Ecuador will hold a referendum to prevent all politicians and public servants in the country from keeping money in offshore accounts. The referendum is intended to help mitigate problems of tax avoidance, which the Ecuadorian government says cuts significantly into its revenue and hinders its ability to provide public goods for the benefit of the people.
The Israeli Tax Authority is pursuing the arrests of Israeli citizens who have registered companies in tax shelter jurisdictions and overseas bank accounts on suspicion of tax evasion. Information on these Israeli citizens and their holdings has been obtained from a variety of sources, namely the Panama Papers and a leaked list of customers at UBS Switzerland
Hungary has slashed its corporate tax rate to just 9 percent, the lowest in the European Union. The move pushes the country’s rate even lower than that of Ireland’s, which is set at 12.5 percent.
Former Australian Labor Treasurer Wayne Sway has alleged that mining giant BHP Billiton has been evading taxes for years.
Offshore jurisdictions have always been a contentious topic. However, since the publication of the Panama Papers in April, the debate has heated up.
Apple officially has been dubbed the biggest corporate tax avoider in the U.S. after sending a staggering £171.6 billion (roughly $210 billion) of last year’s profits overseas.
Last month, Denmark’s government became the first national government in the world to purchase data from the Panama Papers leak.
Revelations that U.S. Republican presidential candidate Donald Trump has paid no federal taxes for the past 18 years has set off a storm of controversy.
Canadians who have been somehow implicated in the Panama Papers leaked earlier this year shouldn’t expect leniency, the Canada Revenue Agency (CRA) said.
The European parliament has opened a 10-month inquiry examining the Panama Papers scandal, holding its first evidence session in Brussels.