The Paradise Papers: The Impact of Large-Scale Tax Avoidance

The Paradise Papers are the next instalment of the Panama Papers. The Panama Papers were a leak from Mossack Fonseca, an offshore service provider, surmounting to 300,000 shell companies for individuals from all over the world. these included the current Ukrainian President, the king of Saudi Arabia and the daughter of the former Chinese premier Li Peng.

The Paradise Papers

The most recent instalment follows a year-long investigation by the ICIG and reveals 13.4m leaked files from 19 secrecy jurisdictions and two offshore providers. These files pick up where the Panama Papers left off. US universities such as Stanford, Columbia, Princeton and Penn (share endowments in excess of $73.7bn), Glencore, Justin Trudeau’s top aide and the Duchy of Lancaster (the UK Queen’s private estate) are just some of the high-profile instances exposed for tax avoidance. Notably, Apple is reported to be holding untaxed offshore cash, an astonishing $252bn, on the Channel

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