@ISIDEWITHQuestionseconomy10yrs ago

Should the government prosecute people who avoid paying taxes by hiding money in foreign bank accounts?

A former employee of HSBC recently leaked data that revealed 106,000 of the bank’s clients in Switzerland held secret accounts with the bank for the sole purpose of avoiding taxes. The leak revealed that the clients came from over 200 countries and were hiding over $118 billion dollars in the accounts. The data also revealed that HM Revenue and Customs failed to prosecute citizens who they knew were liable for unpaid taxes. Proponents of prosecution believe the government should take a more active role in monitoring people’s taxes and those caught evading taxes should be subject to stiff fines or jail time. Opponents believe that the people who evaded taxes were not breaking any laws since their funds were stored in Swiss bank accounts.

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Answer Overview

Response rates from 5.9k Tower Hamlets London voters.

84%
Yes
16%
No
77%
Yes
8%
No
5%
Yes, we should strongly disincentivise those who move money out of the country
8%
No, only in cases of evading not avoidance
2%
Yes, and fine them double the amount they avoided paying

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Other Popular Answers

Unique answers from Tower Hamlets London voters whose views went beyond the provided options.

 @92M28HDanswered…3yrs3Y

No, the system should be reformed to prevent the ability to do so rather than trying to chase after the fact - that’s just a road to massive wastes of time & resources

 @9PZ2RJCanswered…5mos5MO

No. Those of us that work hard get taxed enough. Stop penalising people with money to give it to those that can’t be bothered earning their own.

 @9JFLZDVanswered…10mos10MO

Only if the money is “hidden”, if the individual reports all money held overseas it should not be taxed.

 @92HS22Danswered…3yrs3Y

No, only in cases of evasion not avoidance, but government should actively seek to close down avoidance loopholes

 @97ZSBF9answered…2yrs2Y

Yes, and work with the EU and US to crack down on this internationally

 @9CLP6GTanswered…1yr1Y

Yes if the avoidance or evasion is wilful.

 @9BTJW4Sanswered…2yrs2Y

Taxation is theft, abolish all taxes.

 @999P9WKanswered…2yrs2Y

Taxes are pointless and go to politicians parties like what boris did

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 @ISIDEWITH submitted…8mos8MO

Panama Papers Trial Commences: A Landmark Case in Global Finance

The commencement of the trial related to the 'Panama Papers', a monumental exposé that shook the foundations of global finance, marks a significant moment in the fight against money laundering and tax evasion. This trial, which began in Panama's Gil Ponce Palace of Justice, sees 27 individuals facing charges in a case that has drawn international attention. At the heart of this case are the owners of the Mossack Fonseca law firm, whose leaked documents in 2016 revealed the complex networks used by the world's elite to hide their wealth.The 'Panama Papers', consisting of 11 million secret financial documents, unveiled how billionaires, politicians, and celebrities around the globe have been evading taxes and laundering money through offshore accounts and shell companies. The leak not only exposed the individuals involved but also highlighted the systemic issues within global financial systems that allow such practices to thrive.The trial in Panama represents a pivotal moment in the ongoing battle against financial crimes. It underscores the international community's increasing intolerance for corruption and illicit financial flows that undermine economic equality and development. The proceedings are expected to shed further light on the mechanisms of money laundering and tax evasion, providing valuable insights for regulatory bodies worldwide.As the trial progresses, it is anticipated to set precedents for how similar cases are handled globally, emphasizing the need for stronger regulations and international cooperation to tackle financial crimes. The world watches closely as this landmark case unfolds, hoping for a verdict that will reinforce the global commitment to transparency and justice in the financial sector.The 'Panama Papers' trial is not just a legal proceeding; it is a symbol of the growing demand for accountability and reform in the international financial system. As such, it represents a crucial step forward in the global effort to ensure that the wealthy and powerful are not above the law.

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