Despite growing global outrage at the existence of tax havens, the schemes for massive global conglomerates to swerve paying their share seem more popular than ever. Now a new study has shown that just 11 tax havens continue to soak up some $616 billion in profits, as companies continue to leverage legal loopholes to move profits away from domestic tax regimes.
The Panama papers were an unprecedented leak of 11.5 million files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. After the records were handed to German newspaper Süddeutsche Zeitung by an anonymous source, the paper then shared the information with the International Consortium of Investigative Journalists (ICIJ). The documents revealed a web of secretive offshore tax regimes, which wealthy individuals and companies exploit to avoid paying domestic tax. The news came after a decade of austerity had seen many developed nations