Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore!
European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10 per cent of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year.
In a report, the Commission said taxpayers in Cyprus and Malta, which both belong to the euro currency area, held about 50 per cent of their wealth abroad, the highest in the bloc, against 12 per cent in France, 10 per cent in Germany and nearly 9 per cent in Britain, the three largest countries of the bloc.
Offshore holdings, although in many cases completely legal, could help taxpayers hide taxable money and cut their bills if they stash their savings in low-tax jurisdictions.
Wealth held abroad by EU citizens fell during the 2007-2010 global and EU financial crises, but rose again after that, EU data show, despite the bloc’s declared fight against tax avoidance and a global crackdown on international tax evasion begun in 2009.
You may be interested
Coronavirus Greece: 15 new cases from Tuesday, one fatalitymakis - Jun 04, 2020
The new laboratory confirmed cases of corona in our country amount to 15 in the last 24 hours, according to…
Where Coronavirus Cases Are Still Growing FastPanos - Jun 04, 2020
After most European countries have flattened the curves of COVID-19 infections somewhat, new outbreak centres around the world are sure…
Sakellaropoulou – Mitsotakis’ clear message in Turkey: We will face all challengesPanos - Jun 04, 2020
The President of the Republic welcomed the Prime Minister at the Presidential Palace, as Ankara’s provocations in the Aegean escalate.…