Portugal Cracks Down on Tax Haven Use by Government Departments
Following the leak of documents from a Panama-based law firm, Portugal’s finance ministry is taking steps to prevent government departments from using tax havens.
Bonds Held in Jersey-based Company
According to a statement from the finance ministry, the Portuguese Treasury debt agency held 133 million euros ($149 million) of bonds in a Jersey-based company in 2020. These bonds were part of a financial operation involving Portugal’s state-owned rail company.
New Procedures to Prevent Investments in Tax Havens
The finance ministry is now considering new procedures to ensure that no public institutions invest in offshore tax havens in the future. This move comes in response to the international scandal caused by the publication of the Panama Papers.
Addressing Tax Evasion in Portugal
Tax evasion has gained prominence in Portugal following the publication of the Panama Papers. The leaked documents revealed the hidden financial dealings of numerous influential individuals and organizations around the world.
A Step Towards Transparency and Accountability
Portugal’s decision to scrutinize the use of tax havens by its own departments is a significant step towards transparency and accountability in the wake of this international scandal. The government continues to investigate and address the use of tax havens and their role in tax evasion among its public institutions.
- Finance ministry examining ways to prevent government departments from using tax havens
- Portuguese Treasury debt agency held 133 million euros of bonds in a Jersey-based company
- Bonds part of a financial operation involving Portugal’s state-owned rail company
- New procedures being considered to ensure no public institutions invest in offshore tax havens
- Addressing tax evasion following the publication of the Panama Papers
- Significant step towards transparency and accountability in the wake of international scandal