UK Tax Haven Network Linked to €8 Billion in European Union Tax Revenue Losses

**London, November 6, 2026:** The United Kingdom's network of overseas territories and financial jurisdictions has been linked to approximately €8 billion in annual tax revenue losses across European Union countries, according to a new analysis by the Tax Justice Network. The report estimates that EU countries collectively lose around €59.3 billion every year because multinational companies shift profits across international borders. France and Germany are among the countries facing the largest estimated losses, with figures of €13.1 billion and €11.8 billion respectively in the latest available country-level data for 2022. The analysis suggests that the UK's network of tax-related jurisdictions accounts for approximately 13.6 per cent of the estimated EU-wide losses. Profit shifting occurs when multinational businesses record profits in lower-tax jurisdictions instead of the countries where their economic activities take place. The findings have renewed discussions about international tax transparency, corporate accountability and cooperation between governments. **Source:** Euronews Business, citing the Tax Justice Network. **Publication date:** November 6, 2026