In Denmark, investigations linked to the Panama Papers have revealed almost DKK1bn (USD145m) in undisclosed income, according to a report from the Danish Tax Agency.
The Panama Papers leak concerned more than 11.5m internal documents belonging to Panamanian law firm Mossack Fonseca. The data included emails, financial spreadsheets, passports, and corporate records relating to the ownership of bank accounts and companies in 21 offshore jurisdictions. It covered a nearly 40-year period, through to the end of 2015.
The Danish tax authority paid DKK6.4m for access to information in the Panama Papers linked to Danish citizens in September 2016.
On April 23, 2020, the Danish Tax Ministry announced that as a result of the Tax Agency’s investigations, tax demands totalling DKK411m had been issued to 78 companies and 104 individuals.
The Tax Ministry also revealed a substantial increase in tax data acquired through automatic exchange … Read More »
Denmark is a benchmark country. It is the archetype of a high-tax, high-spend northern European economy. So, when politicians in various parts of the world debate fiscal policy, they sometimes ask the electorate if they would rather live in a country like Denmark in preference to their own i.e. would they be prepared to put up with high taxes in return for a welfare state in which nobody is left behind economically. Indeed, the small Scandinavian nation, barely twice the size of Massachusetts, became an unexpected focal point in the last election campaign, and was held up by Democratic candidate Bernie Sanders as a model of social democracy.
Those on the right tend to argue of course that prosperity and individual liberty go hand-in-hand with low taxes and a small government. Singapore, for example, would be much closer to their ideal … Read More »