UK Banks Pay Almost No Corporate Tax

 Five major banks, including JPMorgan and Morgan Stanley, revealed they paid almost no UK corporate taxes in 2014, according to Reuters. Bank filings became available after a 2013 change to the European Union rules, requiring banks to publish country-by-country profit and tax breakdowns. Tax disclosures were released in country-by-country filings required of investment banking companies. These documents show how firms shift income from high to low tax jurisdictions. Since the 2008 banking crisis, banks have been using tax credits to offset taxable income as they move into profit. Margaret J. Howell and Nik Zecevic explain how the banks manipulated the global tax system further on The Lip News.

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