Panama Papers scandal: Tax amnesties bring huge windfalls after inter-country info sharing pact

Panama Papers scandal: Tax amnesties bring huge windfalls after inter-country info sharing pact

Special report

KARACHI: Equipped with international tools for transparency, an increasing number of countries have launched or are weighing bringing in innovative tax amnesty schemes to net dodgers, repatriate assets from tax havens and build and document their economies, a Jang-The News study shows.

About 25 countries had in different eras offered tax amnesty programmes but with minimal success, before 2016, when the so-called Panama Papers detailing how the rich and powerful used offshore corporations to hide money and potentially evade taxes, were leaked to the media.

Since the April 2016 expose, 21 countries have either introduced and netted record windfalls, or are contemplating introducing tax amnesty schemes to broaden the tax base, have illegal offshore assets

... read more at: https://www.thenews.com.pk/print/274609-panama-papers-scandal-tax-amnesties-bring-huge-windfalls-after-inter-country-info-sharing-pact

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