Panama Papers  Here is why you should care

In a world of such a huge inequality gap and social problems the implications of tax evasion under a tax haven regime is unimaginable.

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While the biggest leak in journalistic history about the rich and powerful hiding money  in offshore accounts is causing a stir around the world, many people in Ghana are indifferent about the news.

 “Why should I care about Panama Papers?” was the question my friend who a banker asked when I told her about the news.

This very well could be the question many others are asking. Why should I care? The rich and powerful steal all the time and get away with it.

READ ALSO : What to know about the Panama report

But everyone should care about this leak and this is why;

In a world of such a huge inequality gap and social problems the implications of tax evasion under a tax haven regime is unimaginable.

Taxes are everything. Without taxes societies cannot be taken care of.  But while workers and small and medium scale companies pay the full tax rates, the very rich get away with paying minimal or no tax at all under tax havens.

In January 2016 a research by Oxfam International revealed that 62 billionaires own half the wealth of the population of the world. These 62 billionaires form 1% of the world’s population. While the remaining 3.6 billion people representing the poorest of the world struggle to get by daily.

"Today we live in a world with levels of inequality we may not have seen for over a century” the report by Oxfam stated.

READ ALSO : All the 18 Africans named in major leak

Another report by the Tax Justice Network titled “The Price of Offshore Revisited” estimated that there is between 21 to 31 trillion dollars unrecorded offshore wealth in the world.

This money is being enjoyed by the top 1% of the world’s population while the rest wallow in poverty.

Mind you creating offshore companies is not illegal. But when monies are put into such accounts to avoid taxes or when moneys acquired illegally are hidden under such circumstances that become a problem.

READ MORE : Former president John Kufuor's son fingered in leaks

Imagine what these monies could be used. It could go a long way to make the world a better place and bridge the inequality gap.

These monies could provide good education, potable water, improve health care delivery and even tackle global warming.

You see why you should care? People are keeping monies and evading taxes which otherwise could have benefited me and you.

Hopefully the leak will be the push governments around the world need to commit to an effect approach to ending harmful tax regimes and tax havens

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