At least $500 million has been recouped by tax
authorities across the world after the Panama Papers
revelations published in 2016, the International
Consortium of Investigative Journalists, ICIJ, has said.
The ICIJ on Wednesday said that Spain alone
collected $122 million after an investigation into the
At
affairs of tax residents who stockpiled money
offshore. But unlike other parts of the world, no such
development was recorded in Nigeria where many
notable individuals got mentions in the infamous
database.
The Panama Papers investigation, a series of global
investigations into offshore entities, spanning over a
year by the ICIJ, German newspaper, Suddeutsche
Zeitung, and 100 other media organisations across the
world, was awarded The Pulitzer Prize for Explanatory
Reporting.
The investigation exposed offshore companies linked
to more than 140 politicians in more than 50 countries
– including 14 current or former world leaders.
It also uncovered offshore hideaways tied to mega-
banks, corporate bribery scandals, drug kingpins,
Syria’s air war on its own citizens and a network of
people close to Russian President Vladimir Putin who
shuffled as much as $2 billion around the world.
PREMIUM TIMES was the only Nigerian news
organisation involved in the investigation.
In its latest revelation, the ICIJ noted that among the
countries represented in the Panama Papers data, a
total of 15 – on three continents – have publicly
commented on the amount of taxes recovered by tax
authorities, adding that the number could keep
growing with several countries still conducting audits
on the basis of the Panama Papers information.
The report said that in Canada, 123 audits are
underway and several criminal investigations are
ongoing, according to the Canada Revenue Agency.
South Korea also reportedly recouped $1.2 billion in
taxes in 2017, though it is not clear what percentage
is directly connected to the Panama Papers.
In July, the German federal police agency announced
it had bought the Panama Papers data. The agency
conducted raids and has so far frozen two million
euros.

Read More Here: https://www.premiumtimesng.com/news/headlines/253906-panama-papers-500-million-recovered-tax-authorities-worldwide-nigeria-excluded.html

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