BEPS Policy Failure—The Case of EU Country-By-Country Reporting1

Murphy, Richard; Janský, Petr; Shah, Atul

doi:10.1515/ntaxj-2019-0005

Figures & Tables

Averaged bank data for a -year period for all countries referred to in CRD IV reporting by the banks surveyed for the -year period, 2013–2017, with supporting calculations on the average effective tax rates, average turnover per employee, and average profit per employee by jurisdiction for this period

Countries	Average turnover €'m	Average profit before tax €'m	Average reported tax €'m	Average full time employees	Average effective tax rate %	Average turnover per employee €'000	Average profit per employee %
Others	(2,430)	(1,456)	83	12,686	(5.7%)	(192)	(115)
Albania	131	27	4	1,998	16.4%	66	13
Algeria	318	139	39	3,230	28.0%	99	43
Angola	6	1	0	21	14.3%	299	65
Argentina	3,083	1,127	390	15,493	34.7%	199	73
Armenia	25	(1)	2	275	(333.3%)	92	(2)
Australia	2,555	843	295	4,743	35.0%	539	178
Austria	6,143	935	278	26,852	29.7%	229	35
Bahamas	55	27	0	57	0.0%	958	474
Bahrain	205	37	0	886	0.0%	231	42
Bangladesh	317	198	89	2,257	44.7%	140	88
Belarus	157	86	23	1,636	26.2%	96	53
Belgium	13,367	4,029	1,092	43,455	27.1%	308	93
Benin	16	(5)	(2)	190	37.0%	83	(28)
Bermuda	247	117	0	466	0.0%	529	250
Bolivia	18	4	1	273	25.0%	65	15
Bosnia and Herzegovina	273	82	10	3,316	12.7%	82	25
Botswana	166	37	9	1,753	25.5%	95	21
Brazil	13,788	2,750	1,003	52,995	36.5%	260	52
Brunei	54	7	5	578	77.1%	94	12
Bulgaria	803	278	26	10,765	9.4%	75	26
Burkina Faso	49	14	2	507	15.9%	97	27
Cambodia	0	0	(0)	30	(50.0%)	7	13
Cameroon	151	45	17	1,159	37.8%	130	39
Canada	1,856	563	132	6,488	23.5%	286	87
Cayman Islands	(46)	53	(0)	30	(0.4%)	(1,547)	1,780
Chad	18	0	1	169	200.0%	108	2
Channel Islands	415	236	16	1,000	6.8%	415	236
Chile	2,882	1,466	286	13,977	19.5%	206	105
China, P.R.: Mainland	3,935	2,407	165	29,310	6.9%	134	82
China with HK	163	53	10	400	19.6%	407	133
Colombia	794	296	120	5,808	40.6%	137	51
Congo, Republic of	17	5	2	171	43.5%	102	27
Croatia	1,773	336	71	13,917	21.2%	127	24
Curacao	115	(24)	1	44	(4.2%)	2,621	(543)
Cyprus	7	6	1	36	21.4%	208	157
Czech Republic	4,621	2,226	482	32,456	21.7%	142	69
Denmark	9,590	2,723	571	18,347	21.0%	523	148
Djibouti	19	(1)	(0)	208	25.0%	89	(4)
Ecuador	2	0	0	18	100.0%	87	11
Egypt	1,097	560	135	11,019	24.1%	100	51
Estonia	629	286	67	3,710	23.4%	170	77
Equatorial Guinea	26	10	4	234	43.8%	111	41
Falkland Islands	2	1	0	17	0.0%	116	58
Fiji	4	(1)	0	80	0.0%	45	(13)
Finland	3,423	1,396	340	9,635	24.3%	355	145
France	65,307	12,799	4,604	293,347	36.0%	223	44
French Polynesia	86	22	13	459	57.1%	187	49
Gambia	6	1	0	124	50.0%	47	6
Georgia	484	(456)	5	1,516	(1.2%)	319	(301)
Germany	48,907	8,137	1,960	165,732	24.1%	295	49
Ghana	300	143	41	2,341	28.8%	128	61
Gibraltar	880	337	66	3,447	19.7%	255	98
United Kingdom	86,649	10,139	3,830	266,560	37.8%	325	38
Greece	90	(43)	9	453	(21.9%)	199	(95)
Guernsey	212	111	9	430	8.3%	494	258
Guinea	43	16	6	368	36.3%	116	44
Hong Kong, China	18,252	8,038	960	40,796	11.9%	447	197
Hungary	1,855	70	106	14,484	150.6%	128	5
India	4,011	1,653	728	96,003	44.0%	42	17
Indonesia	904	190	86	9,031	45.2%	100	21
Iraq	20	16	0	15	2.6%	1,342	1,068
Ireland	5,466	2,742	126	15,653	4.6%	349	175
Isle of Man	376	198	14	1,113	7.1%	338	178
Israel	76	33	10	192	31.3%	394	170
Italy	40,602	117	1,057	166,016	902.0%	245	1
Ivory Coast	181	60	12	1,586	20.7%	114	38
Japan	2,179	740	237	3,354	32.0%	650	221
Jersey	901	504	25	1,885	4.9%	478	267
Jordan	29	8	5	183	58.5%	160	45
Kazakhstan	18	6	1	153	20.7%	118	38
Kenya	415	171	58	3,986	34.0%	104	43
Kosovo	42	16	2	686	10.0%	61	23
Kuwait	37	16	0	84	1.3%	444	188
Laos	6	1	0	134	0.0%	43	7
Latvia	467	185	31	3,587	16.8%	130	52
Lebanon	32	27	3	172	10.9%	189	159
Liechtenstein	1	0	0	3	N/A	333	0
Lithuania	539	228	38	5,865	16.7%	92	39
Luxembourg	8,823	4,571	691	12,354	15.1%	714	370
Macao, China	75	49	5	191	10.7%	392	256
Macedonia, F.Y.R.	19	5	0	308	8.3%	61	16
Madagascar	66	35	7	980	20.3%	68	36
Malaysia	1,500	438	99	14,934	22.6%	100	29
Maldives	14	12	4	20	32.2%	707	596
Mali	14	2	1	96	33.3%	146	19
Malta	268	170	23	1,111	13.7%	241	153
Marshall Islands	(18)	(24)	0	0	0.0%	N/A	N/A
Mauritius	407	297	13	1,562	4.2%	260	190
Mexico	10,376	3,955	1,068	60,885	27.0%	170	65
Moldova	22	9	1	579	13.3%	38	16
Monaco	543	170	33	1,369	19.7%	397	124
Montenegro	19	6	1	224	13.3%	86	27
Morocco	784	218	81	8,355	36.9%	94	26
Mozambique	31	6	0	457	0.0%	68	13
Namibia	0	0	0	2	N/A	0	0
Nepal	81	30	5	480	17.4%	168	62
Netherlands	27,745	4,354	1,044	67,312	24.0%	412	65
New Caledonia	119	54	22	602	41.2%	197	90
New Zealand	409	147	38	504	25.9%	811	292
Nigeria	144	74	4	734	4.9%	196	101
Norway	5,208	2,592	860	11,495	33.2%	453	225
Oman	148	33	4	884	12.7%	168	37
Pakistan	196	104	41	3,216	39.8%	61	32
Panama	3	2	4	4	237.5%	800	400
Paraguay	63	20	4	374	17.6%	167	54
Peru	924	438	155	4,879	35.4%	189	90
Philippines	306	63	16	6,567	25.4%	47	10
Poland	6,028	2,080	516	65,420	24.8%	92	32
Portugal	1,903	599	130	10,997	21.7%	173	54
Puerto Rico	292	30	21	1,145	68.7%	255	26
Qatar	175	79	7	382	9.1%	458	208
Romania	2,331	325	40	26,050	12.3%	89	12
Russia	3,080	1,011	234	30,263	23.2%	102	33
Saint-Martin, France	2	0	0	6	0.0%	313	31
Saudi Arabia	126	414	6	96	1.4%	1,315	4,315
Senegal	106	15	6	1,063	39.7%	100	14
Serbia	693	214	17	8,827	7.9%	79	24
Seychelles	13	6	2	96	31.3%	139	66
Sierra Leone	20	9	2	106	17.8%	189	85
Singapore	6,343	1,279	177	20,005	13.8%	317	64
Slovakia	1,899	701	158	14,909	22.6%	127	47
Slovenia	269	65	11	2,127	17.5%	127	31
South Africa	3,570	1,056	267	29,333	25.3%	122	36
Korea, Rep.	1,608	(102)	67	5,619	(65.5%)	286	(18)
Spain	22,194	411	963	92,470	234.0%	240	4
Sri Lanka	205	109	50	3,829	46.4%	54	28
Sweden	15,094	5,846	1,244	29,909	21.3%	505	195
Switzerland	2,633	(550)	78	6,888	(14.2%)	382	(80)
Taiwan Province of	911	211	31	5,809	14.8%	157	36
China
Tanzania	134	22	6	1,864	28.7%	72	12
Thailand	265	26	17	2,182	66.2%	121	12
Togo	2	0	0	17	100.0%	133	12
Tunisia	176	51	19	2,621	37.1%	67	20
Turkey	4,490	1,558	305	34,787	19.6%	129	45
United Arab Emirates	2,211	515	106	6,023	20.7%	367	85
Uganda	98	30	3	883	10.6%	111	34
Ukraine	472	(294)	14	21,468	(4.6%)	22	(14)
Uruguay	443	137	39	1,931	28.7%	229	71
United States	41,817	5,093	1,637	84,586	32.1%	494	60
Vanuatu	9	3	0	97	6.7%	93	31
Venezuela	333	100	72	3,945	72.1%	84	25
Vietnam	242	69	15	2,198	21.2%	110	31
British Virgin Islands	4	4	0	0	0.0%	N/A	N/A
Zambia	148	58	18	1,472	31.2%	101	40
Zimbabwe	75	16	6	888	37.8%	84	18
Zimbabwe					37.8%
Total above	528,909	107,168	30,327	2,153,242	28.3%	246	50
Total above					28.3%

