Aggressive tax optimisation: what is the best ESG approach? (Amundi)

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Between 100 and 240 billion euro per year. This is what aggressive tax planning costs governments in lost revenue1.

Such practices, designed to enable companies to avoid tax by using and abusing the legislation in place, have flourished in recent years. They have been supported by globalisation of communications and the growing dematerialisation of the economy. These practices have also become more complex and industrialised, with the help of tax advisory companies that are increasingly professionalised. Companies today are therefore encouraged to create financial flows that enable profits to be transferred to zones with tax advantages, for example by creating companies that hold patents or brands or by using asymmetry between local legislation to benefit from double non-taxation.

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