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70-465: The board has made recommendations such as delaying the IRS target for taxpayers who file electronically, giving electronic filers more time, and opposing the idea of contracting debt collection to private companies. The board released an Annual Report to Congress as well as an annual Taxpayer Attitude Survey . The survey covered topics such as how Americans felt about cheating on taxes . Some have criticized

140-783: A Fellow of the American Statistical Association . Becker was a founding partner of TGG Group , a business and philanthropy consulting company. Becker won the John Bates Clark Medal in 1967. He was elected a Fellow of the American Academy of Arts and Sciences in 1972, a member of the National Academy of Sciences in 1975, and a member of the American Philosophical Society in 1986. Becker

210-604: A PhD from the University of Chicago in 1955 with a thesis entitled The Economics of Discrimination . At Chicago, Becker was influenced by Milton Friedman , whom Becker called "by far the greatest living teacher I have ever had". Becker credits Friedman's course on microeconomics for helping to renew his interest in economics. Becker also noted that during his time at Chicago, there were several other economists that greatly influenced his future work, namely Gregg Lewis , T. W. Schultz , Aaron Director , and L. J. Savage . For

280-630: A historian of the Middle East whose research interests overlapped his own. In 2014 Becker died in Chicago , Illinois , aged 83. The same year, he was honored in a three-day conference organized at the University of Chicago. Becker's work has been influential not only in economics but also other disciplines including sociology and demography. His most famous work is Human Capital , and he wrote on sociological topics as diverse as marriage,

350-456: A family. Some specific family issues covered during this time were marriage, divorce, altruism toward other members of the family, investments by parents in their children, and long-term changes in what families do. All of Becker's research on the family resulted in A Treatise on the Family (1981). Throughout the decade, he contributed new ideas and information, and in 1991 an expanded edition of

420-543: A few years, Becker worked as an assistant professor at Chicago and conducted research there. Before turning 30, he moved to teach at Columbia University in 1957 while also conducting research at the National Bureau of Economic Research . In 1970 Becker returned to the University of Chicago, and in 1983 was offered a joint appointment by the Sociology Department of Chicago. In 1965 he was elected as

490-536: A five year term was confirmed in October 2008. The board elects a chairman for two year terms. Tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations , trusts , and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than

560-399: A government department would, and some governments have adopted this approach. In Bangladesh , customs administration was partly privatized in 1991. Abuse by private tax collectors (see tax farming below) has on occasion led to revolutionary overthrow of governments who have outsourced tax administration. Tax farming is an historical means of collection of revenue. Governments received

630-503: A huge scale. In August 2005, Bangladesh had hired four PSI companies – Cotecna Inspection SA, SGS (Bangladesh) Limited, Bureau Veritas BIVAC (Bangladesh) Limited and INtertek Testing Limited – for three years to certify price, quality and quantity of imported goods. In March 2008, the Bangladeshi National Board of Revenue cancelled Cotecna's certificate for serious irregularities, while importers' complaints about

700-479: A lower-taxed or untaxed jurisdiction with the intention of avoiding VAT or sales tax in their home jurisdiction are technically breaking the law in most cases. This is especially prevalent in federal countries like the United States and Canada where sub-national jurisdictions charge varying rates of VAT or sales tax. In liberal democracies, a fundamental problem with inhibiting evasion of local sales taxes

770-399: A lump sum in advance from a private entity, which then collects and retains the revenue and bears the risk of evasion by the taxpayers. It has been suggested that tax farming may reduce tax evasion in less developed countries. This system may be liable to abuse by the "tax-farmers" seeking to make a profit, if they are not subject to political constraints. Abuses by tax farmers (together with

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840-550: A monthly column for Business Week from 1985 to 2004, alternating with liberal Princeton economist Alan Blinder . In 1996 Becker was a senior adviser to Republican presidential candidate Robert Dole . In December 2004, Becker started a joint weblog with Judge Richard Posner entitled The Becker-Posner Blog . Becker's first wife was Doria Slote. They were married from 1954 until her death in 1970. The marriage produced two daughters, Catherine Becker and Judy Becker . About ten years later, in 1980 Becker married Guity Nashat ,

