UK tax havens linked to €8bn in EU tax losses: Who loses most?
EU countries lose nearly €60bn a year to corporate profit shifting, the Tax Justice Network estimates. It links about €8bn of those losses to the UK and its tax haven network, even as the UK itself ranks among the countries that lose the most worldwide.
The Tax Justice Network has revealed that the United Kingdom and its Overseas Territories and Crown Dependencies are responsible for an estimated €8 billion in annual EU tax losses due to multinational corporations shifting profits through their tax havens. This accounts for 13.6% of the total EU losses, which total an estimated €59.3 billion annually.
The Tax Justice Network's analysis, released alongside the 5 November update to its Corporate Tax Haven Index, ranks France and Germany as the two EU countries with the largest estimated tax losses linked to the UK network. France's estimated loss is €13.1 billion, followed by Germany's €11.8 billion. Together, they account for 42% of the EU total.
Other heavily impacted EU countries include Spain, Poland, Belgium, Italy, the Netherlands, and Luxembourg, each experiencing losses exceeding €3 billion annually.
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