Panama papers leak to paradise took 18 Month time with massive data revelation India taking 19th place

Yes, journalists at cost of their lives raise voices from time to time to shed light and bring clamor among public over offshore financial centers, first voice raised by Panama papers then followed Bahamas leaks and currently Paradise Papers for tax evasion system world leaders follows.

Tax avoidance and tax evasion different terms, tax avoidance where companies and people using legal ways following the rules to reduce their tax bill while tax evasion is an offense , crime involving illegal ways of paying less tax than required. And Papers claim major global companies following tax evasion with investing in Tax haven (countries or region where personal and business taxes are likely to be very low or even non- existent).

International Consortium of investigative Journalist (ICIJ) blows the world with leaking financial data on how big corporates and super high class individuals moved money to and fro 19 tax havens so that to evade taxes. However it just blown after eighteen month from major Panama leak, exactly it reported by German newspaper Suddeutsche Zeitung, the leak called the” Paradise Papers” surprisingly it just contains 13.4million documents from two leading firms.

Appleby, a Bermuda- based legal services provider that facilitated settings up of offshore firms with low or zero tax rates.

Singapore –based Asiaciti was other firm that helped wealthy to move money to tax havens.

However as reports from business today and Indian express, though India also gets rank up to 19th position out of 180 countries in terms of number of names in the offshore data leaks. According to news outlet worldwide partnered ICIJ which bring out stories on how politicians to multinationals, celebrities and ultra- rich individuals use trusts, foundations and shell companies as front to hide their back behind their cash from tax authorities.

The Indian names include Bollywood star Amitabh Bachchan, to known defaulter businessman Vijay Mallya, corporate personality Niira Radia, Dilnashin  Sanjay Dutts wife, Union minister Jayant Sinha,  RK Sinha Rajya sabha MP. Won’t get surprise Sun Group founder Nand lal Khemka as per Appleby is second largest client with as many as 118 off shore entities. Other named associated with Sun-TV-Aircel-Maxis cases, Essar-Loop 2G case, SNC-Lavalin in which Kerala CM Pinarayi Vijayan was named and then cleared along with YS Jagan Reddy, with entities from Rajasthan ambulance scam ( congress leader supported Sachin Pilot and former minister P Chidambaram’s son Karti) .

Yesterday media busted with claims as Sinha, the minister of state for civil aviation denied any wrongdoing on his part. While Bachchan wrote blog as long as it can saying that always cooperated with the system. Many scenes market show shares falling with regulatory officials to be working on any wrongdoing on part of companies or their promoters.

Right group transparency International called for stricter measure to regulate the financial sector and participants as to estate brokers, lawyers and bankers. US based Global Financial Integrity said MNC should be required to publicly report their details and revenues country by country basis to help check tax abuse while Paradise Papers reveals offshore interest and activities of more than 120 politicians and world leaders like Queen Elizabeth-2 with record 10 million pound invested in offshore it was recorded 2007 Duchy of Cornwall paid $113,500 for 50 share in Bermuda registered companySFM , US Presidents 13 allies, major donors and cabinet members. Even Commerce Secretary Wilbur Ross   involved in Navigator Holdings, a Shipping company making millions from an energy firm’s owner Russian President Vladimir Putin’s son-in Law and sanctioned Russian Tycoon.

Appleby include 100 multinational corporations in features Apple, Nike, Uber and so on also Political figure like Shaukat Aziz while racing driver Lewis Hamilton avoided tax on pound 16.5 million private jet after it was imported into the Isle of Man in 2013 reports BBC .However U2 front man Bono real name Paul Hewson also to used company based Malta with target of low jurisdiction, with shopping center based Lithuania. BBC three stars with pound 2million tax invasion set companies in Mauritius. The Chief fundraiser and senior adviser to Canadian PM Justin Trudeau, Mr. Bronfman’s link with offshore schemes and arranging millions of Canadian dollars. While since few years Saudi is constant in picture with corruption in royal houses.

Reports says Tax havens are popular legal and often secret instrument for multinational corporation to move capital across borders with taking loopholes in various legislations while placing operations in low taxes. However Silicon Valley have become expert at with tactic which uses hubs like Netherlands, UK, Switzerland, Singapore and Ireland  together they report to have 47% of corporate off shore investment from tax havens. As Netherlands leads pack with 23% followed by the UK (14%) Switzerland (6%) Singapore (2%) and Ireland (1%).As Netherlands excels in holdings companies, Hong Kong’s geographical specialty lies as to British Virgin Island and Taiwan ties link as have tax evasion possible.

Since 2008-2009 the EU and OECD officials have increased pressure on cracking down on tax avoidance by regulators better tailor their policies. But here sarcastic about is city of London being  major off shore financial sector while British Finance Minister Philip Hammond seen that UK could become a European Tax haven if EU fails to offer it good Brexit deal.