Banks in the data with a ranking according to the largest banks in Europe by total assets in 2017

Banks	Ranking	Banks	Ranking
HSBC Holdings plc	1	ABN AMRO Group NV	26
BNP Paribas SA	2	KBC Group NV	28
Crédit Agricole Group	3	Svenska Handelsbanken AB	29
Deutsche Bank AG	4	DNB ASA	30
Banco Santander SA	5	Nationwide Building Society	31
Barclays Plc	6	Skandinaviska Enskilda Banken AB	32
Société Générale SA	7	Landesbank Baden-Wuerttemberg	33
Groupe BPCE	8	Swedbank AB	35
Lloyds Banking Group Plc	9	Banco de Sabadell SA	36
ING Groep NV	10	Bankia SA	37
UniCredit SpA	11	Erste Group Bank AG	38
Royal Bank of Scotland Group Plc	12	Bayerische Landesbank	39
Intesa Sanpaolo SpA	13	Dexia SA	43
Crédit Mutuel Group	14	Belfius Banque SA	44
UBS Group AG	15	Norddeutsche Landesbank Girozentrale	45
Credit Suisse Group AG	16	Landesbank Hessen-Thueringen Girozentrale	47
Banco Bilbao Vizcaya Argentaria SA	17	Banca Monte dei Paschi di Siena SpA	49
Rabobank	18	Allied Irish Banks Plc	>50
Nordea Bank AB	19	Banco Popular Espanol SA	>50
Standard Chartered Plc	20	DekaBank	>50
DZ Bank AG	21	KfW	>50
Danske Bank A/S	22	NIBC Bank NV	>50
Commerzbank AG	23	RaIffeisen Bank International AG	>50

