The International Consortium of Investigative Journalists (ICIJ) has caused a recent storm in its commentary on “Panamanian Law Firm Is Gatekeeper To Vast Flow of Murky Offshore Secrets”.
Behind the media hype are some very nervous people. Nervous of being dragged into the net of tax evaders. They may be existing clients of GGI member firms or potentially new clients of GGI member firms.
Many clients are internationally mobile and have complicated financial affairs. For whatever historical reasons, they may have sought to protect their family wealth by the legitimate use of offshore structures. They may have been advised by Mossack Fonseca & Co. in order to be fully tax compliant in multiple tax jurisdictions. They are not tax evaders but they still need help in conducting a dialogue with tax authorities.
We must also recognize that there will be some that are not tax compliant and have deliberately evaded tax. They still need help in conducting a dialogue with tax authorities.
The Panama Papers following on from the Swiss Banks and the ability of tax authorities being successful in attacking the so-called tax havens around the world. This is not going to go away and may trigger further similar revelations in the future.
GGI through the International Tax Practice Group is well placed to offer practical advice through the GGI alliance as I believe we have the necessary skills and experience to help those caught up within the 11 million files of data.
ITPG is happy to bring together the GGI experts and those who are looking for experts, so please contact me or issue an entry in the blackboard yourself if you:
Oliver Biernat and Paul Malin on behalf of ITPG.