910-422: A public policy perspective, since the cost of increasing a fine is trivial in comparison to the cost of increasing surveillance, one can conclude that the best policy is to maximize the fine and minimize surveillance. In his 1964 book Human capital theories Becker introduced the economic concept of human capital . This book is now a classic in economy research and Becker went on to become a defining proponent of

980-487: A subfield of family economics . In 2013, responding to a lack of women in top positions in the United States, Becker told the Wall Street Journal reporter David Wessel , "A lot of barriers [to women and blacks] have been broken down. That's all for the good. It's much less clear what we see today is the result of such artificial barriers. Going home to take care of the kids when the man doesn't: Is that

1050-583: A tax system that exempted the aristocracy) were a primary reason for the French Revolution that toppled Louis XVI. Pre-shipment inspection agencies like Société Générale De Surveillance S. A. and its subsidiary Cotecna are in business to prevent evasion of customs duty through under-invoicing and misdeclaration. However, PSI agencies have cooperated with importers in evading customs duties. Bangladeshi authorities found Cotecna guilty of complicity with importers for evasion of customs duties on

1120-461: A waste of a woman's time? There's no evidence that it is." This view was criticized by Charles Jones , stating that, "Productivity could be 9 percent to 15 percent higher, potentially, if all barriers were eliminated." In the mid-1960s Becker and Kelvin Lancaster developed the economic concept of a household production function. Both assumed that consumers in a household receive utility from

1190-403: A well-meaning objective. Becker also theorized that a child in a US family may be perfectly selfish because it maximizes its own utility. There have been attempts to test this economic thesis, in the course of which it was found that cross-generational families do not necessarily maximize their joint income. A 2007 article by Gary Becker and Julio Jorge Elias entitled "Introducing Incentives in

1260-427: Is a serious problem for the tax administration in many countries. Tax evasion is a crime in almost all developed countries, and the guilty party is liable to fines and/or imprisonment . In Switzerland , many acts that would amount to criminal tax evasion in other countries are treated as civil matters. Dishonestly misreporting income in a tax return is not necessarily considered a crime. Such matters are handled in

1330-531: Is properly defined and measured, that is). He was also among the foremost exponents of the study of human capital . According to Milton Friedman , he was "the greatest social scientist who has lived and worked" in the second part of the twentieth century. Becker was born to a Jewish family in Pottsville, Pennsylvania . He received a BA from Princeton University in 1951, completing a senior thesis titled "The Theory of Multi-Country Trade". He then earned

1400-478: Is required to resolve the theoretical ambiguities. Income tax evasion appears to be positively influenced by the tax rate , the unemployment rate , the level of income and dissatisfaction with government. The U.S. Tax Reform Act of 1986 appears to have reduced tax evasion in the United States. In a 2017 study Alstadsæter et al. concluded based on random stratified audits and leaked data that occurrence of tax evasion rises sharply as amount of wealth rises and that

1470-423: Is stored in tax havens stays undetected in random audits. Even though there is high diversity among people who evade taxes, there is a higher probability among the highest wealth group. According to Alstadsæter, Johannesen and Zucman 2019 the extent of taxes evaded is substantially higher with higher income, and exceptionally higher among people of the top wealth group. In line with this, the probability to appear in

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1540-452: Is that liberal democracies, by their very nature, have few (if any) border controls between their internal jurisdictions. Therefore, it is not generally cost-effective to enforce tax collection on low-value goods carried in private vehicles from one jurisdiction to another with a different tax rate. However, sub-national governments will normally seek to collect sales tax on high-value items such as cars. One reason for taxpayers to evade taxes

1610-489: Is the legal use of tax laws to reduce one's tax burden. Both tax evasion and tax avoidance can be viewed as forms of tax noncompliance , as they describe a range of activities that intend to subvert a state's tax system, but such classification of tax avoidance is disputable since avoidance is lawful in self-creating systems. Both tax evasion and tax avoidance can be practiced by corporations, trusts, or individuals. In 1968, Nobel laureate economist Gary Becker first theorized

1680-402: Is the personal benefits that come with it, thus the individual problems that lead to that decision Additionally, Wallschutzky's exchange relationship hypothesis presents as a sufficient motive for many. The exchange relationship hypothesis states that tax payers believe that the exchange between their taxes and the public good/social services as unbalanced. Furthermore, the little capability of

