Panama Papers leak has led to nearly $2B in recouped taxes for governments

Zach Dubinsky · CBC News

· Posted: Apr 04, 2025 4:00 AM EDT | Last Updated: 9 minutes ago

It started 10 years ago, erstwhile a German writer received a connection from an anonymous sender: "Hello. This is John Doe. Interested successful data?"

What followed successful the days and months aft was a leak of much than 11 cardinal files from a Panamanian instrumentality steadfast — the leak that came to beryllium known arsenic the Panama Papers erstwhile it was revealed to the satellite successful April 2016.

The confidential documents exposed hidden slope accounts, billions of dollars successful shady wealth flows and the existent owners down thousands of offshore ammunition companies based successful taxation havens similar the British Virgin Islands, the Bahamas and Panama itself. The leak besides caught the attraction of the world's taxation agencies, keenly alert that wherever there's hidden money, there's often unpaid tax.

Now, astir precisely 9 years aft the archetypal nationalist reports astir the Panama Papers, 2 twelve of those nationalist taxation agencies accidental they've collected a full of $1.86 cardinal successful taxation arrears and fines arsenic a effect of accusation successful the leak. 

However, the Canada Revenue Agency (CRA) is not among those. While its latest figures amusement that it has assessed $83 cardinal successful taxes and penalties truthful acold arsenic a effect of Panama Papers-linked audits, the CRA says that, dissimilar galore different jurisdictions, it doesn't way however overmuch of that it has really collected. 

The afloat planetary fiscal interaction of the Panama Papers is apt overmuch higher, arsenic galore countries' taxation agencies wouldn't divulge a precise number, portion immoderate others similar the CRA could lone accidental however overmuch they've determined they're owed and not however overmuch they've really recouped.

The tally was compiled by the International Consortium of Investigative Journalists, the Washington-based enactment that co-ordinated the archetypal reporting connected the Panama Papers by 100 planetary media outlets, including CBC News.

The Swedish taxation bureau told reporters it has recovered much than $300 cardinal successful missing taxes since 2021, France has brought successful $297 cardinal portion taxation collectors successful Spain person managed to recoup $250 cardinal from antecedently undeclared assets and income.

CRA audits inactive underway 

In Canada, national agents person completed 310 audits into radical and entities named successful the Panama Papers, the CRA says. More than 130 files are inactive being examined — 9 years aft the leak.

"It tin instrumentality respective years to implicit these audits, due to the fact that a important fig of taxpayers person utilized a assortment of hold tactics oregon refused to manus implicit requested information, requiring the CRA to usage different tools to get it," the CRA said successful a connection to La Presse and CBC News. "Some person besides resorted to contesting the bureau successful court, resulting successful audits that are some time-consuming and complex." 

Notably, the bureau has not filed immoderate transgression tax-evasion charges successful narration to the Panama Papers. It says it did motorboat six transgression investigations; 3 were closed without charges and different 3 are inactive ongoing.

"If it's perchance 3 prosecutions each crossed Canada — like, 3 — that's benignant of pathetic," said Jonathan Farrar, a prof of taxation accounting astatine Wilfrid Laurier University successful Waterloo, Ont.

In general, the CRA has pursued transgression cases little often successful caller years. It filed transgression charges successful 33 cases successful the 2019-20 fiscal year, dropping to 28 cases successful 2022-23 and conscionable 7 successful 2023-24. Similarly, portion the bureau executed 196 hunt warrants successful 2019-20, the fig fell to 26 successful 2022-23 and 59 past year. 

"Rather than nonstop a informing connection oregon a changeable crossed the bow that the CRA is superior astir cracking down connected these blatant cases of egregious taxation avoidance, alternatively the connection seems to be, 'Well, you know, you tin effort to bash immoderate you privation and you'll astir apt get distant with something,'" Farrar said.

More than $40M assessed successful Quebec

Separately, Revenu Québec says the Panama Papers person led to the find of $41.4 cardinal successful unpaid taxes, arsenic of past fall. At slightest $30 cardinal of that has been collected but the precise magnitude can't beryllium specified from the numbers Revenu Québec was consenting to provide. 

Both the CRA and Revenu Québec accidental they've besides discovered taxes owing acknowledgment to accusation successful different large leak of tax-haven data, the Paradise Papers, which emerged successful November 2017. 

The CRA said it's assessed $6.8 cardinal successful taxes and penalties arsenic a effect of the Paradise Papers, portion Revenu Québec's fig was $16.1 million.