Tax take from ‘Panama Papers’ probes exceeds $1.2b: report

FRANKFURT AM MAIN: Taxmen in 22 countries worldwide have raked in more than US$1.2 billion in fines and back taxes thanks to the 2016 “Panama Papers” leak of information about offshore dealings, media reported Wednesday.

AFP map showing the 22 countries that have raked in more than $1.2 billion in fines and back taxes resulting from the "Panama Papers" investigation pic.twitter.com/KVCVxnMMbH

— AFP News Agency (@AFP) April 4, 2019

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

German newspaper Sueddeutsche Zeitung — which received the massive leak of documents from Panamanian law firm Mossack Fonseca on which the investigation was based — reported Berlin has reaped US$183 million from related tax 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 Panama Papers will be its effect on behaviour and public attitudes,“ the ICIJ said.

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

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