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Tax collected from 'Panama Papers' probes exceeds $1.2 billion: report

Britain has recouped some USD 253 million, France $136 million and Australia $93 million, the International Consortium of Investigative Journalists (ICIJ) posted on its website.

AFP  |  Frankfurt Am Main 

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Taxmen in 22 countries worldwide have raked in more than USD 1.2 billion in fines and back taxes thanks to the 2016 "Papers" leak of information about offshore dealings, media reported Wednesday.

Britain has recouped some USD 253 million, France $136 million and $93 million, the International Consortium of Investigative Journalists (ICIJ) posted on its website.

German newspaper -- which received the massive leak of documents from Panamanian firm on which the investigation was based -- reported has reaped USD 183 million from related probes.

"While recouping the proceeds of hidden assets helps to fund vital government services, there is a growing sentiment that the enduring legacy of the Papers will be its effect on behaviour and public attitudes," the ICIJ said.

authorities have scrambled to respond to the massive evasion system that the leak revealed was organised through Mossack Fonseca's City offices.

More than 100 participated in the investigation, which uncovered accounts in tax havens held by 140 politicians, football stars and billionaires and enjoyed a global media echo.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, April 03 2019. 14:35 IST
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