Paradise Papers, Issue 1457
FEW NAMES crop up quite as frequently in the Paradise Papers as those of the world’s major accountancy firms. Often they appear in connection with tax avoidances schemes devised some time after famous scandals like those of Vodafone, Starbucks and “LuxLeaks” might have been expected to change their behaviour. Analysis by the Eye suggests the “Big 4” – EY, PwC, KPMG and Deloitte – held hundreds of business relationships with clients of law firm Appleby in the years up to 2015.
Behind most of the reported VAT avoidance schemes run out of the Isle of Man, including Lewis Hamilton’s, was EY, formerly known as Ernst & Young. It wasn’t too fussy about who it chose to help dodge tax, either. The first of what were then the “Big Five” beancounting outfits into Moscow after the fall of the Soviet Union, EY is still evidently doing sterling work keeping the oligarchs happy …