FT News Briefing Panama, Paradise, Pandora. What’s changed in the world of tax avoidance?
Oct 7, 2021
Geopolitical tensions are driving a precarious energy crisis, with Russia offering to stabilize gas supplies for Europe. General Motors is pivoting towards electric vehicles, aiming to double its revenue by 2030. The Pandora Papers reveal ongoing issues with tax avoidance, drawing parallels with earlier disclosures like the Panama and Paradise Papers. Privacy remains a concern in discussions about financial secrecy and tax reform. Meanwhile, JAB Holding is making waves in the pet sector, responding to evolving consumer trends.
AI Snips
Chapters
Transcript
Episode notes
Pandora Papers Focus
- The Pandora Papers, unlike previous leaks, haven't revealed tax evasion.
- They expose how the wealthy use offshore arrangements for privacy and hiding assets, potentially due to increased government scrutiny and the deterrent effect of past leaks.
Global Tax Efforts
- Governments are increasing efforts to combat offshore tax avoidance, both nationally and internationally.
- These include information sharing between tax authorities and a push for a global minimum corporate tax rate.
US States and Secrecy
- Some US states, including Delaware and South Dakota, have become hubs for financial secrecy.
- This poses a challenge for the Biden administration's efforts to combat tax havens.