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

Coalition only agrees on how to talk. But what will they talk about?

Budget talks to decide on concrete policies. Danko wants airplanes, Fico wants better pay for nights and weekends.

Danko, Fico, Bugar.

Cloud computing becomes a standard

External servers are now much more secure than local business ones, according to experts.

Slovak firms have their eyes on the cloud.

Slovaks drink less and less

Behind the decline in alcohol consumption is, for example, the abandoning of the habit of drinking at work – typical especially during communism, according to an expert.

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska