PANDORA PAPERS

-

                                                                  PANDORA PAPERS

THE BIGGEST EXPOSURE OF BLACK MONEY…….

    

  •  The word pandora has roots in Greek Mythology which means ‘Source of Unforeseen trouble’. 
  •  PANDORA PAPERS deal with Financial data leaks which shows how rich people avoid paying taxes. It contains names of many billionaires, public figures, Politicians, Government officers, sportspersons.
  •  It is considered as biggest exposure of finance industry in history.


WHAT DOES IT CONTAIN???

  • The data has been obtained by ICIJ a group of 600 Journalists from different countries. 
  • 2 years ago ICIJ received a tip about this data.
  • This data contains 12 million leaked files, 14 global corporate service firms that have control over 29 thousand off-shore companies, 6.4 million documents, 2 to 3 million images, 4 lakh spreadsheets, 1 million emails, and more than 3 TB data.
  • It tells us how rich people invest their money in other countries and save taxes.



HOW DOES IT WORK ???

  • Most of these people create their companies, foundations, and trusts in tax heaven countries ( countries with zero tax or low tax) through wealth managers or middlemen. They don’t use their name.
  • They use a bank account of these companies for purchasing properties or other luxurious things or for receiving payments.
  • As these companies belong to tax heaven countries they don’t need to pay income tax or sales tax, thus they avoid paying taxes.
  • As per the laws of tax heaven countries, it is difficult to identify and reach the owner.
  • Some tax heaven countries are Panama, Antigua, Bermuda, Cayman Islands.  



Is it legal???

  • The question which arises in our mind is that whether it is legal or not.
  • But when we study it in deep, it is not illegal according to the constitutions of many governments, as people use loopholes of the constitution and tax system.
  • But it is unethical and it will become dangerous when terrorist organizations or criminals use these loopholes and try to hide their money in tax heaven countries.
  • To stop such things there should be some regulations and rules worldwide.
  • As per the latest news, 136 countries agree on Minimum Corporate Tax.
  • According to ICIJ the investments in these papers is greater than the GDP of the USA.
  • Will exploitation of loopholes in the tax system stop? Let’s see what time will tell…..

From: Ganesh Deshmukh

Assistant Alumni Relations Officer, ELESA     

                 


Comments

  1. ArunOctober 23, 2021 at 12:28 PM

    Article.. that was very Informative contain.. great Work Ganesh

    ReplyDelete
  2. AboliOctober 23, 2021 at 3:57 PM

    Nice written on an odd topic

    ReplyDelete

Post a Comment

Popular posts from this blog

PCB Design Basics: A Beginner's Guide to Designing Printed Circuit Boards.

-
Image
PCB Design Basics: A Beginner's Guide to Designing Printed Circuit Boards   Introduction Printed Circuit Boards (PCBs) are the backbone of modern electronics. They provide a stable and reliable platform for electronic components to connect and communicate with each other. Behind every successful PCB lies careful planning, meticulous design, and expert craftsmanship. In this comprehensive guide, Let's go on an adventure to understand all about making circuit boards. We'll learn everything from how to arrange the parts on the board to the best ways to make it in the factory.   PCB Design Basics PCB design involves creating a physical layout of a circuit on a board. The layout includes the placement of electronic components, such as resistors, capacitors, and integrated circuits, as well as the routing of electrical connections between them. 1.      PCB design starts with a schematic, which is a diagram of the circuit. The schematic shows the connect...
Read more

Beyond Silicon: Emerging Materials for Next-Generation Electronics

-
Image
Beyond Silicon: Emerging Materials for Next-Generation Electronics In the realm of electronics engineering, innovation is the driving force propelling us into the future. For decades, silicon has been the cornerstone of electronic devices, powering everything from smartphones to supercomputers. However, as technology evolves and demands for faster, smaller, and more efficient devices increase, researchers are looking beyond silicon to explore a myriad of emerging materials that hold the promise of revolutionizing the field of electronics.   The Limitations of Silicon Silicon has served us well, but it has its limitations. As devices become smaller and more powerful, silicon-based transistors are approaching the physical limits of miniaturization. This phenomenon, known as Moore's Law, which predicts the doubling of transistor density approximately every two years, is becoming increasingly challenging to sustain with silicon-based technology alone. Moreover, silicon has inhere...
Read more

The Impact of Fabless Semiconductor Companies on Market Dynamics

-
Image
The Impact of Fabless Semiconductor Companies on Market Dynamics. Introduction: In the fast-paced world of semiconductor technology, innovation is not just a buzzword; it's the lifeblood of progress. At the forefront of this innovation are fabless semiconductor companies, whose unique business model plays a pivotal role in shaping the industry landscape. In this blog, we delve into the fascinating realm of fabless companies, exploring their crucial contributions to semiconductor innovation and their influence on market dynamics. The Rise of Fabless Companies: Traditionally, semiconductor companies were vertically integrated, handling both chip design and manufacturing in-house. However, the emergence of fabless companies in the late 20th century disrupted this model. Fabless firms focused solely on chip design, outsourcing manufacturing to specialized foundries. This shift unlocked a wealth of opportunities for innovation, agility, and cost-effectiveness. Driving Innovation: One of...
Read more