Europe’s 20 biggest banks are registering over a quarter of their profits in tax havens...The report, ‘Opening the Vaults,’ suggests the discrepancy may have arisen because some banks are using tax havens to avoid paying their fair share of tax, to facilitate tax dodging for their clients, or to circumvent regulations and legal requirements...Many countries are being cheated out of the money needed to tackle poverty and inequality by corporate tax dodgers, with poor countries being hit the hardest.  Tax dodging by multinational companies costs poor countries over €90 billion every year. This is enough money to provide an education for the 124 million children who aren’t in school and fund healthcare interventions that could prevent the deaths of at least six million children.  Transparency measures, such as the EU rules on public country-by-country reporting, are vital tools in the global fight against tax dodging.  However, a new European Commission proposal designed to extend public reporting beyond the banking sector is flawed. The proposal is limited to companies with a turnover of €750 million or more, a measure that would exclude up to 90 percent of multinationals, and does not require companies to report on their activities in all the countries they operate - including developing countries...