The timing of a company tax cut may just be inconvenient and give a body like GetUp something to leverage for political gain.
The investigative journalist association has decided that they won't drop the data to officials but will give them the names and company details of what's contained in the leaks. Allowing the linking of names to shelf companies.
It will be up to authorities to do their own investigation and subpoena for the data, if they can, using existing tax treaties.
Journalists have tailored stories to the country they are in.
it's not always about tax avoidance. There can be "moral and ethical issues".
An example would be Wilson Security that does contract work for the Australian Government.
What the papers have exposed is that one of the ultimate owners who is serving gaol time for corruption still owns the company when it was declared that it was sold. It seems to have been passed on to a shelf company to hide the fact that he is still a beneficiary.
Anyway our tax commissioner is leading the charge through the OECD.
Quote AFR:
The OECD has announced an emergency session of tax officials called by the Australian Tax Commissioner, Chris Jordan, to co-ordinate international responses to the massive release of documents of Panamanian law firm Mossack Fonseca.
Mr Jordan chairs the Joint International Tax Shelter Information and Collaboration Network, as part of the OECD's Forum of Tax Administration. It will meet in Paris on Wednesday to share intelligence on the data released in media reports around the world this week.
The leak of 11.5 million documents, originally obtained by German newspaper Süddeutsche Zeitung and used in a global investigation led by the International Consortium of Investigative Journalists, has triggered shockwaves around the world, revealing the secret offshore holdings of more than 200 serving and former politicians and their associates as well as 29 billionaires.
The ATO said this week that it was already investigating 800 Australian taxpayers from an earlier, smaller leak of Mossack Fonseca papers received from international partners.
The ICIJ, which has said it will not provide data to regulators, plans to release the names of more than 200,000 Mossack Fonseca companies, trusts and foundations in May, including names of directors, shareholders and beneficial owners.
Tax authorities can use this data to seek further documents under tax treaties with many jurisdictions.
