Island tax havens’ day in the sun over as EU ministers take action
Brussels — The days in paradise may be numbered for those seeking refuge from heavy tax burdens on remote islands. Finance ministers representing the world’s largest market vowed to take action following the leak of records exposing prominent members of the global business A-list. "We will examine the new documents and will discuss the consequences this has for upcoming EU legislation," acting German finance minister Peter Altmaier said ahead of a meeting with his eurozone counterparts on Monday. "We will take a very close look at this," he said, referring to the so-called Paradise Papers reports by the International Consortium of Investigative Journalists and partner news outlets. The new set of data taken from an offshore law firm again exposed the hidden wealth of individuals and shows how corporations, hedge funds and investors may have skirted taxes. A year after the Panama Papers, this new leak of confidential information from the Bermuda law firm Appleby Group Services has sh...
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