Banks in Tax Havens: First Evidence based on Country-by-Country Reporting Bouvatier, V., Capelle-Blancard, G. and Delatte, A. L. Banking Secrecy, Tax Evasions and Havens This paper provides a quantitative assessment of the importance of tax havens in international banking activity, and average effect of being a tax haven is an extra presence of foreign affiliates by 168%. The paper notes that EU banks, the main tax havens are located within Europe. Lenient regulatory environment attract extra commercial presence. It estimates that the tax savings for EU banks is between Euros 1 billion and Euros 3.6 billion Brussels European Commission 2017 2017 Text 65p. iffoadatabase.trustafrica.org/iff/Banks_in_Tax_Havenswp2017-16.pdf CEPII Working Paper