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European banks post 25b euros of profit in tax havens: report

Oxfam report shows subsidiaries in low-tax jurisdictions are twice as profitable as elsewhere

Deutsche Bank AG, Germany’s largest bank, reported a loss in its home country and profits of 1.9 billion euros in tax havens.


EUROPE'S largest banks routed 25 billion euros (S$38 billion) through tax havens in 2015, about a quarter of their profit, amid an international crackdown on corporate tax avoidance, according to a report by Oxfam International.

The 20 biggest lenders paid no tax on 383...

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