Spectator on facebook

Spectator on facebook

Joining forces to combat tax evasion

COUNTRIES have joined forces in fighting against tax evasion.

(Source: Sme)

Slovakia, together with 31 other countries, signed a multi-lateral agreement in late January, intensifying the mutual cooperation in discovering tax evasion.

By signing the agreement, the country has made another step towards making this fight more effective, the Slovak Finance Ministry informed the TASR newswire. The country thus also acknowledged the implementation of BEPS (Base Erosion and Profit Shifting), the project focused on preventing erosion of the tax base and shifting of profits abroad.

“I consider this step another one in the fight against tax evasion,” Finance Minister Peter Kažimír said. “Within international collaboration, a swift exchange of information is inevitable, which contributes to discovering the evasions.”

Signing of the agreement should lead to deepening of the transparency of multinational companies. Automatic exchange of reports country-by-country will enable tax administrators to get information on selected tax indices of multinational companies, including their profits, or tax paid in individual countries. Thus, tax administrators will receive further information that will help them find out whether these companies do, or do not, artificially reduce the tax base by moving profits to other countries.

Top stories

It takes nuts to help Kenyans

Slovakia has provided more than €10 million to the Kenyan people since 2005.

Muruku slum in Naorobi

Lack of experts challenges ICT sector

To maintain the competitiveness, the Slovak government must support digitising the economy and take a positive stance towards the ICT sector, according to experts.

Illustrative stock photo

Our exit from the EU will not weaken our links

The UK has no intention of undermining the stability of the EU, nor do we want to become more distant to our European neighbours, including those here in Slovakia, the ambassador writes.

Flags displayed on a tourist stall, backdropped by the Houses of Parliament and Elizabeth Tower containing the bell know as Big Ben, in London.

Roma civil patrols will continue

The Interior Ministry allocated €10 million for the project.

Roma patrols in Veľká Lomnica.