Brazil tax agency plans to verify 'Panama Papers,' may impose fines

Reuters

4 April 2016 at 4:12 pm

SAO PAULO (Reuters) - Brazil's tax agency plans to verify information about offshore tax avoidance from the "Panama Papers" and could impose fines on undeclared assets in offshore accounts of up to 150 percent of their value, the agency said in an e-mail to Reuters. Politicians from seven political parties in Brazil were named as clients of Panama-based Mossack Fonseca, which is at the centre of a massive data leak, newspaper O Estado de S. Paulo reported. (Reporting by Caroline Stauffer; Editing by Jonathan Oatis)

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