1750-549: The Chicago school of economics . The book was republished in 1975 and 1993. Becker considered labor economics to be part of capital theory. He mused that "economists and plan-makers have fully agreed with the concept of investing on human beings". Together, Becker and Jacob Mincer founded Modern Household Economics, sometimes called the New Home Economics (NHE), in the 1960s at the labor workshop at Columbia University that they both directed. Shoshana Grossbard , who

1820-551: The Panama Papers rises significantly among the top 0.01% of the wealth group, as does the probability to own an unreported account at HSBC. However, the upper wealth group is also more inclined to use tax amnesty. Gary Becker Gary Stanley Becker ( / ˈ b ɛ k ər / ; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences . He

1890-433: The economics of crime , on the basis of which authors M.G. Allingham and A. Sandmo produced, in 1972, an economic model of tax evasion. This model deals with the evasion of income tax, the main source of tax revenue in developed countries. According to the authors, the level of evasion of income tax depends on the detection probability and the level of punishment provided by law. Later studies, however, pointed limitations of

1960-532: The 2008 tax gap found a range of $ 450–$ 500 billion, and unreported income to be about $ 2 trillion, concluding that 18 to 19 percent of total reportable income was not being properly reported to the IRS. Generally, individuals tend to evade taxes, while companies rather avoid taxes. There is a great heterogenic among people who evade people as it is a substantial issue in society, that is creating an excessive tax gap. Studies suggest that 8% of global financial wealth lies in offshore accounts. Often, offshore wealth that

2030-544: The Becker-Mincer workshop at Columbia in the 1960s and have published in the NHE tradition include Andrea Beller, Barry Chiswick , Carmel Chiswick, Victor Fuchs , Michael Grossman , Robert Michael, June E. O'Neill , Sol Polachek, and Robert Willis. James Heckman was also influenced by the NHE tradition and attended the labor workshop at Columbia from 1969 until his move to the University of Chicago. The NHE may be seen as

2100-452: The CTA seeks to mitigate the misuse of shell companies for tax evasion purposes and bolster efforts to combat financial crimes within the U.S. jurisdiction. As of 2007 the most common means of tax evasion was overstatement of charitable contributions, particularly church donations. The IRS estimates that the 2001 tax gap was $ 345 billion and that the 2006 tax gap was $ 450 billion. A study of

2170-984: The European treasuries through suspected fraud and speculation with dividend tax. The five hardest hit countries have lost together at least $ 62.9 billion. Germany is the hardest hit country, with around €31 billion withdrawn from the German treasury. Estimated losses for other countries include at least €17 billion for France, €4.5 billion in Italy, €1.7 billion in Denmark and €201 million for Belgium. A paper by economists Annette Alstadsæter, Niels Johannesen and Gabriel Zucman, which used data from HSBC Switzerland (" Swiss leaks ") and Mossack Fonseca (" Panama Papers "), found that "on average about 3% of personal taxes are evaded in Scandinavia, but this figure rises to about 30% in

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2240-478: The Exchequer George Osborne promised to collect £5 billion by "waging war" on tax evaders by announcing new powers for HMRC to target people with offshore bank accounts. The number of people prosecuted for tax evasion doubled in 2014/15 from the year before to 1,258. In the United States of America, Federal tax evasion is defined as the purposeful, illegal attempt to evade the assessment or

2310-563: The Pandora Papers also cites that the former Managing Director of IMF and French finance minister, Dominique Strauss-Kahn was permitted to create a consulting firm in the United Arab Emirates in 2018 after the expiry of tax exemptions of his Moroccan company, which he used for receiving millions of dollars worth of tax free consulting fees. A network of banks, stock traders and top lawyers has obtained billions from

2380-501: The Swiss tax courts, not the criminal courts. In Switzerland, however, some tax misconduct (such as the deliberate falsification of records) is criminal. Moreover, civil tax transgressions may give rise to penalties. It is often considered that the extent of evasion depends on the severity of punishment for evasion. Professor Christopher Hood first suggested privatization of tax enforcement to control tax evasion more efficiently than

