The Panama Papers will change a lot of things in a lot of ways, estimates Alexander Stubb (NCP), the Minister of Finance.Alexander Stubb (NCP), the Minister of Finance, has called for patience in the wake of the so-called Panama Papers data leak.

“One should keep a cool head. The situation must be analysed carefully and calmly, while respecting the principles of the rule of law. Only then must one make determined decisions on further measures to combat tax evasion,” he writes on his personal blog.

A lot is at stake, he reminds: the reputation and future of several businesses, politicians and decision-makers.

“Bankruptcies and trials will undoubtedly come – as surely will progress in international co-operation and information exchange. The data leak will change a number of things in a number of ways. I hope that it will, first and foremost, send a message to tax evaders that stashing taxable income abroad will become increasingly difficult in the future,” writes Stubb.

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He reminds that every euro of lost tax revenue will dent the national economy.

“When everyone pays the taxes they are due to pay, the national economy will strengthen and we will be able to cut taxes. More tax evasion, on the other hand, increases the tax burden of honest businesses and citizens. It is unfair, and it cannot be tolerated.”

It is also a question of corporate conscience, adds Stubb.

“Not everything that is legal is necessarily right. The loss of reputation is very costly for businesses.  A smart business recognises that investments in corporate responsibility, diligence in regards to tax obligations and the promotion of transparency are worthwhile. I am sure these virtues will become an increasingly important competitive factor for businesses in the future,” he states.

Aleksi Teivainen – HT
Photo: Mikko Stig – Lehtikuva
Source: Uusi Suomi