Comparisons of headline and effective tax rates

Country	Headline tax rates				Effective tax rates			Differences
Country	CT rate per OECD %	CT rate per KPMG etc. %	CT rate per P -ky %	CT rate used %	ETR per OECD %	ETR per CRD IV Data %	ETR per P Janský%	Headline TR used and ETR per OECD %	ETR per OECD and CRD IV %
Albania		15.00		15.0	14.5	16.4		0.5	(1.9)
Andorra	10.0	10.00		10.0	8.8			1.2
Argentina	30.0	30.00		30.0	35.7	34.7		(5.7)	1.0
Botswana	22.0	22.00		22.0	27.3	25.5		(5.3)	1.8
Brazil	34.0	34.00		34.0	29.9	36.5		4.1	(6.6)
British Virgin Islands	0.0	0.00		0.0	0.0	0.0		0.0	0.0
Bulgaria	10.0	10.00	10.0	10.0	9.1	9.4	10.0	0.9	(0.3)
Cayman Islands	0.0	0.00		0.0	0.0	−0.4		0.0	0.4
China (People's Republic of)	25.0	25.00		25.0	23.6	6.9		1.4	16.7
Croatia	18.0	20.00	20.0	20.0	15.6	21.2	15.0	4.4	(5.6)
Curacao	22.0	22.00		22.0	20.5	−4.2		1.5	24.7
Cyprus		12.50	12.0	12.5	11.9	21.4	10.0	0.6	(9.5)
Democratic Republic of the Congo	35.0	35.00		35.0	31.6	43.5		3.4	(11.9)
Guernsey	0.0	0.00		0.0	0.0	8.3		0.0	(8.3)
Hong Kong, China	16.5	16.50		16.5	15.2	11.9		1.3	3.3
India	48.3	34.61		34.6	44.1	44.0		(9.5)	0.1
Indonesia	25.0	25.00		25.0	22.4	45.2		2.6	(22.8)
Isle of Man	0.0	0.00		0.0	0.0	7.1		0.0	(7.1)
Jamaica	25.0			25.0	23.3			1.7
Jersey	0.0	20.00		0.0	0.0	4.9		0.0	(4.9)
Kenya	30.0	30.00		30.0	26.8	34.0		3.2	(7.2)
Liechtenstein	12.5	12.50		12.5	10.1	0.0		2.4	10.1
Macau, China	12.0	12.00		12.0	11.5	10.7		0.5	0.8
Malta	35.0	35.00	35.0	35.0	33.3	13.7	16.0	1.7	19.6
Mauritius	15.0	15.00		15.0	14.0	4.2		1.0	9.8
Montserrat	30.0			30.0	30.4			(0.4)
Peru	29.5	29.50		29.5	28.1	35.4		1.4	(7.3)
Romania	16.0	16.00	16.0	16.0	14.5	12.3	17.0	1.5	2.2
Russia	20.0	20.00		20.0	18.8	23.2		1.2	(4.4)
Saudi Arabia	0.0	20.00		0.0	0.0	1.4		0.0	(1.4)
Senegal	30.0	30.00		30.0	27.6	39.7		2.4	(12.1)
Seychelles	30.0			30.0	28.3	31.3		1.7	(3.0)
Singapore	17.0	17.00		17.0	16.2	13.8		0.8	2.4
South Africa	28.0	28.00		28.0	27.1	25.3		0.9	1.8
Thailand	20.0	20.00		20.0	21.6	66.2		(1.6)	(44.6)
Turks and Caicos Islands	0.0	0.00		0.0	0.0			0.0
Australia	30.0	30.00		30.0	31.4	35.0		(1.4)	(3.6)
Austria	25.0	25.00	25.0	25.0	23.7	9.5	13.0	1.3	14.2
Belgium	29.6	29.00	34.0	29.6	26.0	27.1	14.0	3.6	(1.1)
Canada	26.8	26.50		26.8	24.7	23.5		2.1	1.2
Chile	25.0	26.00		25.0	31.8	19.5		(6.8)	12.3
Czech Republic	19.0	19.00	19.0	19.0	20.6	21.7	15.0	(1.6)	(1.1)
Denmark	22.0	22.00	24.0	22.0	19.5	21.0	19.0	2.5	(1.5)
Estonia	20.0	20.00	21.0	20.0	17.0	23.4	14.0	3.0	(6.4)
Finland	20.0	20.00	23.0	20.0	19.0	24.3	12.0	1.0	(5.3)
France	34.4	33.00	33.0	33.0	33.0	36.0	17.0	0.0	(3.0)
Germany	29.8	30.00	30.0	29.8	27.3	24.1	20.0	2.5	3.2
Greece	29.0	29.00	24.0	29.0	27.6	−21.9	28.0	1.4	49.5
Hungary	9.0	9.00	19.0	9.0	9.9	150.6	8.0	(0.9)	(140.7)
Iceland	20.0	20.00		20.0	18.8			1.2
Ireland	12.5	12.50	13.0	12.5	11.8	4.6	16.0	0.7	7.2
Israel	23.0	23.00		23.0	22.9	31.3		0.1	(8.4)
Italy	27.8	24.00	31.0	24.0	22.1	902.0	30.0	1.9	(879.9)
Japan	29.7	30.86		29.7	27.5	32.0		2.2	(4.5)
Korea	27.5	25.00		25.0	23.2	−65.5		1.8	88.7
Latvia	20.0	20.00	15.0	20.0	13.5	16.8	11.0	6.5	(3.3)
Lithuania	15.0	15.00	15.0	15.0	13.3	16.7	12.0	1.7	(3.4)
Luxembourg	26.0	26.01	29.0	26.0	24.5	15.1	2.0	1.5	9.4
Mexico	30.0	30.00		30.0	27.4	27.0		2.6	0.4
Netherlands	25.0	25.00	25.0	25.0	23.0	24.0	10.0	2.0	(1.0)
New Zealand	28.0	28.00		28.0	26.8	25.9		1.2	0.9
Norway	23.0	23.00		23.0	23.1	33.2		(0.1)	(10.1)
Poland	19.0	19.00	19.0	19.0	17.6	24.8	17.0	1.4	(7.2)
Portugal	31.5	21.00	24.0	31.5	27.5	21.7	18.0	4.0	5.8
Slovak Republic	21.0	21.00	21.0	21.0	21.8	22.6	20.0	(0.8)	(0.8)
Slovenia	19.0	19.00	18.0	19.0	17.9	17.5	14.0	1.1	0.4
Spain	25.0	25.00	30.0	25.0	24.8	234.0	22.0	0.2	(209.2)
Sweden	22.0	22.00	24.0	22.0	19.8	21.3	13.0	2.2	(1.5)
Switzerland	21.1	18.00		21.1	19.5	−14.2		1.6	33.7
Turkey	22.0	22.00		22.0	20.2	19.6		1.8	0.6
United Kingdom	19.0	19.00	23.0	19.0	19.0	37.8	15.0	0.0	(18.8)
United States	25.8	27.00		25.8	34.2	32.1		(8.4)	2.1

Nordic and UK Banks: case study comparing accounting and CRD IV data

Banks	Year	Source	Turnover €m	Profit before tax €m	Tax paid per profit and loss account €m	Tax paid per cash flow €m	Full-time employees
Nordic Banks

