...In Europe, only one sector is required to publicly report its profits and tax on a country-by-country basis – the banking sector, as a result of regulation following the financial crisis...This report showcases research by Oxfam that uses this new transparency data in depth for the first time to illustrate the extent to which the top 20 EU banks are using tax havens, and in which ways. Corporations, including banks, have for a long time been artificially shifting their profits to countries with very low, or zero, corporate tax rates...One of the key trends underlying the huge concentration of wealth and income is tax avoidance...[W]hen governments lose tax revenues, ordinary citizens pay the price: schools and hospitals lose funding and vital public services are cut.  Alternatively, governments make up the shortfall by levying higher taxes...which impact disproportionally on poorer populations.  At the same time, increased profits as a result of lower corporate taxation benefit wealthy companies’ shareholders, further increasing the gap between rich and poor...[Refers to HSBC, Barclays, RBS, Lloyds, Standard Charter, BNP Paribas, Crédit Agricole, Société Générale, BPCE, and Crédit Mutuel-CIC, Deutsche Bank, Commerzbank AG, IPEX, ING Group, Rabobank, UniCredit, Intesa Sanpaolo, Santander, BBVA, and Nordea]