Vladimir Putin’s name has also appeared in these leaks.
The ICIJ report came on Sunday and involved 600 journalists from 150 media outlets in 177 countries. Also, about 12 million files of 14 companies were studied.
Pandora Paper Leaks, which came out on Monday, has brought to the fore such a truth of the world, which many people are finding it difficult to believe. Apart from India and Pakistan, the hidden wealth of the rich from Russia to America has been known about which hardly anyone would have guessed.
Pandora Paper Leaks has told how rich people hide their money from tax collectors. There is now a demand in America that the Finance Secretary should be removed from his post because he only allowed the richest and powerful people of the country to hide money. The report of the International Consortium of Investigative Journalists (ICIJ) brings out the dark truth of world leaders to billionaires of the world.
Profits are delivered from fake companies
The ICIJ report came on Sunday and involved 600 journalists from 150 media outlets in 177 countries. Also, about 12 million files of 14 companies were studied. Steve Wymhoff, director of the Washington-based Institute for Taxation and Economic Policy, said that the Pandora Papers actually give detailed information about how people in secret countries hide their wealth with the goal of tax evasion.
Tax evasion of these companies also comes under the purview of the law. Economist Gabriel Zuckman at the University of California, Barkeley, said that by creating shell companies, ie fake companies, such corporate houses which have no economic existence and whose sole goal is to avoid tax, they are benefited in it.
This is how properties are bought
These documents reveal that powerful people send their money to other countries with the help of anonymous shell companies, trusts and other authorities. Fake or Shell companies are the biggest way to avoid tax. These companies are hidden in complex networks as well as the identities of the owners who are benefiting from the assets are also hidden. Whereas the names of other people are recorded in the registration documents.
According to the report, for example, an offshore company, with the help of which a $ 4 million apartment was taken for a woman in Monaco, is in a relationship with Russian President Vladimir Putin. The owner of the beneficiary may have to pay tax in his home country, but it is very difficult for the authorities to trace the offshore account.
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