Iceland: Half a Billion Recovered due to Panama Papers

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The Directorate of Internal Revenue has demanded almost half a billion krónur [USD 4.9 million, EUR 4.2 million] in outstanding taxes from 16 individuals, based on information in the Panama Papers, reports RÚV. The amount may rise and the tax authorities expect to recover the entire outstanding amounts.

The Panama Papers, leaked documents from law firm Mossack Fonseca containing information on individuals and companies around the globe with assets in offshore accounts, came to the attention of the public in 2016, a year after they were leaked, when a global team of journalists simultaneously broke the story after extensive examination of the documents.

The Icelandic government had already been approached with an offer to buy leaked documents pertaining to Icelanders’ assets in tax havens in April 2015, and had decided to pay ISK 37 million [USD 355,000, EUR 310,000] to obtain the information. The seller’s identity has never been revealed, but the documents appeared to be from the law firm, Mossack Fonseca, headquartered in Panama. The documents contained the names of 349 Icelandic individuals and 61 offshore companies with Icelandic ID numbers, totaling 410 Icelandic taxpayers.

Read the original article here: icelandreview.com


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