Monday, June 24, 2024

Pandora’s Papers: Canada has ‘legitimised’ tax evasion

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Cole Hanson
Cole Hanson
"Extreme twitteraholic. Passionate travel nerd. Hardcore zombie trailblazer. Web fanatic. Evil bacon geek."

After the Panama Papers and Paradise Papers, it’s now Pandora’s turn to make headlines. The investigation by an international consortium of journalists has provoked several public figures for their tax evasion practices.

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Former British Prime Minister Tony Blair and singer Shakya are just a few of the names mentioned in this survey, which is based on nearly 12 million documents.

And if these are new names, the tactics are the same as those that have been around for several decades, notes expert on tax havens and professor at the University of Moncton, Alan Denault.

He explained in an interview with TVA Nouvelles that “tax havens are still used to hide assets from tax authorities and conduct operations in a completely opaque way.”

Professor Alan Denault notes that what is particularly striking in the Pandora Papers is the industrial dimension of tax evasion.

“Today, the assets of the powerful and millionaires as well as large corporations find themselves managed in tax havens in a normal and fully integrated manner. The capitalist of today finds himself managed in tax havens,” notes Mr. Denault.

Public pressure is constantly growing to demand that leaders take concrete action that is still pending.

“If they do not, it is clearly because they have an interest in defending the oligarchy to which they belong or for which they are working,” declares Alain Denault.

Nor can the Canadian government boast a better performance than other countries, says the tax haven expert. Alain Deneault notes that over the years, neither liberals nor conservatives have really acted to counter tax evasion.

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“Both, since 1980 and in a similar way, support tax havens”

Whether it’s through an agreement Canada has signed with Barbados or changes to Canadian tax regulations that promote the transfer of funds to many tax havens, Canada appears to be doing its best to make it easier for people and companies wanting to escape taxes. Alan Dunya notes.

“Our tax system in Canada works a bit like a toll booth on a highway that includes a side lane for luxury cars,” he explains.

“Here in Canada we have set out what really should be punished,” adds Professor Denault.

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