United States: Panama Papers law firm boss says fallout has spurred tax shelter boom in US

Author(s): UNK | Date: April 21, 2017 | Language: English
Source: http://www.straitstimes.com/ | URL: https://goo.gl/ws0p4B | Type: Text

The co-founder of the law firm at the center of the Panama Papers scandal says the fallout has set off a “thriving” boom in the creation of tax shelters in the United States.
Juergen Mossack, who partnered with Ramon Fonseca to create the Panamanian firm Mossack Fonseca, said in a document obtained on Thursday (April 21) by AFP that after the Panama Papers leak a year ago, the number of new tax shelters created has fallen by 30 per cent in Panama and elsewhere.
“However, jurisdictions such as Delaware, Nevada and others located in the United States, where virtually no due diligence is required… incorporations are thriving!” Mossack said.
“Whilst Panama tries hard to be whiter than white, others are profiting,” he wrote.