The United States Tax Avoidance And Evasion Essay

1598 Words May 5th, 2016 7 Pages
Over the past one decade, there have been numerous cases and leaks of scandals on issues of tax evasions. Some of the major whist blowing exposures include the UBS, HSBC, Swiss Leaks, Lux Leaks among others (Schjelderup, 2016). As such, it is emerging that tax avoidance and evasion is becoming a goal for wealthy individuals in the current society. The recent controversy following the leak of “Panama Papers” has opened a consortium of debates on the Panama tax system. The document implicates twelve current and former world leaders, a total of 128 politicians and public officials and celebrities (Schjelderup, 2016). Panama Paper Leaks is a disclosure of the extent to which the rich go to hide their money in an attempt to evade taxation. It emerges that most of the unreported wealth is illegal. The Panama Paper Leaks have led to the resignation of several ministers and business leaders. Moreover, the finance ministers of Britain, France, Germany, Italy and Spain have emphasized the urgency to put an end to the secrecy of shell companies that promote tax evasion and money laundering (Schjelderup, 2016). The assumption that Panama is an international tax haven in the field of international investment is flawed because the facts (Panama Papers) focus on only one Panamanian company. A solution could be to develop an international marketing campaign.
The Panama tax laws do not create loopholes to be exploited in smuggling and other types of criminal law. In fact, the issue of…

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