Off-shoring after Panama: Harder, but doable
Tax avoidance is like a game of musical chairs — wealthy people are going to keep playing even if fewer seats are available.
The explosive Panama Papers leak this week that revealed many hidden offshore accounts held by rich and powerful people worldwide has heightened calls for authorities to crack down on such tax-ducking shenanigans.
Joseph Gulant, an attorney and tax expert at the firm Blank Rome, said, "the noose is really tightening on these off-shore structures."
As a result, "the field of play is much more constrained than it used to be" for rich people looking to reduce their tax exposure.
The pressure is not only on rich people who use such accounts or off-shore corporations, but also on the overseas banks and countries that historically had accommodated efforts by the wealthy to dodge taxes, Gulant said. The banks and countries have increasingly submitted to such pressure.
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“Off-shoring after Panama: Harder, but doable,” by Dan Mangan was published in Yahoo Finance on April 8, 2016.