US Top 50 Inc with most money offshore; 35 tax agencies responds to 'Panama Papers'
The National Tax Service of Korea will be joining 34 other tax agencies around the world to tackle the rising issue of tax avoidance... A move triggered by the so called Panama Papers case. But even with the global efforts to stop illegal financial activities, it seems like more troubles are dawning.
Hwang Hojun reports. 35 national tax agencies around the world, including South Korea’s National Tax Service decided to tackle the rising issue of offshore tax evasions since the Panama Papers expose.
Korea's National Tax Service has been assessed to have one of the best capabilities in database analysis and the agency will proactively work with the other 34 members of the Joint International Tax Shelter Information and Collaboration to combat tax evasions through close cooperation in sharing critical information.
The NTS, however, stresses the significance of acknowledging that not all usages of tax havens are necessarily illegal and that it is risky to release the suspects' names without thorough investigation.
“It can give the opportunity to those who are really guilty to destroy evidence. Conversely, it can damage the reputation of those who are innocent. That’s why we want to be precautious, especially since we are the nation's tax agency.” Despite efforts of financial watchdogs around the world, the rising international fury from the so-called Panama Papers leak is only likely to get more intense.
Oxfam reported Thursday that the 50 biggest U.S. companies stashed away one-point-four trillion U.S. dollars in tax havens around the world from 2008 to 2014.
According to the anti-poverty charity's report, Apple topped the list with 1-hundred-81 billion U.S. dollars held offshore.
Boston-based conglomerate General Electric was the runner up with 119 billion hidden in tax havens... followed by Microsoft, with 108 billion.
Pharmaceuticals giant Pfizer, Google’s Alphabet and oil company Exxon Mobil were also on the list.
The allegation is more daunting as the American corporations have been receiving trillions of dollars in taxpayer support.