THE scandal over the leaked Panama papers may dominate the headlines for a few days yet. It seems to reinforce the populist narrative that there is one law for the global elite and another for the rest of us. There is little scope for tax evasion for "wage slaves", who find that tax is deducted from their pay before they get hold of it.
The issue may be another example of that common political problem; the trilemma, under which three options are available, but only two at most can be selected. In this case, it is a simple tax system; independent national tax policies; and the existence of multinational companies and investors. Economies agree that simple tax systems are the best; they do not distort behaviour. But countries also like to set their own tax policies; hence some...Continue reading
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