The Panama Papers actually show how overblown the estimates of offshore tax loss are:
And all of this is quite the most interesting thing that the Panama Papers have revealed. Yep, there’s lots of money floating around offshore. However, very much more of it is paying tax where and when it should than the campaigners have been telling us. Far from the Mossack Fonseca revelations showing us what a problem offshore is they show us the opposite. They show us, contrary to those more hysterical claims, quite how much of that offshore money is paying all the tax due. It’s all thus a very much smaller problem than normally claimed.
As absolutely everyone now agrees neither Ian nor David Cameron dodged any tax at all. Thus we cannot go around assuming that all that offshore money is dodging tax, can we? And as far as we can see, both from the Swiss banks example and from these more recent revelations most offshore money is paying tax just as it ought to. Thus offshore tax dodging is a very much smaller problem than we have been led to believe. And isn’t that interesting?