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BNP accused of helping his wealthy clients to escape tax

April 13 category:Businesses
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BNP accused of helping his wealthy clients to escape tax



BNP Paribas

Reuters / John Schults



BNP Paribas sells in Switzerland, Luxembourg and Monaco for financial products to wealthy customers to partially evade taxes, according to the magazine Marianne Saturday, while the government has made the fight against tax havens a priority .

"BNP Paribas private banking, wealth management subsidiary, provides, in effect, from Geneva, European taxpayers to avoid taxation on financial income, through SICAV named 'Luxumbrella' - the Luxembourg umbrella," says Marianne, which did not specify its sources.

In 2004, with the adoption of a European Savings Directive was implemented a system of automatic exchange of banking information between the countries of the European Union, said the magazine.

But several countries, including Belgium, Austria, Luxembourg and Switzerland (which is not part of the EU) have refused. In return, they agreed to tax at source income from assets from the accounts opened by European citizens, says Marianne.

This withholding tax, however, does not apply to certain products, including mutual funds, says the magazine. "A flaw in which engulfed BNP Paribas," says Marianne.

The management of the French bank, interviewed by the magazine, presents this Sicav as "a simple legal envelope, internal collective investment funds."

Between 2.8 and 3.54 billion euros were invested via this channel for five years, says Marianne.

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