site.btaDeputy Prime Minister Kalfin Urges for Limitations on Off-shore Companies at European Level

Deputy Prime Minister Kalfin Urges for Limitations on Off-shore Companies at European Level

Sofia, April 5 (BTA) - Deputy Prime Minister Ivailo Kalfin urged for European-level limitations for off-shore companies. Commenting the Panama Papers development to reporters on Tuesday, Kalfin described the off-shore companies as "a cancerous formation for the entire world". He said that a change is needed in whole Europe.

"It is not fair for people to go through crises, pay taxes and suffer limitations while certain well-off businesspeople and politicians hide their money and claim strong influence in their countries," Kalfin said.

He went on to note that off-shore areas are legitimate but in reality hurt the law-abiding taxpayers as they are forced to compensate for other people's evaded taxes. Kalfin said that the EU loses about one trillion euro annually from off-shore tax evasion.

Kalfin called for decisive measures for limiting off-shore companies.

The Deputy Prime Minister said that if names of Bulgarians appear in the Panama Papers, the country must be "uncompromising". "It is inadmissible for people involved in politics to hide money in off-shore companies," Kalfin said.