Tori Magill and Anne-Marie Ottaway (Pinsent Masons) look at the recent controversy and the fine lines between tax planning, avoidance and evasion.
On 3 April news first broke that the International Consortium of Investigative Journalists (ICIJ) were in possession of 11.5 million leaked documents that contained the details of 214 488 individuals and corporate entities that had utilised Panamanian holding structures to manage their assets.
The public opinion and media reporting of the ‘Panama papers’ has led to a conflation of issues whereby tax planning and tax avoidance are now indistinguishable. The blurry line between tax evasion and tax avoidance is of course not new but this recent development which brings tax planning into the frame is concerning. It is an issue both for tax professionals and for those individuals whose wealth is significant enough to require tax planning services.
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Tori Magill and Anne-Marie Ottaway (Pinsent Masons) look at the recent controversy and the fine lines between tax planning, avoidance and evasion.
On 3 April news first broke that the International Consortium of Investigative Journalists (ICIJ) were in possession of 11.5 million leaked documents that contained the details of 214 488 individuals and corporate entities that had utilised Panamanian holding structures to manage their assets.
The public opinion and media reporting of the ‘Panama papers’ has led to a conflation of issues whereby tax planning and tax avoidance are now indistinguishable. The blurry line between tax evasion and tax avoidance is of course not new but this recent development which brings tax planning into the frame is concerning. It is an issue both for tax professionals and for those individuals whose wealth is significant enough to require tax planning services.
...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