Danske Bank A/S	2013	CRD IV	-	-	-	-	-
Danske Bank A/S	2014	CRD IV	11,548	1,068	537	537	18,603
Danske Bank A/S	2015	CRD IV	10,794	2,381	620	620	19,049
Danske Bank A/S	2016	CRD IV	10,665	3,405	738	738	19,303
Danske Bank A/S	2017	CRD IV	10,244	3,533	725	725	19,769
Danske Bank A/S	2017	CRD IV
Danske Bank A/S	Aggregate	CRD IV	43,251	10,387	2,620	2,620	76,724
Danske Bank A/S	Aggregate	CRD IV
Danske Bank A/S	2013	Accounts
Danske Bank A/S	2014	Accounts	6,081	1,069	539	549	18,603
Danske Bank A/S	2015	Accounts	6,115	2,381	622	633	19,049
Danske Bank A/S	2016	Accounts	6,442	3,406	739	666	19,303
Danske Bank A/S	2017	Accounts	6,473	3,534	724	737	19,768
Danske Bank A/S	2017	Accounts
Danske Bank A/S	Aggregate	Accounts	25,110	10,390	2,624	2,585	76,723
Danske Bank A/S	Aggregate	Accounts
Danske Bank A/S	2013	Difference	-	-	-	-	-
Danske Bank A/S	2014	Difference	5,467	−1	−2	−12	-
Danske Bank A/S	2015	Difference	4,679	−0	−2	−13	-
Danske Bank A/S	2016	Difference	4,223	−1	−1	72	-
Danske Bank A/S	2017	Difference	3,771	−1	1	−12	1
Danske Bank A/S	Aggregate	Difference	18,141	−3	−4	35	1
DNB ASA	2013	CRD IV	-	-	-	-	-
DNB ASA	2014	CRD IV	-	-	776	776	-
DNB ASA	2015	CRD IV	-	-	802	802	12,443
DNB ASA	2016	CRD IV	-	-	458	458	11,992
DNB ASA	2017	CRD IV	5,535	2,877	542	542	9,561
DNB ASA	2017	CRD IV
DNB ASA	Aggregate	CRD IV	5,535	2,877	2,578	2,578	33,996
DNB ASA	Aggregate	CRD IV
DNB ASA	2013	Accounts
DNB ASA	2014	Accounts			774	359
DNB ASA	2015	Accounts			789	288	11,840
DNB ASA	2016	Accounts			446	314	11,459
DNB ASA	2017	Accounts	5,487	2,882	542	1,156	9,561
DNB ASA	2017	Accounts
DNB ASA	Aggregate	Accounts	5,487	2,882	2,551	2,117	32,860
DNB ASA	Aggregate	Accounts
DNB ASA	2013	Difference	-	-	-	-	-
DNB ASA	2014	Difference	-	-	2	417	-
DNB ASA	2015	Difference	-	-	13	514	603
DNB ASA	2016	Difference	-	-	12	144	533
DNB ASA	2017	Difference	48	−5	−0	−614	-
DNB ASA	2017	Difference
DNB ASA	Aggregate	Difference	48	−5	27	461	1,136
DNB ASA	Aggregate	Difference
Nordea Bank AB	2013	CRD IV	10,217	3,994	976	976	29,107
Nordea Bank AB	2014	CRD IV	10,241	4,307	950	950	29,814
Nordea Bank AB	2015	CRD IV	10,141	4,704	1,042	1,042	29,681
Nordea Bank AB	2016	CRD IV	9,927	4,625	859	859	30,873
Nordea Bank AB	2017	CRD IV	9,469	3,998	950	950	31,437
Nordea Bank AB	2017	CRD IV
Nordea Bank AB	Aggregate	CRD IV	49,995	21,628	4,777	4,777	150,912
Nordea Bank AB	Aggregate	CRD IV
Nordea Bank AB	2013	Accounts	9,891	4,116	1,009	1,010	29,429
Nordea Bank AB	2014	Accounts	10,241	4,307	950	966	29,643
Nordea Bank AB	2015	Accounts	10,140	4,704	1,042	1,056	29,815
Nordea Bank AB	2016	Accounts	9,927	4,625	859	952	31,596
Nordea Bank AB	2017	Accounts	9,469	3,998	950	950	30,399
Nordea Bank AB	2017	Accounts
Nordea Bank AB	Aggregate	Accounts	49,668	21,750	4,810	4,934	150,882
Nordea Bank AB	Aggregate	Accounts
Nordea Bank AB	2013	Difference	326	−122	−33	−34	−322
Nordea Bank AB	2014	Difference	-	-	-	−16	171
Nordea Bank AB	2015	Difference	1	-	-	−14	−134
Nordea Bank AB	2016	Difference	-	-	-	−93	−723
Nordea Bank AB	2017	Difference	-	-	-	-	1,038
Nordea Bank AB	2017	Difference
Nordea Bank AB	Aggregate	Difference	327	−122	−33	−157	30
Nordea Bank AB	Aggregate	Difference
Skandinaviska Enskilda Banken AB	2013	CRD IV	9,720	2,094	385	385	17,096
Skandinaviska Enskilda Banken AB	2014	CRD IV	9,123	2,557	457	457	16,702
Skandinaviska Enskilda Banken AB	2015	CRD IV	8,117	2,230	460	460	16,599
Skandinaviska Enskilda Banken AB	2016	CRD IV	7,630	1,572	448	448	16,260
Skandinaviska Enskilda Banken AB	2017	CRD IV	7,662	2,161	473	473	15,949
Skandinaviska Enskilda Banken AB	Aggregate	CRD IV	42,252	10,614	2,223	2,223	82,606
Skandinaviska Enskilda Banken AB	2013	Accounts	4,749	2,095	386	150	17,096
Skandinaviska Enskilda Banken AB	2014	Accounts	4,786	2,568	454	318	16,742
Skandinaviska Enskilda Banken AB	2015	Accounts	4,775	2,230	458	180	16,599
Skandinaviska Enskilda Banken AB	2016	Accounts	4,572	1,571	449	373	16,260
Skandinaviska Enskilda Banken AB	2017	Accounts	4,679	2,160	474	244	15,946
Skandinaviska Enskilda Banken AB	2017	Accounts
Skandinaviska Enskilda Banken AB	Aggregate	Accounts	23,560	10,626	2,221	1,266	82,643
Skandinaviska Enskilda Banken AB	Aggregate	Accounts
Skandinaviska Enskilda Banken AB	2013	Difference	4,971	−1	−1	235	-
Skandinaviska Enskilda Banken AB	2014	Difference	4,337	−11	3	139	−40
Skandinaviska Enskilda Banken AB	2015	Difference	3,342	−0	2	280	-
Skandinaviska Enskilda Banken AB	2016	Difference	3,058	1	−1	75	-
Skandinaviska Enskilda Banken AB	2017	Difference	2,983	1	−1	229	3
Skandinaviska Enskilda Banken AB	2017	Difference
Skandinaviska Enskilda Banken AB	Aggregate	Difference	18,692	−12	2	957	−37
Skandinaviska Enskilda Banken AB	Aggregate	Difference
Svenska Handelsbanken AB	2013	CRD IV	4,200	2,092	453	453	-
Svenska Handelsbanken AB	2014	CRD IV	4,215	2,113	447	447	11,585
Svenska Handelsbanken AB	2015	CRD IV	4,312	2,187	457	457	11,821
Svenska Handelsbanken AB	2016	CRD IV	4,309	2,184	402	402	11,759
Svenska Handelsbanken AB	2017	CRD IV	4,325	2,182	547	547	11,832
Svenska Handelsbanken AB	2017	CRD IV
Svenska Handelsbanken AB	Aggregate	CRD IV	21,361	10,758	2,306	2,306	46,997
Svenska Handelsbanken AB	Aggregate	CRD IV
Svenska Handelsbanken AB	2013	Accounts	4,199	2,091	453	575	-
Svenska Handelsbanken AB	2014	Accounts	3,868	1,928	421	430	11,692
Svenska Handelsbanken AB	2015	Accounts	4,062	2,140	446	451	11,819
Svenska Handelsbanken AB	2016	Accounts	4,309	2,181	465	586	11,759
Svenska Handelsbanken AB	2017	Accounts	4,326	2,183	511	594	11,832
Svenska Handelsbanken AB	2017	Accounts
Svenska Handelsbanken AB	Aggregate	Accounts	20,764	10,522	2,296	2,636	47,102
Svenska Handelsbanken AB	Aggregate	Accounts
Svenska Handelsbanken AB	2013	Difference	1	1	0	−122	-
Svenska Handelsbanken AB	2014	Difference	347	185	26	17	−107
Svenska Handelsbanken AB	2015	Difference	250	47	11	6	2
Svenska Handelsbanken AB	2016	Difference	0	3	−63	−184	-
Svenska Handelsbanken AB	2017	Difference	−1	−1	36	−47	-
Svenska Handelsbanken AB	2017	Difference
Svenska Handelsbanken AB	Aggregate	Difference	597	236	10	−330	−105
Svenska Handelsbanken AB	Aggregate	Difference
Swedbank AB	2013	CRD IV	4,317	2,238	474	474	14,265
Swedbank AB	2014	CRD IV	4,376	2,484	474	474	14,583
Swedbank AB	2015	CRD IV	4,053	2,174	495	495	13,893
Swedbank AB	2016	CRD IV	4,469	2,510	446	446	14,009
Swedbank AB	2017	CRD IV	4,496	2,548	537	537	14,588
Swedbank AB	2017	CRD IV
Swedbank AB	Aggregate	CRD IV	21,711	11,954	2,426	2,426	71,338
Swedbank AB	Aggregate	CRD IV
Swedbank AB	2013	Accounts	4,223	2,237	474	342	14,265
Swedbank AB	2014	Accounts	4,270	2,313	473	604	14,583
Swedbank AB	2015	Accounts	3,967	2,178	494	498	13,893
Swedbank AB	2016	Accounts	4,315	2,512	445	379	14,061
Swedbank AB	2017	Accounts	4,405	2,548	538	386	14,588
Swedbank AB	2017	Accounts
Swedbank AB	Aggregate	Accounts	21,181	11,787	2,424	2,209	71,390
Swedbank AB	Aggregate	Accounts
Swedbank AB	2013	Difference	94	1	0	132	0
Swedbank AB	2014	Difference	106	171	1	(130)	0
Swedbank AB	2015	Difference	86	(4)	1	(3)	0
Swedbank AB	2016	Difference	154	(2)	1	67	(52)
Swedbank AB	2017	Difference	91	0	(1)	151	0
Swedbank AB	2017	Difference
Swedbank AB	Aggregate	Difference	530	167	2	217	(52)
Swedbank AB	Aggregate	Difference
UK Banks

