Panama papers: Obama calls for reforms to international tax laws

As we approach tax deadlines, the start of the month has ignited more debate surrounding international tax laws in light of the Panama papers revelation. Politicians, sports personnel and other celebrities have been implicated in light of the Mossack Fonseca leak.

President Obama has recently called for new international tax laws suggesting that global tax avoidance poses a “huge problem”. At International Tax Search, we believe the Panama papers will mean firms specialising in international tax will be more guarded in the new strategies they propose to their corporate and private clients in the immediate future so as to see how the resulting debate affects future legislation.

In his comments, Obama states:

“We shouldn’t make it legal to engage in transactions just to avoid taxes”. He instead praised “the basic principle of making sure everyone pays their fair share”.

“Obama described the Panama revelations as “important stuff” and highlighted the impact upon ordinary citizens, adding that “a lot of these loopholes come at the expense of middle-class families, because that lost revenue has to be made up somewhere."

“Alternatively, it means that we’re not investing as much as we should in schools, in making college more affordable, in putting people back to work rebuilding our roads, our bridges, our infrastructure, creating more opportunities for our children.”

For the full article, follow the link below:

Panama papers: Obama calls for reforms to international tax laws