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MPs invite financial sector reps to discuss tax havens

Parliament’s Audit Committee decided Thursday to look into the question of international tax avoidance and the use of tax havens. The Committee has invited representatives of financial institutions operating in Finland to a parliamentary hearing.

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Image: Jyrki Lyytikkä / Yle

In the wake of the Panama Papers data leaks, MPs said that they needed additional information on international tax avoidance and the use of tax havens. The Parliament’s Audit Committee decided Thursday to begin its own probe into the matter.

MPs on the Committee have invited individuals such as representatives of financial institutions operating locally to discuss the issue. The Committee said that it also wants to hear from industry experts.

The Finnish constitution gives the Committee the right to request information from officials, including information classified as confidential.

The problems related to tax havens took over the spotlight recently with the leak of documents from a Panama-based law firm, indicating that thousands of individuals and companies worldwide had been hiding their wealth in dummy offshore companies.

The Audit Committee had previously conducted an evaluation of international tax evasion and its resulting tax revenue losses. It tabled reports on the matter in 2011 and 2015.

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