Image default
Greek News

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.

Read more HERE

Σχετικα αρθρα

Is Working From Home a Privilege? (infographic)

admin

Athens Stock Market rallies with a 7.8 rise

admin

Bank of Greece projects 2.4% growth in 2020

admin

The Mobile Takeover Continues (infographic)

admin

Greek state budget showed primary surplus of 595 million Euros in January-March

admin

Investors dump Turkish Lira en-masse

admin

30% of Athens International Airport (AIA) up for sale – Large investors have expressed interest

admin

Global Coronavirus Stimulus Packages Compared (infographic)

admin

Greek Finance Minister: A further 10% cut in ENFIA tax is a possibility

admin

Gastrade S.A.: The binding phase of the market test for the Alexandroupolis Terminal was concluded successfully

admin

Central Council of Modern Monuments green lights Elliniko mixed-use project

admin

Cold Turkey: investor exodus tests Erdogan’s economic experiment

admin

Deutsche Bank remains in the red (infographic)

admin

Shopping malls to reopen in Greece on Monday, 2 weeks earlier than the original date

admin

Greek bonds hit new historic low breaking the 1.4% threshold

admin

European Commission approves 1.2 billion euros to support Greek economy

admin

Esty shares soar as people turn to face masks (infographic)

admin

NY Stock Exchange suspended due to oil prices and coronavirus

admin