Slovak businessmen leave for tax havens

The number of Slovak businesspeople heading for tax havens is increasing. According to data presented by the Czech Capital Information Agency (ČEKIA), up to 3,072 companies in Slovakia, i.e. 1.6 percent of the total number of businesses operating in the country, are located in places considered to be tax havens. Most of these companies are resident in the Seychelles, the US and in Cyprus, the SITA newswire reported.

The number of Slovak businesspeople heading for tax havens is increasing. According to data presented by the Czech Capital Information Agency (ČEKIA), up to 3,072 companies in Slovakia, i.e. 1.6 percent of the total number of businesses operating in the country, are located in places considered to be tax havens. Most of these companies are resident in the Seychelles, the US and in Cyprus, the SITA newswire reported.

ČEKIA said that companies choose the Seychelles and the US because of the opportunity for anonymous ownership, while Cyprus offers lower taxation.

“In Cyprus it is possible to set up an advantageous holding, like in the Netherlands or Luxembourg, but with much lower expenses,” said Michal Friedberger from Akont Trust Company, as quoted by SITA.

During the first three months of 2012 up to 77 companies left for tax havens. ČEKIA predicts that this trend will continue thanks to government hints that it will hike corporate taxation.

Lawyer Martin Dančišin of Glatzová & Co. says that businesspeople are attracted by the anonymity of ownership since Slovakia offers “very much information to every interested person online and absolutely for free” about businesses, SITA wrote.

Source: SITA

Compiled by Radka Minarechová from press reports
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