Leaks reveal tax affairs of world’s wealthiest

The Paradise Papers is a database comprising around 13.4 million documents detailing the tax affairs of some of the wealthiest people and companies in the world. The majority of the data comes from leaked papers belonging to Appleby, a Bermuda-based law firm specialising in offshore accounts.

Nearly 100 media organisations were involved in sifting through the tranche of files, which were obtained by the German newspaper Suddeutsche Zeitung and shared with International Consortium of Investigative Journalists.

Much of the new trove of files includes bank statements, emails and loan agreements from Appleby, a firm which helps clients set up in overseas jurisdictions with low or zero tax rates.

Tax avoidance involves companies and people using legal ways and following the rules to reduce their tax bill. Tax evasion is an offence and involves illegal ways of paying less tax than required.