2450-523: The UK tax collection agency stated that it would continue to crack down on tax evasion, with the goal of collecting £18 billion in revenue before 2015. In 2010, HMRC began a voluntary amnesty program that targeted middle-class professionals and raised £500 million. Corrupt tax officials co-operate with the taxpayers who intend to evade taxes. When they detect an instance of evasion, they refrain from reporting it in return for bribes . Corruption by tax officials

2520-456: The amount of money a person or a corporation possesses. Efforts to evade income tax decline when the amounts involved are lower. The level of evasion also depends on the efficiency of the tax administration. Corruption by tax officials makes it difficult to control evasion. Tax administrations use various means to reduce evasion and increase the level of enforcement: for example, privatization of tax enforcement or tax farming. In 2011 HMRC ,

2590-441: The amounts actually earned, overstating deductions, bribing authorities and hiding money in secret locations. Tax evasion is an activity commonly associated with the informal economy . One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that the tax authority requests be reported and the actual amount reported. In contrast, tax avoidance

2660-457: The biased ones. If the employer employs the minority, low wages can be provided, but more people can be employed, and productivity can be increased. Becker's contributions to politics have come to be known as "Chicago political economy" of which he is considered one of the founding fathers. Becker's insight was to recognize that deadweight losses put a brake on predation. He took the well-known insight that deadweight losses are proportional to

2730-575: The board for the remainder of George L. Farr's four year term. Wagner's appointment for an additional five year term was confirmed in March 2005. In July 2004, following the expiration of his first term, Charles L. Kolbe was confirmed to take over the remaining time in the 4 year term of Steve H. Nickles, who had resigned. In November 2004, Paul Jones was confirmed to a five year term in Charles L. Kolbe's initial seat. In December 2006, Paul Cherecwich Jr.

2800-782: The board, but were strongly opposed by the Clinton administration . The president of the National Taxpayers Union also supports restoring the board. Board members consist of the United States Secretary of the Treasury , the Commissioner of Internal Revenue , and seven other members appointed by the President of the United States . Members are appointed to five year terms, with the exception of

2870-463: The core of Becker's economic theory on the family , which he developed on the basis of figures for United States families in 1981, is the rotten kid theorem . He applied the economics of an altruist to a family, wherein a person takes actions that improve the well-being of another person, despite more self-interested action being feasible. Becker pointed out that a parent foregoes higher income, by focusing on family work commitments in order to maximize

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2940-471: The enormous influence of Becker's work which "has turned out to be a fount of economic writing on crime and its control", as well as the analytics of crime and punishment. While Becker acknowledged that many people operate under a high moral and ethical constraint, criminals rationally see that the benefits of their crime outweigh the cost which depends upon the probability of apprehension, conviction, and punishment, and their current set of opportunities. From

3010-430: The family, criminal behavior, and racial discrimination. Becker recognized that people (employers, customers, and employees) sometimes do not want to work with minorities because they have bias against the disadvantaged groups. He went on to say that discrimination increases a firm's cost because in discriminating against certain workers, the employer would have to pay more to other workers so that work can proceed without

3080-417: The foundation that tax compliance is costly for individuals as well as firms (tax filling, bureaucracy ), hence not paying taxes would be more economical in their opinion. Customs duties are an important source of revenue in developing countries. Importers attempt to evade customs duty by (a) under-invoicing and (b) misdeclaration of quantity and product-description. When there is ad valorem import duty,

3150-491: The goods they purchase. Such as for example, when consumers purchase raw food. If it is cooked, a utility arises from the meal. In 1981 Becker published Treatise on the Family , where he stressed the importance of division of labor and gains from specification . During Becker's time at Chicago in the 1970s, he mostly focused on the family. He had previously done work on birth rates and family size, and he used this time to expand his understanding of how economics works within

3220-431: The group as functioning more as an advisory board, rather than providing meaningful independent oversight. Operations of the board has been suspended since 2015, due to the lack of a quorum. There are various legislative proposals to revamp the board ( S. 3278 ), or to eliminate it completely ( H.R. 5370 ). Senators Rob Portman and Bob Kerrey , who were involved in writing the 1998 bill, both supported revamping

