Business owners in the Welsh town of Crickhowell were fed up with multinational corporations exploiting fiscal loopholes while they had to pay taxes in full. They decided to register in tax havens such as the Isle of Man and Jersey.
The Panama Papers have revealed a vast network of dubious offshore companies, ostensibly used to hide depositors' money from tax authorities. Politicians have been trying for years to shut down such oases.
Germany's BDI industry group has come out against a government plan to unilaterally close so-called 'patent box' tax loopholes used by foreign companies to avoid paying full taxes on profits earned in Germany.
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