Barclays plc	2013	CRD IV	42,929	10,718	8,888	8,888	140,282
Barclays plc	2014	CRD IV	38,429	6,873	1,272	1,272	135,336
Barclays plc	2015	CRD IV	40,505	4,992	1,615	1,615	130,900
Barclays plc	2016	CRD IV	37,076	8,809	859	859	122,947
Barclays plc	2017	CRD IV	29,599	6,306	487	487	97,418
Barclays plc	2017	CRD IV
Barclays plc	Aggregate	CRD IV	188,538	37,698	13,121	13,121	626,883
Barclays plc	Aggregate	CRD IV
Barclays plc	2013	Accounts	29,282	3,378	2,536	1,835	139,600
Barclays plc	2014	Accounts	28,694	2,800	1,740	1,926	132,300
Barclays plc	2015	Accounts	32,167	2,857	2,368	2,302	129,400
Barclays plc	2016	Accounts	26,254	3,953	655	955	119,300
Barclays plc	2017	Accounts	24,054	4,041	939	808	79,900
Barclays plc	2017	Accounts
Barclays plc	Aggregate	Accounts	140,452	17,029	8,237	7,825	600,500
Barclays plc	Aggregate	Accounts
Barclays plc	2013	Difference	13,647	7,340	6,352	7,053	682
Barclays plc	2014	Difference	9,735	4,073	−468	−654	3,036
Barclays plc	2015	Difference	8,338	2,135	−753	−687	1,500
Barclays plc	2016	Difference	10,822	4,856	204	−96	3,647
Barclays plc	2017	Difference	5,545	2,265	−452	−321	17,518
Barclays plc	2017	Difference
Barclays plc	Aggregate	Difference	48,086	20,669	4,884	5,296	26,383
Barclays plc	Aggregate	Difference
Lloyds Banking Group	2013	CRD IV	-	-	-	-	-
Lloyds Banking Group	2014	CRD IV	20,352	2,187	40	40	89,074
Lloyds Banking Group	2015	CRD IV	24,009	2,266	247	247	82,200
Lloyds Banking Group	2016	CRD IV	21,134	5,187	1,007	1,007	72,870
Lloyds Banking Group	2017	CRD IV	21,295	6,021	1,172	1,172	69,556
Lloyds Banking Group	2017	CRD IV
Lloyds Banking Group	Aggregate	CRD IV	86,790	15,661	2,466	2,466	313,700
Lloyds Banking Group	Aggregate	CRD IV
Lloyds Banking Group	2013	Accounts	-	-	-	-	-
Lloyds Banking Group	2014	Accounts	20,353	2,187	−19	41	90,844
Lloyds Banking Group	2015	Accounts	24,010	2,266	788	247	89,300
Lloyds Banking Group	2016	Accounts	21,133	5,187	1,067	1,006	71,888
Lloyds Banking Group	2017	Accounts	21,296	6,020	1,427	1,173	69,726
Lloyds Banking Group	2017	Accounts
Lloyds Banking Group	Aggregate	Accounts	86,791	15,660	3,264	2,467	321,758
Lloyds Banking Group	Aggregate	Accounts
Lloyds Banking Group	2013	Difference	-	-	-	-	-
Lloyds Banking Group	2014	Difference	−1	0	59	−1	−1,770
Lloyds Banking Group	2015	Difference	−1	0	−541	0	−7,100
Lloyds Banking Group	2016	Difference	1	0	−60	1	982
Lloyds Banking Group	2017	Difference	−1	1	−255	−1	−170
Lloyds Banking Group	2017	Difference
Lloyds Banking Group	Aggregate	Difference	−1	1	−798	−1	−8,058
Lloyds Banking Group	Aggregate	Difference
Royal Bank of Scotland	2013	CRD IV	-	-	-	-	-
Royal Bank of Scotland	2014	CRD IV	18,804	3,281	220	220	94,640
Royal Bank of Scotland	2015	CRD IV	17,810	−3,725	73	73	91,839
Royal Bank of Scotland	2016	CRD IV	15,409	−4,996	167	167	85,533
Royal Bank of Scotland	2017	CRD IV	14,999	2,567	606	606	73,980
Royal Bank of Scotland	2017	CRD IV
Royal Bank of Scotland	Aggregate	CRD IV	67,022	−2,873	1,066	1,066	345,992
Royal Bank of Scotland	Aggregate	CRD IV
Royal Bank of Scotland	2013	Accounts	-	-	-	-	-
Royal Bank of Scotland	2014	Accounts	18,803	3,280	514	218	95,600
Royal Bank of Scotland	2015	Accounts	17,810	−3,725	40	101	93,659
Royal Bank of Scotland	2016	Accounts	15,409	−4,996	1,150	209	77,900
Royal Bank of Scotland	2017	Accounts	14,989	2,555	903	593	71,200
Royal Bank of Scotland	2017	Accounts
Royal Bank of Scotland	Aggregate	Accounts	67,011	−2,886	2,607	1,122	338,359
Royal Bank of Scotland	Aggregate	Accounts
Royal Bank of Scotland	2013	Difference	-	-	-	-	-
Royal Bank of Scotland	2014	Difference	1	1	−294	2	−960
Royal Bank of Scotland	2015	Difference	−0	0	33	−28	−1,820
Royal Bank of Scotland	2016	Difference	0	−0	−983	−42	7,633
Royal Bank of Scotland	2017	Difference	10	12	−297	13	2,780
Royal Bank of Scotland	2017	Difference
Royal Bank of Scotla	Aggregate	Difference	11	13	−1,541	−56	7,633
Royal Bank of Scotla	Aggregate	Difference
HSBC Holdings plc	2013	CRD IV	51,691	-	-	-	258,692
HSBC Holdings plc	2014	CRD IV	46,179	14,086	2,699	2,699	256,286
HSBC Holdings plc	2015	CRD IV	53,917	17,008	3,034	3,034	258,954
HSBC Holdings plc	2016	CRD IV	56,932	13,843	2,934	2,934	245,526
HSBC Holdings plc	2017	CRD IV	60,285	14,680	2,371	2,371	233,126
HSBC Holdings plc	2017	CRD IV
HSBC Holdings plc	Aggregate	CRD IV	269,004	59,617	11,038	11,038	1,252,584
HSBC Holdings plc	Aggregate	CRD IV
HSBC Holdings plc	2013	Accounts	44,285	-	-	-	268,795
HSBC Holdings plc	2014	Accounts	43,272	14,083	2,978	2,694	264,767
HSBC Holdings plc	2015	Accounts	50,561	17,010	3,423	3,473	268,433
HSBC Holdings plc	2016	Accounts	40,283	6,429	3,316	2,950	246,933
HSBC Holdings plc	2017	Accounts	44,063	15,227	3,782	2,816	244,788
HSBC Holdings plc	2017	Accounts
HSBC Holdings plc	Aggregate	Accounts	222,463	52,749	13,500	11,933	1,293,716
HSBC Holdings plc	Aggregate	Accounts
HSBC Holdings plc	2013	Difference	7,406	-	-	-	−10,103
HSBC Holdings plc	2014	Difference	2,907	3	−279	5	−8,481
HSBC Holdings plc	2015	Difference	3,356	−2	−389	−439	−9,479
HSBC Holdings plc	2016	Difference	16,649	7,414	−382	−16	−1,407
HSBC Holdings plc	2017	Difference	16,222	−547	−1,411	−445	−11,662
HSBC Holdings plc	2017	Difference
HSBC Holdings plc	Aggregate	Difference	46,541	6,868	−2,462	−895	−41,132
HSBC Holdings plc	Aggregate	Difference
Standard Chartered	2013	CRD IV	13,836	5,785	1,181	1,181	88,257
Standard Chartered	2014	CRD IV	6,128	2,175	-	-	-
Standard Chartered	2015	CRD IV	15,750	−902	1,014	1,014	87,318
Standard Chartered	2016	CRD IV	13,782	1,216	1,032	1,032	84,916
Standard Chartered	2017	CRD IV	13,681	3,063	726	726	86,794
Standard Chartered	2017	CRD IV
Standard Chartered	Aggregate	CRD IV	63,177	11,337	3,953	3,953	347,285
Standard Chartered	Aggregate	CRD IV
Standard Chartered	2013	Accounts	14,143	4,567	1,268	1,292	86,640
Standard Chartered	2014	Accounts	13,809	3,190	-	-	-
Standard Chartered	2015	Accounts	11,516	−1,147	882	968	84,076
Standard Chartered	2016	Accounts	10,590	308	607	969	86,693
Standard Chartered	2017	Accounts	10,865	1,819	727	689	86,794
Standard Chartered	2017	Accounts
Standard Chartered	Aggregate	Accounts	60,923	8,737	3,484	3,919	344,203
Standard Chartered	Aggregate	Accounts
Standard Chartered	2013	Difference	−307	1,218	−87	−111	1,617
Standard Chartered	2014	Difference	−7,681	−1,015	-	-	-
Standard Chartered	2015	Difference	4,234	245	132	46	3,242
Standard Chartered	2016	Difference	3,192	908	425	63	−1,777
Standard Chartered	2017	Difference	2,816	1,244	−1	37	-
Standard Chartered	2017	Difference
Standard Chartered	Aggregate	Difference	2,254	2,600	469	34	3,082
Standard Chartered	Aggregate	Difference
Nationwide	2013	CRD IV	0	0	0	0	0
Nationwide	2014	CRD IV	3,766	0	0	0	15,732
Nationwide	2015	CRD IV	4,331	1,439	227	227	16,200
Nationwide	2016	CRD IV	4,178	1,617	310	310	16,625
Nationwide	2017	CRD IV	3,855	1,234	339	339	17,295
Nationwide	2017	CRD IV
Nationwide	Aggregate	CRD IV	16,130	4,290	876	876	65,852
Nationwide	Aggregate	CRD IV
Nationwide	2013	Accounts	0	0	0	0	0
Nationwide	2014	Accounts	3,530	0	0	0	17,268
Nationwide	2015	Accounts	4,332	1,439	266	227	17,622
Nationwide	2016	Accounts	4,127	1,565	394	311	18,109
Nationwide	2017	Accounts	3,824	1,203	339	339	18,761
Nationwide	2017	Accounts
Nationwide	Aggregate	Accounts	15,813	4,207	999	877	71,760
Nationwide	Aggregate	Accounts
Nationwide	2013	Difference	0	0	0	0	0
Nationwide	2014	Difference	236	0	0	0	(1,536)
Nationwide	2015	Difference	(1)	0	(39)	(0)	(1,422)
Nationwide	2016	Difference	51	52	(84)	(1)	(1,484)
Nationwide	2017	Difference	31	31	0	0	(1,466)
Nationwide	2017	Difference
Nationwide	Aggregate	Difference	317	83	(123)	(1)	(5,908)

