UPDATED: 17. APR, 2015, AT 11:20

Fewer Slovak companies based in tax havens

THE NUMBER of Slovak companies residing in tax havens dropped in the first three months of this year to 4,248, which is 114 less than at the end of last year. 

Illustrative stock photoIllustrative stock photo (Source: SME)

Most companies left Monaco and Jersey. The trend is the opposite in the Czech Republic, when they rose by 23 to 13,270, the TASR newswire reported.

“Currently it is not possible to predict whether it is a change of trend or statistical divergence,” Petra Štěpánová of Bisnode said, as quoted by TASR, adding that in the case of the Czech Republic they have already noticed significant slowing of the growth in tax haven companies.

This comes as a result of stricter regulation, tax and legislative changes and closer supervision, as well as concerns of entrepreneurs from revealing bank secrecy.

The introduction of a special tax of 35 percent on payments into tax havens is cited as one of the reasons behind the decrease in Slovakia, the Hospodárske Noviny daily wrote.

Most Slovak companies left in the first quarter of 2015 Monaco (50), Jersey (33) and the Netherlands (14), as well as Cyprus (12) and Seychelles (10). Their number increased in Panama (6) and Malta (5), TASR wrote.

In 2014 a total of 400 left Slovakia for tax havens.

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