LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Third of EU financial secrecy comes from inside its borders: report

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sun, Sep 23, 2018
11:45 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

People or firms in the European Union that wish to keep their financial affairs secret more often find the services they require inside the EU than in one of the tax havens blacklisted by the bloc, the Tax Justice Network (TJN) said on Sunday.

Such services include shell companies and banking secrecy and a third used by individuals or entities inside the EU are sourced from within it, the report said, while just 1 percent stem from places the EU has blacklisted as tax havens.

"It is hard to call the EU`s tax haven blacklist an effective firewall against economic threats when it fails to detect 99 percent of the financial secrecy threatening member states," said Markus Meinzer, a director at TJN, which uses its research to advocate for changes to the tax system.

A European Commission spokesman said all EU member states comply with the criteria laid out for the blacklist, and are bound by EU legislation that requires them to go further than international standards.

"That is not to say that we claim everything is perfect in the EU," he continued. "There is always room for improvement, and the commission is busy addressing this through a mix of hard law, soft law and state aid cases."

Europe is wrestling with the case of Danske Bank which is engulfed in a money laundering scandal over 200 billion euros ($235 billion) in payments, many of which the Danish bank says were suspicious, channelled through its Estonian branch.

Danish, Estonian and British authorities are investigating the Danske Bank case, with Britain`s National Crime Agency examining the role played by UK-registered companies.

The TJN said the single largest source of financial secrecy to the EU was the United States, which supplied 4.7 percent of such services - five times more than all seven countries on the EU`s blacklist combined.

The U.S. Treasury did not immediately have a comment.

Four of the top ten suppliers of financial secrecy to the EU are members of the bloc themselves, with The Netherlands the second largest supplier ahead of Luxembourg, the TJN said.

Germany was sixth on the list, supplying twice as much as Panama, while France was eighth, the research, which is based on the TJN`s own financial secrecy rankings and International Monetary Fund data, said.

Rather than a having a blacklist, the TJN said the EU and its member states should work to secure agreements enabling automatic information sharing with financial secrecy jurisdictions, and impose a tax on those that refuse.

($1 = 0.8516 euros)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Vodafone Idea: Vi is offering double data benefits on these prepaid plans | Check full details NOW

SBI share price today: After some consolidation stock ready to make new HIGHS! On course to reach Rs 450 in just 2 weeks

YouTube's new feature will allow parents to choose what children can watch

Six-time world champion boxer Mary Kom joins Koo app

Ceasefire: Hotline contact! Modi government issues statement after discussion of India-Pakistan's DG Military Operations

CBSE class 10 Syllabus reduced in this subject: Attention students! CBSE board exam 2021 syllabus has been cut for social science subject; Know how to download

Gold Price Today – Price fall continues, yellow metal cheaper by Rs 80; Silver expensive by Rs 495 when markets opened on Thursday

Central government employees, pensioners? How this FM Nirmala Sitharaman latest news today may impact you | EXPLAINED

PNB Scam: Big win for India; serious setback for Nirav Modi as he loses extradition fight

Chris Hemsworth's 7-yr-old son has a ''special'' compliment for star

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved