'Pandora Papers tax evaders probably didn't break the law' - explainer
Published date | 04 October 2021 |
Author | ZEV STUB |
Publication title | Jerusalem Post, The: Web Edition Articles (Israel) |
"Tax evasion is not what it looks like in the news," Perlmutter said. "In the 1980s and 1990s, it was much easier to hide assets in tax havens to reduce tax obligations. It is much harder now."
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A tax haven is a country where a foreign individual or business can set up a corporation and bank account with zero or minimal tax liabilities. Monaco, Switzerland, the Bahamas, Cayman Islands, Panama and the United Arab Emirates are some of the better-known places where wealthy people are known to park assets and avoid tax collectors in their home countries.
However, there are legal and illegal ways to evade taxes with the use of tax havens, Perlmutter said.
"What is illegal is setting up a company or moving assets to a tax haven and not reporting it to tax authorities," he said. "That is a criminal offense that is punishable by up to 10 years in jail for each instance, plus a requirement to pay the money along with interest and heavy fines. Any time you don't report assets, no matter where they are located, it's a criminal offense. Even if certain income is exempt from taxes, it still has to be reported."
Technological advances have made it harder for illegal tax evaders to avoid getting caught. In 2014, the OECD developed the Common Reporting Standard (CRS), a mechanism for tax authorities in some 200 countries to share information about financial accounts, to combat tax evasion. Israel committed to the standard in 2018.
"Virtually every country in the world shares information through the CRS," Perlmutter said. "That means if you are hiding assets, it is not...
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