The ICIJ has revealed the biggest offshore leak since the Panama Papers in 2016. The Pandora Papers document 14 offshore professional service providers, and the way in which a mass of politicians, public officials and celebrities have utilised the offshore system to hide the true value of their wealth, and in some cases pay less tax than they owe.
Just as banks are required to report their account holders to tax authorities, lawyers and corporate service providers should start reporting the identities of the clients for whom they set up offshore structure.
Beneficial ownership transparency is a crucial strategy for tackling illicit financial flows. It involves identifying the individuals (natural persons) who ultimately own, control, or benefit from a legal vehicle like a company, trust or partnership.
The Tax Justice Network is rolling out a new series of ‘Tax Justice 101’ videos, in which we’ll explain the ways fair taxation is linked to many of the most pressing issues of our time. The first of these – The 4 ‘R’s of Taxation sets out the four fundamental functions that make just taxation crucial to building a just society.
The Tax Justice Network depends on support from members of the public to carry on its vital work. Your donation will help us build the tools our communities and elected representatives need to stop billions in tax from being snatched from taxpayers and stashed in tax havens.