The Off-Shore Accounts Scandal

See What I Mean!

See What I Mean!

Like everyone else I was shocked at the leak of offshore account details by Panama, but to be honest, it did not surprise me. We have known for years that many rich people have hidden their money in these accounts, and of course many do it to avoid paying taxes.

But now the ‘cat is out of the bag’ and they are sitting with red faces because their wealth has become public. We have heard denials from various individuals about the fact that they have not been avoiding paying taxes on their wealth and it may be true is some cases, but certainly not all.

The big question though is what to do about it! In my view all these tax havens should be wound up and made illegal, but the problem is, those that must do it are the ones hiding money away i.e. politicians.

There can be little doubt that a way must be found to stop this practice. Maybe the United Nations can set a law that these places must declare all their customers, and how much each account holds. Again this is not likely to happen.

The problem is that those avoiding tax revenue could probably put an end to the financial crises of many countries in the world. Imagine if those resident in Greece were to pay all the taxes they owed to the government, then that country’s financial crisis would disappear, the same goes for many other lands, including Britain.

The amount owed by these people must run into trillions of dollars and could solve many of the hardships being suffered by people across the world.

What good will come of this whole farce I don’t really know, but for the good of many countries someone, somewhere must put a stop to it. Let’s just hope the authorities in various countries go after these people.

Roy.

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