The German government says the “Pandora Papers” revelations are a further incentive in the fight against tax avoidance and tax fraud.
Spokesman Steffen Seibert said on Monday that the government is following the reporting “very closely.” He referred to measures taken by the current government such as the so-called tax haven defence law, and stressed the importance of international cooperation to tackle the problem.
The “Pandora Papers” have revealed damaging financial details about numerous politicians and celebrities around the world. According to an international consortium of investigative journalists, 35 current and former heads of state alone – as well as more than 330 other politicians from almost 100 countries and other well-known personalities – are alleged to have invested assets “with the help of non-transparent trusts, foundations and shell companies.”
The German news organizations involved in the consortium which evaluated the Pandora leak are the Sueddeutsche Zeitung newspaper, and the broadcasters NDR and WDR.
A spokeswoman for the Finance Ministry said that after reading the media reports, there appeared not be much connection to Germany. However, she said, the new revelations underlined the necessity in the fight against tax havens. She also referred to the need for an effective worldwide minimum tax in order to significantly reduce incentives for tax avoidance measures of this kind.