3290-480: The model, highlighting that individuals are also more likely to comply with taxes when they believe that tax money is appropriately used and when they can take part on public decisions. The literature's theoretical models are elegant in their effort to identify the variables likely to affect non-compliance. Alternative specifications, however, yield conflicting results concerning both the signs and magnitudes of variables believed to affect tax evasion. Empirical work

3360-560: The other three PSI companies mounted. Bangladesh planned to have its customs department train its officials in " WTO valuation , trade policy, ASYCUDA system, risk management" to take over the inspections. Cotecna was also found to have bribed Pakistan's prime minister Benazir Bhutto to secure a PSI contract by Pakistani importers. She and her husband were sentenced both in Pakistan and Switzerland. In early October 2021, 11.9 million leaked financial records in addition to 2.9 TB of data

3430-523: The overwhelming majority of states instead collect sales taxes . Canada uses both a VAT at the federal level (the Goods and Services Tax ) and sales taxes at the provincial level ; some provinces have a single tax combining both forms . In addition, most jurisdictions which levy a VAT or sales tax also legally require their residents to report and pay the tax on items purchased in another jurisdiction. This means that consumers who purchase something in

3500-535: The past 50 years." Becker was one of the first economists to analyze topics that had been researched in sociology , including racial discrimination , crime , family organization, and rational addiction . He argued that many different types of human behavior can be seen as rational and utility-maximizing, including those that are often regarded as self-destructive or irrational. His approach also extended to altruistic aspects of human behavior, which he showed to sometimes have self-serving ends (when individuals' utility

3570-446: The payment of a tax imposed by federal law. Conviction of tax evasion may result in fines and imprisonment, such as five years in prison on each count of tax evasion. The Internal Revenue Service (IRS) has identified small businesses and sole proprietors as the largest contributors to the tax gap between what Americans owe in federal taxes and what the federal government receives. Small businesses and sole proprietorships contribute to

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3640-563: The same time, tax avoidance was estimated at £1.7 billion (this does not include international tax arrangements that cannot be challenged under the UK law, including some forms of base erosion and profit shifting (BEPS)). In 2013, the Coalition government announced a crackdown on economic crime . It created a new criminal offence for aiding tax evasion and removed the requirement for tax investigation authorities to prove "intent to evade tax" to prosecute offenders. In 2015, Chancellor of

3710-476: The square of the tax, and used it to argue that a linear increase in takings by a predatory interest group will provoke a non-linear increase in the deadweight losses its victim suffers. These rapidly increasing losses will prod victims to invest equivalent sums in resisting attempts on their wealth. The advance of predators, fueled by linear incentives, slows before the stiffening resistance of prey outraged by non-linear damages. Jurist Richard Posner has stressed

3780-422: The system to catch the tax evaders reduces associated risk. Most often, it is more economical to evade taxes, being caught and paying a fine as a consequence, than paying the accumulated tax burden over the years. Thus, evasion numbers should be even higher than they are, hence for many people there seem to be moral objective countering this practice. The level of evasion depends on a number of factors, including

3850-442: The tax base can be reduced through under-invoicing. Misdeclaration of quantity is more relevant for products with specific duty. Production description is changed to match a H. S. Code commensurate with a lower rate of duty. Smuggling is import or export of products by illegal means. Smuggling is resorted to for total evasion of customs duties, as well as for the import and export of contraband . Smugglers do not pay duty since

3920-509: The tax gap because there are few ways for the government to know about skimming or non-reporting of income without mounting significant investigations. Shell companies have historically been utilized as vehicles for tax evasion and other illicit financial activities due to their opaque ownership structures. These entities, often devoid of substantial operations or assets, allow individuals to conceal their true identities and assets, thereby evading taxes and facilitating money laundering. Recognizing

3990-514: The tax havens of Bahamas and British Virgin Islands through an Emirati company, partially owned by an investment conglomerate, Dubai Holding and Axiom Limited, major shares of which were owned by the ruler. As per the leaked records, the Dubai ruler owned a massive number of upmarket and luxurious real estate across Europe via the cited offshore entities registered in tax havens. Additionally,

4060-513: The top 0.01% of the wealth distribution... Taking tax evasion into account increases the rise in inequality seen in tax data since the 1970s markedly, highlighting the need to move beyond tax data to capture income and wealth at the top, even in countries where tax compliance is generally high. We also find that after reducing tax evasion—by using tax amnesties—tax evaders do not legally avoid taxes more. This result suggests that fighting tax evasion can be an effective way to collect more tax revenue from

