tax transparency requirements under the form of country-by-country reporting were formulated with the 2013 European CDR IV Directive. Banks are the first users of tax havens or secrecy jurisdictions, which not only raise concerns in terms of tax avoidance and prevention of corruption but also constitutes a challenge in terms of regulation and financial stability. On a fiscal level, banks have double responsibilities: as companies, they have to comply with the law and be transparent; as financial intermediaries, they have a role to play to request tax transparency from their clients, individual ones but also companies to which they provide accounts and financing services.

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Keywords : Business Behavior, ESG, Human Rights, Rating, World