Fallout from ‘Panama Papers spreads

The Commissioner of Taxation, Chris Jordan, has announced that  the ATO has made significant progress in dealing with those exposed in the Panama Papers who have tried to avoid their tax obligations.

He went on to say that, having commenced the assessment of the  data, the ATO believes that some  overseas structures and trusts are being used to:

• evade tax;
• avoid corporate responsibility;
• disguise and hide unexplained wealth; and
• facilitate criminal activity and launder the  proceeds of  crime.

The ATO has obtained information on offshore service providers  who have established entities for Australians in secrecy  jurisdictions to conceal their interests and wealth.

“Importantly, the sheer size of the information available to us for analysis should send a clear message to those who believe that  their data is secure, hidden and beyond the reach of law enforcement and tax authorities – it is not.”

Editor: In related news, the International Consortium of  Investigative Journalists (ICIJ) has revealed that it has obtained a leaked Bahamian corporate registry which provides names of directors and owners of more than 175,000 Bahamian companies, trusts and foundations registered between 1990 and early 2016, which will also be made available to the public.

-O-

**Disclaimer: The information is sourced through NTAA**

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