There is clearly an enormous amount of information in the ‘Panama Papers’ that may take weeks to be published. The three tables below make interesting reading.
It is perfectly reasonable for small economies on the periphery of a major economic area such as Europe to use taxation to attract inward investment. On the other hand when a jurisdiction facilitates the avoidance of millions of pounds in taxation in return for a handful of jobs then it is adding to the concerns over growing inequality being recognized by economists such as Tony Atkinson and Thomas Piketty.
Two of the tables provide a reminder of the UK’s status as a ‘tax haven’. The crown dependencies must not be the UK’s scapegoat in this.
One table shows the ranking of offshore companies.
A third table features Channel Island banks.
A balanced understanding will take some time to emerge. It seems that much of the information may be historical and may predate the development of tax information exchange agreements.