Top 5 tax scandals

Tax evasion is estimated to cost Europe between $55bn and $75bn every year, according to the European Parliamentary Research Service

IRS, HMRC, FTS or CRA: whatever you like to call him, there’s no hiding from the taxman. No individual or institution is immune from the annual tax deadline, although many aim to reduce what they pay as much as possible through loopholes and profit redistribution schemes.

When that tips over into illegal territory, though, it becomes a major problem. The IMF estimates that over $600bn is lost every year due to tax avoidance, with the US, China and Japan named as the greatest culprits. World Finance investigates the top tax scandals across the globe in recent years, and who was behind them.

1 – Panama Papers
The leak of 11.5 million compromising documents sent

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