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The case of the Panama Papers

These last months have brought many news, events and facts about fiscal news. Unfortunately, both for tone and content, they

These last months have brought many news, events and facts about fiscal news. Unfortunately, both for tone and content, they call into question again the field of fiscal advice.

Panama is a Central American country, border with Colombia and Costa Rica and bathed by the Caribbean Sea and Pacific Ocean. Previously known for its culture, indigenous origin or for its different tourist options, the country took a leap in impact and scope in this 21st century for the construction of one of the greatest engineering works in history: the Panama channel , which unites the Pacific and Atlantic Oceans Waters.

Panama Papers

Now, last April, something changed in this relationship of milestones: the case of those known as Panama Papers , or what is the same, one of the greatest leaks of fiscal secrets in history. This event leaked to the media of the entire globe documents on companies or natural persons that, through different fraudulent business frameworks, evaded taxes to benefit from anonymity, exceeding the benefits of the famous tax regimes of the so -called “fiscal paradises” .

Now, is it legal to deposit money in a fiscal paradise? Clear. What is not legal, is to prove an economic activity in a destination called as such, if it is being carried out in another. There is nothing wrong, given the case, to open a company based in Switzerland and not in Spain, if the regime is considered more interesting. If then it turns out that the benefits go to Spain, to continue with the example, what corresponds is to pay the corresponding taxes in the recipient, in this case Spain.

the fiscal advisor, the only figure that takes sides?

The figure of the fiscal advisor appears. A professional (or team of professionals) expert and to the day of any aspect related to the tax or fiscal sections, increasingly complex and with greater implications in other fields such as legal responsibility or the social reputation of the company and /or the entrepreneur, without going any further.

Fiscal advice must know in detail the clauses of the tax regime in which they will proceed to act, and therefore, it can advise on the choice of different financing or taxation roads to achieve better tax burdens, but always inside of the legal framework. And most importantly, as an advisor, you always have to communicate it to the client, who despite not being a fiscalist, knows about his income and is the one who finally decides, but always with all the knowledge and valuation of all the implications of his decisions.

It is clear that for an entrepreneur or a natural person, his day to day does not allow him to be aware of tax responsibilities and obligations. Nor is it its value to spend time. It is necessary to establish a relationship of trust, reciprocity, consensus and agreement with the tax advisor. On the one hand, the advisory team seeks to maximize results for a client, who on the other, trusts the good work of “his team”. There can be no part without the other, hence the importance in ethics, which in this case, guarantees the correct future of the activities to be carried out.


And what if a possible fraud is discovered? The Tax Agency is clear: on one hand, there is an administrative penalty of 150% of the defrauded amount for each tax year, but there is also the possibility of criminal prosecution, with fines of up to 6 times the defrauded amount, or even imprisonment ranging from 1 to 5 years.

Just like the Panama Canal, which connects two water currents, at Verum we are very aware that taxation and responsibility go hand in hand. That’s why we place vital importance on constant communication with our clients, and confidentiality is one of the core values in our relationship with them.

We always aim to maximize the financial and tax profitability for our clients, but we also protect them legally, avoiding unwanted liabilities and damage to their image and reputation.

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