- cross-posted to:
- world@quokk.au
- globalnews@lemmy.zip
- worldnews@lemmit.online
- cross-posted to:
- world@quokk.au
- globalnews@lemmy.zip
- worldnews@lemmit.online
The confidential documents exposed hidden bank accounts, billions of dollars in shady money flows and the real owners behind thousands of offshore shell companies based in tax havens like the British Virgin Islands, the Bahamas and Panama itself. The leak also caught the attention of the world’s tax agencies, keenly aware that where there’s hidden money, there’s often unpaid tax.
Now, almost exactly nine years after the first public reports about the Panama Papers, two dozen of those national tax agencies say they’ve collected a total of $1.86 billion in tax arrears and fines as a result of information in the leak.
However, the Canada Revenue Agency (CRA) is not among those. While its latest figures show that it has assessed $83 million in taxes and penalties so far as a result of Panama Papers-linked audits, the CRA says that, unlike many other jurisdictions, it doesn’t track how much of that it has actually collected.
Better than nothing I guess, but I bet the real tax evasion is a sea compared to this drop.