In a response to Panama leaks, US President Barack Obama on Tuesday called for international tax reforms to avoid tax evasions as revealed in Panama Papers.
“There is no doubt that the problem of global tax avoidance generally is a huge problem,” he told reporters at the White House. “The problem is that a lot of this stuff is legal, not illegal.”
President Obama noted the leak from Panama showed the tax avoidance was more widespread than estimated and involved Fortune 500 companies and ran into trillions of dollars worldwide.
“We shouldn’t make it legal to engage in transactions just to avoid taxes,” …read more
Source: Pakistan Today