Tax gaps by countries for all jurisdictions and the EU member statesAuthors’ calculations as noted in text

Names	Countries	Average profit misallocation €'m	Tax rate used for main estimate %	Average total tax cost €'m	Average total tax gain €'m	Average EU tax cost €'m	Average EU tax gain €'m
All banks	Italy	(8,127.6)	27.8	(2,259.5)	0.0	(2,438.3)	0.0
All banks	Spain	(4,138.2)	25.0	(1,034.5)	0.0	(910.4)	0.0
All banks	United Kingdom	(5,273.0)	19.0	(1,001.9)	0.0	(790.9)	0.0
All banks	India	(1,142.4)	48.3	(551.8)	0.0	0.0	0.0
All banks	France	(1,117.1)	34.4	(384.3)	0.0	(189.9)	0.0
All banks	Other	(1,525.1)	24.0	(366.6)	0.0	0.0	0.0
All banks	United States	(1,248.8)	25.8	(322.2)	0.0	0.0	0.0
All banks	Germany	(941.8)	29.8	(280.7)	0.0	(188.4)	0.0
All banks	Switzerland	(988.4)	21.1	(208.5)	0.0	0.0	0.0
All banks	Ukraine	(876.3)	18.0	(157.7)	0.0	0.0	0.0
All banks	Korea, Rep.	(404.7)	27.5	(111.3)	0.0	0.0	0.0
All banks	Romania	(559.6)	16.0	(89.5)	0.0	(95.1)	0.0
All banks	Austria	(355.1)	25.0	(88.8)	0.0	(46.2)	0.0
All banks	Georgia	(542.8)	15.0	(81.4)	0.0	0.0	0.0
All banks	Hungary	(478.0)	9.0	(43.0)	0.0	(38.2)	0.0
All banks	Philippines	(131.4)	30.0	(39.4)	0.0	0.0	0.0
All banks	Croatia	(190.3)	18.0	(34.3)	0.0	(28.5)	0.0
All banks	Netherlands	(132.3)	25.0	(33.1)	0.0	(13.2)	0.0
All banks	Indonesia	(126.1)	25.0	(31.5)	0.0	0.0	0.0
All banks	Poland	(158.9)	19.0	(30.2)	0.0	(27.0)	0.0
All banks	Morocco	(69.2)	31.0	(21.4)	0.0	0.0	0.0
All banks	Malaysia	(85.6)	24.0	(20.5)	0.0	0.0	0.0
All banks	Greece	(63.4)	29.0	(18.4)	0.0	(17.8)	0.0
All banks	Tanzania	(38.4)	30.0	(11.5)	0.0	0.0	0.0
All banks	Serbia	(76.3)	15.0	(11.4)	0.0	0.0	0.0
All banks	Thailand	(55.1)	20.0	(11.0)	0.0	0.0	0.0
All banks	Venezuela	(31.7)	34.0	(10.8)	0.0	0.0	0.0
All banks	Russia	(53.7)	20.0	(10.7)	0.0	0.0	0.0
All banks	South Africa	(36.0)	28.0	(10.1)	0.0	0.0	0.0
All banks	Curacao	(36.5)	22.0	(8.0)	0.0	0.0	0.0
All banks	Tunisia	(31.8)	25.0	(8.0)	0.0	0.0	0.0
All banks	Bulgaria	(71.2)	10.0	(7.1)	0.0	(7.1)	0.0
All banks	Senegal	(22.6)	30.0	(6.8)	0.0	0.0	0.0
All banks	Puerto Rico	(28.1)	24.0	(6.7)	0.0	0.0	0.0
All banks	Albania	(36.2)	15.0	(5.4)	0.0	0.0	0.0
All banks	Marshall Islands	(22.4)	24.0	(5.4)	0.0	0.0	0.0
All banks	Botswana	(23.6)	22.0	(5.2)	0.0	0.0	0.0
All banks	Taiwan Province of China	(25.6)	17.0	(4.4)	0.0	0.0	0.0
All banks	Benin	(11.7)	30.0	(3.5)	0.0	0.0	0.0
All banks	Zimbabwe	(13.3)	25.0	(3.3)	0.0	0.0	0.0
All banks	Slovenia	(15.0)	19.0	(2.8)	0.0	(2.1)	0.0
All banks	Bosnia and Herzegovina	(28.2)	10.0	(2.8)	0.0	0.0	0.0
All banks	Mozambique	(8.7)	32.0	(2.8)	0.0	0.0	0.0
All banks	Brunei	(12.9)	18.5	(2.4)	0.0	0.0	0.0
All banks	Sri Lanka	(7.5)	28.0	(2.1)	0.0	0.0	0.0
All banks	Vietnam	(10.4)	20.0	(2.1)	0.0	0.0	0.0
All banks	Armenia	(10.0)	20.0	(2.0)	0.0	0.0	0.0
All banks	Djibouti	(7.9)	25.0	(2.0)	0.0	0.0	0.0
All banks	Chad	(5.7)	24.0	(1.4)	0.0	0.0	0.0
All banks	Kosovo	(5.3)	24.0	(1.3)	0.0	0.0	0.0
All banks	Bolivia	(4.6)	25.0	(1.2)	0.0	0.0	0.0
All banks	Burkina Faso	(3.8)	27.5	(1.0)	0.0	0.0	0.0
All banks	Moldova	(7.7)	12.0	(0.9)	0.0	0.0	0.0
All banks	Gambia	(2.9)	31.0	(0.9)	0.0	0.0	0.0
All banks	Laos	(2.9)	24.0	(0.7)	0.0	0.0	0.0
All banks	Fiji	(3.4)	20.0	(0.7)	0.0	0.0	0.0
All banks	Oman	(4.0)	15.0	(0.6)	0.0	0.0	0.0
All banks	Congo, Republic of	(1.4)	35.0	(0.5)	0.0	0.0	0.0
All banks	Uganda	(1.7)	30.0	(0.5)	0.0	0.0	0.0
All banks	Mali	(2.0)	24.0	(0.5)	0.0	0.0	0.0
All banks	Macedonia, F.Y.R.	(4.8)	10.0	(0.5)	0.0	0.0	0.0
All banks	Montenegro	(1.5)	9.0	(0.1)	0.0	0.0	0.0
All banks	Vanuatu	(0.3)	34.0	(0.1)	0.0	0.0	0.0
All banks	Togo	(0.4)	24.0	(0.1)	0.0	0.0	0.0
All banks	Ecuador	(0.4)	22.0	(0.1)	0.0	0.0	0.0
All banks	Cambodia	(0.4)	20.0	(0.1)	0.0	0.0	0.0
All banks	Saint-Martin, France	(0.2)	34.5	(0.1)	0.0	0.0	0.0
All banks	Liechtenstein	(0.2)	12.5	(0.0)	0.0	0.0	0.0
