Tax avoidance

A Bulgarian MP has proposed to announce a tax amnesty scheme for the country's nationals holding funds in bank accounts in offshore jurisdictions following revelations in Panama Papers leaks.

British Prime Minister David Cameron admitted on April 7 he had held a 30,000 stake in an offshore fund set up by his father, after days of pressure following publication of the so-called Panama Papers.
 
Cameron sold the stake in the Bahamas-based trust in 2010, four months before he became prime minister, he said in an interview with television channel ITV.
 

The pace of growth and development in the Turkish economy and its foreign trade implications over the last decade, coupled with the deepening interconnectedness of markets across the globe and the interdependence of national economies - both those in geographical proximity to each other and those in distant continents - has brought topics related to direct and indirect foreign investment to the

Nearly a third of the business of the law firm at the center of the Panama Papers scandal came from its offices in Hong Kong and China, reports said April 7, with the Asian giant assailed by corruption and capital flight.

Only several names of Bulgarian entrepreneurs have surfaced out of the Panama Papers so far, three days after the affair emerged exposing global offshore dealings that involve politicians, celebrities and business people from around the world.

A budget and finance committee in Parliament has approved restrictions to the share which an offshore entity can own of a Bulgarian company.

If the amendments are approved, offshore entities will only be able to own up to 10% of a Bulgarian company.

Iceland's prime minister has tendered his resignation two days after his name was linked to the Panama Papers offshore tax revelations, international newswires reported on Tuesday.

Sigmunder David Gunlaugsson is the first major casualty of the global Panama Papers leaks from law firm Mossack Fonseca, which have brought the world offshore finance into the spotlight.

Media outlets all over the Balkans are scanning the leaked data from Mossack Fonseca to find out which of their own nationals are named in the 11.5 million files.

The documents from the fourth largest law firm in the world, known as the Panama Papers, show the many ways in which rich people around the world have exploited secretive offshore tax regimes and tax havens.

Bulgaria's revenue agency has filed a formal request to receive information about Bulgarians whose names are involved in Panama Papers, the leak of some 11.5 million documents revealing their offshore financial dealings.

An international consortium of media outlets has published an extensive investigation into the offshore financial dealings of political leaders, movie celebrities and sports starts based on a huge volume of documents reportedly leaked by an anonymous source.