Since the release of Paradise Papers, enormous pressure has been mounted over world’s big leaders (including President Trump) and many reputed figures around the world. This leak clearly states that corporates, leaders, global reputed figures have sheltered their wealth in secretive tax havens.
What exactly is Paradise Papers and why we as a citizen should be worried about it.
This leaked file of Tax abusers obtained by German newspaper Süddeutsche Zeitung and shared by multiple media such as New York Times, Guardian, BBC etc.
This leak is a set of 13.4 million(1.4TB of file size) confidential files which is related to offshore investment by reputed figures around the world. This is an artificial way through which corporates protect or hide their wealth from Tax.
Even Twitter and Facebook came under scanner after the leaked documents revealed that both these companies received millions of Dollars in investment that came from Russian financial institutions. Investment into these secret tax heaven was also done by Queen’s private estate, the investment figure is in millions of pounds.
India and its relation with Paradise Paper
Total 180 countries were listed in the leaked Paradise Paper, India ranks 19th in this list. The capitalism and corruption leads to such accumulation of wealth and any part of it is very unlikely to be legitimate. Tax evasion along with parking of black money in tax heavens is now common among the corporates, politicians and bureaucrats.
This evasion of tax is crime and this should be reported under black money. Tax havens are one of the major key engines of the rise in global inequality. It is time to again stir a movement against capitalism and politicians who are creating threat to our democracy.