• The “papers Panama” and offshore companies

    The “papers Panama” and offshore companies

    OFFSHORE COMPANIES ARE EXEMPT FROM INCOME TAX, VAT, TAX ON ECONOMIC ACTIVITIES AND SOCIAL CONTRIBUTIONS PAYMENT

    This week we learned that the Office of the National Court opened proceedings to determine whether offenses arising capital of the information contained in known as ‘roles Panama’ laundering. This documentation reveals the name of many businessmen, politicians and athletes, some of them Spaniards, through the Panamanian law firm Mossack Fonseca would have opened accounts in tax havens.

    In principle, the proceedings are directed against the activity of the law firm amid signs that could have been devoted to launder money, although documents related to different Spanish personalities, whose names have leaked, will be analyzed to see if they could have done something illicit.

    The firm being investigated is dedicated to the creation of companies “offshore”. Such companies are companies that are characterized by being registered in a country prosecutor, normally a paradise, which make no economic or commercial activity. For this reason it is also called front companies.

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