The European Parliament's PANA Committee on Money Laundering, Tax Avoidance and Tax Evasion published a study on the "Impact of Schemes revealed by the Panama Papers on the Economy and Finances of a Sample of Member States." The impact is measured from a financial, economic and budgetary point of view.
The study assesses the impacts of the schemes revealed by the Panama Papers and explores the concepts and roles of tax havens and offshore financial centers. The document recalls the key legislation in place within Europe and in the rest of the world to limit the impact of tax havens and offshore areas and proposes a number of rules to effectively strengthen current legislation to better combat the negative effects of tax havens.
The most significant findings show that the schemes revealed by the Panama Papers directly reduce the funds available to national authorities. A revenue loss of approximately EUR 19 billion in a sample of eight EU Member States alone was identified. At the same time, around 1.5 million job could have been supported with the money that was lost to national authorities because of the tax loss associated with the schemes revealed by the Panama Papers.
As a result, the Committee recommends the following:
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