All banks	Namibia	(0.0)	32.0	(0.0)	0.0	0.0	0.0
All banks	Bahamas	20.2	0.0	0.0	0.0	0.0	0.0
All banks	Bahrain	(5.6)	0.0	0.0	0.0	0.0	0.0
All banks	Bermuda	80.2	0.0	0.0	0.0	0.0	0.0
All banks	Cayman Islands	57.4	0.0	0.0	0.0	0.0	0.0
All banks	Channel Islands	168.9	0.0	0.0	0.0	0.0	0.0
All banks	Guernsey	78.6	0.0	0.0	0.0	0.0	0.0
All banks	Isle of Man	131.8	0.0	0.0	0.0	0.0	0.0
All banks	New Caledonia	27.4	0.0	0.0	0.0	0.0	0.0
All banks	British Virgin Islands	3.6	0.0	0.0	0.0	0.0	0.0
All banks	Kazakhstan	0.2	20.0	0.0	0.0	0.0	0.0
All banks	Angola	0.2	30.0	0.0	0.1	0.0	0.0
All banks	Falkland Islands	0.4	24.0	0.0	0.1	0.0	0.0
All banks	Jordan	0.7	20.0	0.0	0.1	0.0	0.0
All banks	Equatorial Guinea	1.1	24.0	0.0	0.3	0.0	0.0
All banks	Cameroon	0.9	33.0	0.0	0.3	0.0	0.0
All banks	Panama	1.2	25.0	0.0	0.3	0.0	0.0
All banks	Paraguay	4.7	10.0	0.0	0.5	0.0	0.0
All banks	Cyprus	4.0	12.5	0.0	0.5	0.0	0.4
All banks	Ivory Coast	2.0	25.0	0.0	0.5	0.0	0.0
All banks	French Polynesia	2.3	24.0	0.0	0.6	0.0	0.0
All banks	Guinea	2.5	24.0	0.0	0.6	0.0	0.0
All banks	Seychelles	2.6	30.0	0.0	0.8	0.0	0.0
All banks	Madagascar	4.3	20.0	0.0	0.9	0.0	0.0
All banks	Pakistan	4.1	31.0	0.0	1.3	0.0	0.0
All banks	Sierra Leone	4.3	30.0	0.0	1.3	0.0	0.0
All banks	Kuwait	9.9	15.0	0.0	1.5	0.0	0.0
All banks	Iraq	13.3	15.0	0.0	2.0	0.0	0.0
All banks	Nepal	9.7	24.0	0.0	2.3	0.0	0.0
All banks	Zambia	6.8	35.0	0.0	2.4	0.0	0.0
All banks	Maldives	9.9	24.0	0.0	2.4	0.0	0.0
All banks	Lebanon	19.8	15.0	0.0	3.0	0.0	0.0
All banks	Lithuania	27.0	15.0	0.0	4.1	0.0	3.2
All banks	Macao, China	36.5	12.0	0.0	4.4	0.0	0.0
All banks	Israel	20.1	23.0	0.0	4.6	0.0	0.0
All banks	Qatar	52.2	10.0	0.0	5.2	0.0	0.0
All banks	Belarus	29.8	18.0	0.0	5.4	0.0	0.0
All banks	China with HK	26.6	25.0	0.0	6.6	0.0	0.0
All banks	Algeria	26.6	26.0	0.0	6.9	0.0	0.0
All banks	Kenya	30.2	30.0	0.0	9.1	0.0	0.0
All banks	Latvia	48.8	20.0	0.0	9.8	0.0	5.4
All banks	Uruguay	43.7	25.0	0.0	10.9	0.0	0.0
All banks	Brazil	34.5	34.0	0.0	11.7	0.0	0.0
All banks	Nigeria	41.1	30.0	0.0	12.3	0.0	0.0
All banks	Ghana	54.0	25.0	0.0	13.5	0.0	0.0
All banks	Gibraltar	162.1	10.0	0.0	16.2	0.0	0.0
All banks	Singapore	138.4	17.0	0.0	23.5	0.0	0.0
All banks	Colombia	71.4	34.0	0.0	24.3	0.0	0.0
All banks	Estonia	129.7	20.0	0.0	25.9	0.0	18.2
All banks	New Zealand	93.4	28.0	0.0	26.2	0.0	0.0
All banks	Monaco	80.5	33.3	0.0	26.8	0.0	0.0
All banks	Bangladesh	109.8	25.0	0.0	27.4	0.0	0.0
All banks	Slovakia	137.8	21.0	0.0	28.9	0.0	27.6
All banks	Mauritius	216.9	15.0	0.0	32.5	0.0	0.0
All banks	Egypt	174.7	22.5	0.0	39.3	0.0	0.0
All banks	Malta	115.0	35.0	0.0	40.3	0.0	18.4
All banks	Portugal	132.2	31.5	0.0	41.6	0.0	23.8
All banks	Turkey	237.5	22.0	0.0	52.2	0.0	0.0
All banks	Canada	213.3	26.8	0.0	57.2	0.0	0.0
All banks	Peru	223.0	29.5	0.0	65.8	0.0	0.0
All banks	Jersey	365.8	20.0	0.0	73.2	0.0	0.0
All banks	United Arab Emirates	140.7	55.0	0.0	77.4	0.0	0.0
All banks	Saudi Arabia	399.0	20.0	0.0	79.8	0.0	0.0
All banks	Argentina	428.7	30.0	0.0	128.6	0.0	0.0
All banks	Japan	436.0	29.7	0.0	129.5	0.0	0.0
All banks	Australia	466.1	30.0	0.0	139.8	0.0	0.0
All banks	Finland	809.1	20.0	0.0	161.8	0.0	97.1
All banks	Czech Republic	950.6	19.0	0.0	180.6	0.0	142.6
All banks	Chile	826.2	25.0	0.0	206.5	0.0	0.0
All banks	Ireland	1,798.5	12.5	0.0	224.8	0.0	287.8
All banks	Denmark	1,295.0	22.0	0.0	284.9	0.0	246.1
All banks	China, P.R.: Mainland	1,278.7	25.0	0.0	319.7	0.0	0.0
All banks	Norway	1,778.1	23.0	0.0	409.0	0.0	0.0
All banks	Mexico	1,388.4	30.0	0.0	416.5	0.0	0.0
All banks	Belgium	1,593.8	29.6	0.0	471.8	0.0	223.1
All banks	Sweden	3,572.2	22.0	0.0	785.9	0.0	464.4
All banks	Hong Kong, China	5,173.3	16.5	0.0	853.6	0.0	0.0
All banks	Luxembourg	3,370.0	26.0	0.0	876.2	0.0	67.4
All banks	Luxembourg
	Total	(0.0)		(7,370.1)	6,473.9	(4,793.2)	1,625.3
	Total

