The release of the Paradise Papers has thrust international tax planning back into the media spotlight just 18 months after the release of the Panama Papers.
This has further enraged many, with the leader of the UK Labour party, Jeremy Corbyn, summing up the general feeling with his comment that “a super-rich elite holds the taxation system and the rest of us in contempt”.
Whilst the outrage is understandable, the general debate around the Paradise Papers is flawed in two significant respects.
A broken system
Firstly, the majority of the financial arrangements revealed in the Paradise Papers were perfectly legal, as opposed to the Panama Papers, which concerned illegal tax evasion. Whilst this does evidence an inherent unfairness in favour of multinationals, which can afford to take and implement tax planning advice,
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