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For millions of women around the world living in poverty, every dollar of lost revenue sets them further back
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It is outrageous enough that wealthy clients got off with a slight reprimand. KPMG has, so far, paid no price for their role. The committee let Canadians down by not recommending a full investigation into this case and laying charges against KPMG if the evidence warrants it. And Canadians are right to keep demanding one.
After two days of interrogations, Mossack and Fonseca got cuffed.
According to recent media reports based on the Panama Papers, some see Canada as a tax haven. It may seem unlikely when you are reviewing how much tax you paid to the government in 2016 but evidently, our reputation and economy is a good venue for hiding wealth.
Criminal investigations are "ongoing," CRA says.
In regards to tax evasion and aggressive tax avoidance, the Canada Revenue Agency (CRA) should be part of the solution. At the moment, it rather seems to be part of the problem. Over the last few years, we have seen that the CRA institutionalized various practices, eroding the trust that Canadians place in it.
Johnny Chih-Chung Chang
Last April, the International Consortium of Investigative Journalists revealed the "Panama Papers" scandal, a database of 11.5 million documents leaked from the Panamanian law firm Mossack Fonseca. T...
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Twenty-first century "Canadian" corporate capitalism is quite the racket. Built with public subsidies, a Montréal firm can shift its "head office" to a tax haven and workforce abroad, but Ottawa will continue to use its diplomatic, economic and military might to advance the company's reactionary international interests.
Mossack Fonseca employee taken into custody in Switzerland.
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Royal Bank of Canada was there, too.
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The impact of not being honest and truthful from the beginning can be devastating to a company's reputation, and in some cases, their entire business. As a result, we've seen established organizations attempt to appease their customers by pre-emptively disclosing information that never would have been released in the past.
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Corruption breeds in the dark and withers under the glare of public scrutiny. As a result, we believe that the most powerful tools to combat corruption are publicly accessible registers of beneficial ownership of corporations. These registers ensure that the true owners of corporations are known to public institutions, media and citizens.
The 26-year-old isn't making headlines this week for her activism.
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Journalists and curious citizens are busily combing through a searchable database of names linked to the Panama Papers leak of offshore accounts. The International Consortium of Investigative Journali...
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Royal Bank reportedly helped around 370 companies set up in offshore tax havens.
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Crony capitalists are 14% poorer than two years ago.
Countries have been issued ultimatums.
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WASHINGTON — The Canadian government promises a multi-front fight against tax evasion amid widespread frustration following the leak of offshore account details in the so-called Panama Papers. Finance...
The Panama Papers provide further evidence of the scale of global tax dodging, and of its impact on poverty and inequality, particularly in the global south. Tax havens are estimated to be costing poor countries at least $170bn in lost tax revenues every year. This is essential money which could be paying for schools, hospitals, childcare or services to address violence against women. The realization of women's rights is not going to be achieved for free. UN Women have analyzed country action plans on gender equality and found that some are facing a shortfall of up to 90 per cent in the funds needed to achieve their goals
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Offshore accounts cost U.S. government $111 billion a year.
It is hard to know exactly how much money is hidden in tax havens or passed through elaborate BEPS schemes, but some estimates range from $21 trillion to $32 trillion U.S. Rather than throwing in the towel, governments could make an earnest effort to tighten their domestic regulations and continue to pursue multilateral initiatives aimed at combating tax evasion.
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Journalists involved in Panama Papers leak will post all online in May.
Is it collusion, corruption or just plain incompetence? That answer will likely play out over time if there is a public demand for accountability. In the meantime, Canadians need a plan to make sure that our leaders understand what we have known for a while -- the tax system is neither fair nor doing an adequate job.
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"In this world nothing can be said to be certain, except death and taxes."
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The fact that the world's wealthiest people use overseas tax shelters to avoid paying taxes isn't new, or surprising. It has yet to be determined whether the tax avoidance schemes revealed as part of the Panama Papers leak will be found to be criminal. And audacious though it may seem, all of the implicated parties in this scandal may very well get away with it. Here's how.
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When companies or wealthy individuals dodge taxes, governments either have to cut back on essential services, such as health care and education, or make up the shortfall by levying higher taxes on everyone else. Both options see the poorest people lose out and the inequality gap grow.
Stefan Wermuth / Reuters
As the deadline looms for honest tax-paying Canadians to file their income tax, word comes this week that the wealthiest among us are going to extreme lengths to avoid paying their fair share.
The Panama Papers, at 2.6 terabytes of data believed to be the largest-ever leak of documents, reveal the secret dealings of the world's rich and famous who avoid paying taxes. The scheme is to funnel cash through shell companies offering tax havens around the world. And Panama is just one of many examples.
Cameron has long campaigned for a crackdown on tax evasion.
The prime minister says the federal government knew tax avoidance was a problem long before the controversy put offshore havens in the headlines.
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The Panama Papers are causing scandals around the world.
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He said the world's most privileged and powerful are operating by a different set of rules.
In the wake of the Panama Papers investigation, federal anti-money laundering agency Fintrac slapped an unnamed Canadian bank with a $1.1-million penalty for failing to report a suspicious transaction and various money transfers. Fintrac hopes the move sends a "strong message" to individuals attempting to short the country's coffers. How's that, exactly?