Comparing CRD IV CBCR data with banks’ accounts for six UK banks in 2017 — Nordic banks

Banks	Year	Data source	Turnover	Profit before tax	Tax per profit and loss account	Tax paid per cash flow	Employees
Banks	Year	Data source	€m	€m	€m	€m	Employees
Danske Bank A/S	2017	CRD IV	10,244	3,533	725	725	19,769
Danske Bank A/S	2017	Accounts	6,473	3,534	724	737	19,768
Danske Bank A/S	2017	Accounts
Danske Bank A/S	2017	Difference	3,771	(1)	1	(12)	1
Danske Bank A/S	2017	Difference
DNB ASA	2017	CRD IV	5,535	2,877	542	542	9,561
DNB ASA	2017	Accounts	5,487	2,882	542	1,156	9,561
DNB ASA	2017	Accounts
DNB ASA	2017	Difference	48	(5)	(0)	(614)	0
DNB ASA	2017	Difference
Nordea Bank AB	2017	CRD IV	9,469	3,998	950	950	31,437
Nordea Bank AB	2017	Accounts	9,469	3,998	950	950	30,399
Nordea Bank AB	2017	Accounts
Nordea Bank AB	2017	Difference	0	0	0	0	1,038
Nordea Bank AB	2017	Difference
Skandinaviska Enskilda Banken AB	2017	CRD IV	7,662	2,161	473	473	15,949
Skandinaviska Enskilda Banken AB	2017	Accounts	4,679	2,160	474	244	15,946
Skandinaviska Enskilda Banken AB	2017	Accounts
Skandinaviska Enskilda Banken AB	2017	Difference	2,983	1	(1)	229	3
Skandinaviska Enskilda Banken AB	2017	Difference
Svenska Handelsbanken AB	2017	CRD IV	4,325	2,182	547	547	11,832
Svenska Handelsbanken AB	2017	Accounts	4,326	2,183	511	594	11,832
Svenska Handelsbanken AB	2017	Accounts
Svenska Handelsbanken AB	2017	Difference	(1)	(1)	36	(47)	0
Svenska Handelsbanken AB	2017	Difference
Swedbank AB	2017	CRD IV	4,496	2,548	537	537	14,588
Swedbank AB	2017	Accounts	4,405	2,548	538	386	14,588
Swedbank AB	2017	Accounts
Swedbank AB	2017	Difference	91	0	(1)	151	0

Comparing CRD IV CBCR data with banks’ accounts for six UK banks in 2017 — UK banks

Banks	Year	Data source	Turnover	Profit before tax	Tax per profit and loss account	Tax paid per cash flow report	Full-time employees
Banks	Year	Data source	€m	€m	€m	€m	Full-time employees
Barclays Plc	2017	CRD IV	29,599	6,306	487	487	97,418
Barclays Plc	2017	Accounts	24,054	4,041	939	808	79,900
Barclays Plc	2017	Accounts
Barclays Plc	2017	Difference	5,545	2,265	(452)	(321)	17,518
Barclays Plc	2017	Difference
Lloyds Banking Group Plc	2017	CRD IV	21,295	6,021	1,172	1,172	69,556
Lloyds Banking Group Plc	2017	Accounts	21,296	6,020	1,427	1,173	69,726
Lloyds Banking Group Plc	2017	Accounts
Lloyds Banking Group Plc	2017	Difference	(1)	1	(255)	(1)	(170)
Lloyds Banking Group Plc	2017	Difference
Royal Bank of Scotland Group	2017	CRD IV	14,999	2,567	606	606	73,980
Royal Bank of Scotland Group	2017	Accounts	14,989	2,555	903	593	71,200
Royal Bank of Scotland Group	2017	Accounts
Royal Bank of Scotland Group	2017	Difference	10	12	(297)	13	2,780
Royal Bank of Scotland Group	2017	Difference
HSBC Holdings Plc	2017	CRD IV	60,285	14,680	2,371	2,371	233,126
HSBC Holdings Plc	2017	Accounts	44,063	15,227	3,782	2,816	244,788
HSBC Holdings Plc	2017	Accounts
HSBC Holdings Plc	2017	Difference	16,222	(547)	(1,411)	(445)	(11,662)
HSBC Holdings Plc	2017	Difference
Standard Chartered Plc	2017	CRD IV	13,681	3,063	726	726	86,794
Standard Chartered Plc	2017	Accounts	10,865	1,819	727	689	86,794
Standard Chartered Plc	2017	Accounts
Standard Chartered Plc	2017	Difference	2,816	1,244	(1)	37	0
Standard Chartered Plc	2017	Difference
Nationwide Building Society	2017	CRD IV	3,855	1,234	339	339	17,295
Nationwide Building Society	2017	Accounts	3,824	1,203	339	339	18,761
Nationwide Building Society	2017	Difference	31	31	0	0	(1,466)

BEPS Policy Failure—The Case of EU Country-By-Country Reporting1

Figures & Tables

Banks in the data with a ranking according to the largest banks in Europe by total assets in 2017

Comparisons of headline and effective tax rates

Nordic and UK Banks: case study comparing accounting and CRD IV data

Tax gaps by countries for all jurisdictions and the EU member statesAuthors’ calculations as noted in text

Comparing CRD IV CBCR data with banks’ accounts for six UK banks in 2017 — Nordic banks

Comparing CRD IV CBCR data with banks’ accounts for six UK banks in 2017 — UK banks

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