Hello, so the whole world is hit by the "Panama Papers". The leak is considered to be the largest in the Journalism world.
What are the 'Panama Papers'?
Panama papers is the largest international co-operation of its kind in the world. A set of confidential documents leaked from one of the biggest law firms of Panama - 'Mossack Fonseca', which provided information about thousands of offshore entities, identities of their shareholders and directors. It listed various world leaders, public officials, billionaires, celebrities, sports stars and politicians. The leaked data consists of 11.5 Million Documents in around 2,600 GB taken from the Mossack Fonseca's internal database by one of its employees. These documents were obtained by Sueddeutsche Zeitung, a daily newspaper headquartered in Munich, Germany who shared the Panama Papers with Washington-based International Consortium of Investigative Journalists (ICIJ) and other news outlets, including the BBC, the Guardian and the Indian Express. The Papers have revealed names of thousands of people from across the world who evaded the tax and laundered money by taking help from Mossack Fonseca.
What does the Panama Papers reveal?
The Panama Papers contain information on 2.15 lakhs offshore entities connected to people from more than 200 countries. The leaked data covers nearly 40 years period from 1977 through the end of 2015. It reveals the database of individuals who have set-up offshore entities through the Panama law firm. These individuals are either holding direct ownership or indirect ownership (beneficial ownership) in the offshore entities. Some of the Indians have also floated offshore entities at a time when foreign exchanges laws of India did not allow them to do so.
The authenticity of documents leaked: Ramon Fonseca, one of the co-founder of the Mossack Fonseca, confirmed the authenticity of the papers being used in articles published by more than 100 news organizations around the world.
With increased globalization and economic liberalization, there has been manifold increase in cross-border transactions. The main objective of the Anti-Black Money Act is to tax the undisclosed foreign income or asset of a person resident in India. The Anti-Black Money Act came into force with effect from 01-07-2015. This Act is applicable to all persons resident in India (not being 'not ordinarily resident'). This Act has been enacted to tax the foreign income and assets (including financial interest in any entity located outside India) of a resident individual which were not declared earlier to the tax authorities.
If information leaked in the Panama Papers provides evidence that Indian residents did not declare their foreign income or foreign assets in their return of income or under Voluntary Disclosure Scheme, they shall be taxed at a flat rate of 30%. The penalty for such suppression of income or asset shall be equal to 3 times of the amount of tax payable thereon. Further, there shall be rigorous imprisonment from 3 years to 10 years for such tax evasion.
Courtesy:
What are the 'Panama Papers'?
Panama papers is the largest international co-operation of its kind in the world. A set of confidential documents leaked from one of the biggest law firms of Panama - 'Mossack Fonseca', which provided information about thousands of offshore entities, identities of their shareholders and directors. It listed various world leaders, public officials, billionaires, celebrities, sports stars and politicians. The leaked data consists of 11.5 Million Documents in around 2,600 GB taken from the Mossack Fonseca's internal database by one of its employees. These documents were obtained by Sueddeutsche Zeitung, a daily newspaper headquartered in Munich, Germany who shared the Panama Papers with Washington-based International Consortium of Investigative Journalists (ICIJ) and other news outlets, including the BBC, the Guardian and the Indian Express. The Papers have revealed names of thousands of people from across the world who evaded the tax and laundered money by taking help from Mossack Fonseca.
The Panama Papers contain information on 2.15 lakhs offshore entities connected to people from more than 200 countries. The leaked data covers nearly 40 years period from 1977 through the end of 2015. It reveals the database of individuals who have set-up offshore entities through the Panama law firm. These individuals are either holding direct ownership or indirect ownership (beneficial ownership) in the offshore entities. Some of the Indians have also floated offshore entities at a time when foreign exchanges laws of India did not allow them to do so.
The authenticity of documents leaked: Ramon Fonseca, one of the co-founder of the Mossack Fonseca, confirmed the authenticity of the papers being used in articles published by more than 100 news organizations around the world.
How many people are
named in Panama Papers leak?
Well, as of Panama
Papers have release a partial list. The International Consortium of Investigative Journalists (ICIJ)
will release the full list of companies and people in the Panama Paper files in
early May.
People Exposed :
- 12 Heads of State
- 61 Associates of Heads of State
- 128 Politicians and public officials
- 29 Forbes Billionaires
- Argentinian footballer Lionel Messi
- Hong Kong actor Jackie Chan
- President Mauricio Macri of Argentina
- Khalifa bin Zayed Al Nahyan of the United Arab Emirates
- Petro Poroshenko of Ukraine
- Aishwarya Rai Bachchan & Amitabh Bachchan
- Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson
- Brother-in-law of China's paramount leader Xi Jinping
- Nawaz Sharif PM of Pakistan
- The father of British Prime Minister David Cameron
- And, many more. Check the entire list here on Wikipedia.
With increased globalization and economic liberalization, there has been manifold increase in cross-border transactions. The main objective of the Anti-Black Money Act is to tax the undisclosed foreign income or asset of a person resident in India. The Anti-Black Money Act came into force with effect from 01-07-2015. This Act is applicable to all persons resident in India (not being 'not ordinarily resident'). This Act has been enacted to tax the foreign income and assets (including financial interest in any entity located outside India) of a resident individual which were not declared earlier to the tax authorities.
If information leaked in the Panama Papers provides evidence that Indian residents did not declare their foreign income or foreign assets in their return of income or under Voluntary Disclosure Scheme, they shall be taxed at a flat rate of 30%. The penalty for such suppression of income or asset shall be equal to 3 times of the amount of tax payable thereon. Further, there shall be rigorous imprisonment from 3 years to 10 years for such tax evasion.
Courtesy:
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