UK’s ‘tax haven empire’ costs the EU $9 billion a year

The Tax Justice Network's report reveals that the UK's tax havens cost the EU $9 billion annually, with significant losses for Germany and France. The British Virgin Islands, Cayman Islands, and Bermuda are the top offenders, contributing to global corporate tax abuse. The report highlights the need for better transparency and reforms in tax systems, criticizing the EU's blacklist for not including these jurisdictions. The UK and EU's resistance to changes proposed by the UN tax convention is noted as detrimental to addressing tax competition issues.