The release of Paradise Papers is stirring things globally with its revelation of the secretive tax havens of the some of the world’s biggest businessmen, politicians, heads of state, sports, entertainment and global figures.
The leaks that are called Paradise Papers come from 13.4 million files and expose the tax abuses of the prominent people. The leaks also look into how these corporations are able to avoid the tax through multiple artificial ways.
The files came from the company registries of 19 tax havens, plus two offshore service providers. The material was accessed by the German newspaper Süddeutsche Zeitung and was published in collaboration with partners like the New York Times, the Guardian, and the BBC by the International Consortium of Investigative Journalists.
Paradise Papers reveals the following, majorly:
- Details of the offshore companies of Trump’s cabinet members.
- Russian state financial institutions investment in Facebook and Twitter.
- Queen’s million-pounds investment in Cayman Islands Fund – a tax-avoiding trust. The Queen has also been linked with sending her money to a retailer that has been involved in the abuse of vulnerable and poor tablets.
- Putin’s son-in-law’s hefty payments to the US commerce secretary, Wilbur Ross.
- Details about the Cayman Islands Trust that’s been run by the Trudeau’s chief money man.
- Tax refunds by Malta and Isle of Man worth billions to the owners of luxury yachts and private jets.
- Information on how TV and film industry’s celebrities use various techniques to protect their wealth using different offshore schemes.
- Billions of dollars of tax avoidance by the multinational corporations like Apple and Nike.
This disclosure is going to put pressure on some prominent global figures including Theresa May and Donald Trump.
The publication was made possible through the investigation of 380 journalists who stretched their research to 70 years back explains the reason for the growing income inequality.
Gabriel Zucman, a leading economist, believes that these tax havens are a major reason for the rising global economy. He also plans to reveal a study which will be published later about growing offshore profits of the multinational corporations.
The center of attention of Paradise Papers was Appleby, a law firm that has its outposts in the Isle of Man, the British Virgin Islands, the Cayman Islands, Bermuda, Jersey, and Guernsey.
The law firm has been accused of providing its clients the structures that legally reduce their tax bills.
Appleby in response to the allegations said that they have investigated the matter and haven’t found any evidence of wrongdoing, not on their or their clients’ part. “We are a law firm which advises clients on legitimate and lawful ways to conduct their business. We do not tolerate illegal behavior,” said Appleby.
Note: All content is original & written by NewsCrux Team.