Panama Paper Leak has shocked the world and the controversy of the Mossack Fonesca has racked up the debate over tax evasion yet again. India has big names in the list including the likes of the Amitabh Bachchan, Aiswarya Rai and many more. However, what more important is the smooth of action. It does not matter what controversy comes for Black Money or Tax Evasion or Financial Crisis, Indian Government always lack the intent to act. Panama Papers Leak is yet another incident where Government has hardly taken any constructive step to get the details verified or order a probe.
Panama Paper Leak – Actions
However, countries like Australia and New Zealand have showed the right attitude and immediately order the probe. All the people who are associated with the Mossack Fonesca are under the radar. The ones who have invested in the offshore business are under special observations. As per the sources, the Australian Government has zeroed down 120 tax payers who are associated with the off shore service providers in Hong Kong out of 800 associated with Mossack Fonesca.
Panama Papers – Impact
The Panama Paper Leak has started real panic in the world. The big names include the likes Russian President Vladimir Putin and Pakistan Prime Minister Nawaz Sharif. The papers for 40 years have been leaked by the 100 media group together. The obnoxious offshore deals have shown the name of big people who put their money in the Tax Heaven so that they are not taxed in their own countries or jurisdictions. The Panama Paper Leak have showed that at least 214,000 offshore entities have helped the people around the world to evade tax and launder money from their own jurisdiction. Mossack Fonesca has however said that it was limited hack.
What is Mossack Fonesca?
Mossack Fonesca is the fourth largest offshore service provider company of the world that is based in Panama but operates at the global level. It has acted for more than 300,000 companies and works in yearly contract. However, the Panama Paper Leak suggests that the Mossack Fonesca is involved with many prominent personalities who take their model to evade tax.