International auditing firm PricewaterhouseCoopers (PwC) in its study says that the use of tax havens by companies and individual entrepreneurs in order to minimize taxes will be inadmissible in the near future.

The PwC study was published literally a week before the leakage of the so-called Paradise Papers from Appleby the offshore law firm. The papers show in details the financial offshore schemes of the world-famous wealthy people, among which one can find Queen Elizabeth II and members of Donald Trump’s cabinet.

According to the authors of the study, today the public becomes increasingly hostile to those who try to avoid paying taxes and dishonestly multiply their wealth in different ways. That is why business must soon ensure the tax transparency of its activities and the availability of information on paying taxes to everyone interested.

“Taxes became very important for each brand in times of lack of confidence in financial services, especially among the millennial generation. The perception of a company that does not pay a fair share of taxes or uses questionable tax havens becomes inadmissible” - the PwC study said.