The Panama Papers provide proof that many politicians, capitalists and members of royalty use overseas tax havens to escape paying tax on their activities in the countries where they reside.
What does the process involve and who benefits at whose expense?
The Australian Tax Office (ATO) makes it crystal clear that individuals and businesses are legally obliged to declare all their worldwide income to the ATO every year. 鈥淭heir鈥 income does not only mean payments received in their name personally, but also includes any kind of income in which they have a 鈥渂eneficial interest鈥.