4130-509: The transport is covert, so no customs declaration is made. During the second half of the 20th century, value-added tax (VAT) emerged as a modern form of consumption tax throughout the world, with the notable exception of the United States . Producers who collect VAT from consumers may evade tax by under-reporting the amount of sales. The US has no broad-based consumption tax at the federal level, and no state currently collects VAT;

4200-461: The ultra-wealthy." HMRC , the UK tax collection agency, estimated that in the tax year 2016–17, pure tax evasion (i.e. not including things like hidden economy or criminal activity) cost the government £5.3 billion. This compared to a wider tax gap (the difference between the amount of tax that should, in theory, be collected by HMRC, against what is actually collected) of £33 billion in the same year, an amount that represented 5.7% of liabilities. At

4270-401: The underpayment (or remittance) gap. Voluntary tax compliance in the U.S. is approximately 85% of taxes actually due, leaving a gross tax gap of about 15%. The tax gap is growing mainly because of two factors, the lack of enforcement on the one hand and the lack of compliance on the other hand. The former is mainly rooted in the costly enforcement of the taxation law. The latter is based on

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4340-699: The very first appointments, so that terms are staggered. President Bill Clinton began nominations in June 1999, after some delay. The seven nominations were approved by the United States Senate Committee on Finance in August 2000. These seven individuals were confirmed by the senate in September 2000: Following a returned nomination in 2002, in April 2003, Raymond T. Wagner was confirmed to

4410-400: The very richest are about 10 times more likely than average people to engage in tax evasion. The tax gap describes how much tax should have been raised in relation to much tax is actually raised. The IRS defines the gross tax gap as the difference between the true tax liability for a given year and the taxes actually remitted on time. It comprises the nonfiling gap, the underreporting gap, and

4480-589: The vulnerabilities posed by such practices, the United States enacted the Corporate Transparency Act (CTA). The CTA mandates that companies disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) , aiming to dismantle the anonymity of shell corporations and increase transparency in corporate ownership. By requiring comprehensive reporting of beneficial ownership information (BOI),

4550-464: The work was published. His research applies basic economic assumptions such as maximizing behavior, preferences, and equilibrium to the family. He analyzed determinants for marriage and divorce, family size, parents' allocation of time to their children, and changes in wealth over several generations. This publication was an extensive overview of the economics of the family and helped to unite economics with other fields like sociology and anthropology. At

4620-788: Was a member, and later the president of, the Mont Pelerin Society . Becker received the Nobel Prize in 1992 "for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket behavior". Becker also received the National Medal of Science in 2000. Becker received the Golden Plate Award of the American Academy of Achievement in 2001, presented by Awards Council member and Nobel Prize laureate Leon M. Lederman . A political conservative , he wrote

4690-751: Was a professor of economics and sociology at the University of Chicago , and was a leader of the third generation of the Chicago school of economics . Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Kenneth Arrow and Robert Solow . Economist Justin Wolfers called him "the most important social scientist in

4760-493: Was a student of Becker at the University of Chicago, first published a history of the NHE at Columbia and Chicago in 2001. After receiving feedback from the NHE founders she revised her account. Among the first publications in Modern Household Economics were Becker (1960) on fertility, Mincer (1962) on women's labor supply, and Becker (1965) on the allocation of time. Students and faculty who attended

4830-505: Was confirmed to take up Charles L. Kolbe's second former seat on the board. Deborah L. Wince-Smith was also confirmed to take up Larry L. Levitan's former seat on the board. On the recommendation of senator Max Baucus , George W. Bush appointed Edwin Eck to take up Karen Hastie Williams' former seat on the board. Eck's appointment was approved by the senate in July 2008. Eck's reappointment for

4900-580: Was released in the name of Pandora Papers by the International Consortium of Investigative Journalists (ICIJ), exposing the secret offshore accounts of around 35 world leaders in tax havens to evade taxes. One of the many leaders to be exposed was the ruler of Dubai and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid al-Maktoum . Sheikh Mohammed was identified as the shareholder of three firms that were registered in

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