Paradise Papers: A Case Of Data Leaks

Every newspaper is talking about this big data leak, but what is it all about? Apart from  answering your biggest questions about this issue, we’ve broken down few financial terms that you might come across while reading articles on Paradise Papers.

1. What are Paradise Papers?

The Paradise Papers are a set of 13.4 million financial documents which were leaked todata leak the public on 5th November 2017. The documents originate from the offshore law firm Appleby in Bermuda and Asiaciti Trust in Singapore. They disclosed how high profile individuals and corporates avoid paying taxes by setting offshore companies. Paradise Papers is term used for Tax Haven (Paradis fiscal) in French.


Tax Havens


2. Who are the people and companies on the list?

The list includes various politicians, celebrities, sports stars and multinationals from Paradise Papers list.jpegaround the world. Some of the popular and biggest names include Queen Elizabeth II, former Pakistan PM Shaukat Aziz, President of Columbia, Juan Manuel Santos.The list also included giant tech firms and MNCs like Facebook, Microsoft, Apple, Ebay, Uber, Nike, Walmart, McDonald’s and Yahoo.

Where does India stand in the list? Well, India ranks 19th out of 180 companies and in all there are names of 714 Indians mentioned in the list.  A few names include Amitabh Bachchan, Jayant Sinha, Vijay Mallya, Nira Radia and so on. Some of the top Indian companies that have made an appearance in the financial data leak are Jindal Steel, Apollo Tyres, Havells, The Hindujas, Videocon and Hiranandani Group.

3. How Paradise Papers came to the limelight?

The documents were produced by the German newspaper Süddeutsche Zeitung (the same newspaper which leaked the Panama papers). The German newspaper along with the International Consortium of Investigative Journalists (ICIJ) and 100 other media organisations have been analysing the information since the past year.

There were approximately 381 journalists from 67 nations involved in the leaks.  As a partner of ICIJ, The Indian Express investigated all documents that had an India connection. A team of five reporters investigated  records related to India.

4. Why should Paradise Papers be taken seriously?

Tax evasion is a global problem. There are so many frauds, loopholes, invalid transaction generated by companies and individual. The Paradise Papers are evidence of malpractices like tax fraud, money laundering, round tripping, parking black money, bribing etc

Tax Evasion and Tax Avoidance-

Tax evasion jargon

This leak will help regulators study how the wealthy and powerful people around the world avoid paying taxes and help governments around the world to frame and implement better tax structures and laws.

That was all about Paradise Papers, if you have any more questions about Tax Evasion, comment and let us know.

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