A triumph of country by country reporting

The mean percentage of profits booked in tax havens is about 20% but the figure ranges from 0% in the case of nine of the banks to 58% by HSBC.

The figure is high because of HSBC’s strong ties to Hong Kong, which for the purposes of the study was counted as a tax haven.

We would never have known without the P³. HongKong and Shanghai bank books profits in Hong Kong.


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