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Nearly 4,800 Slovak firms are seated in tax havens

An analysis by the Bisnode company has shown that almost 14 percent of the capital stock of Slovak companies has ended up in tax havens.

Tax returns, illustrative stock photo(Source: Sme)

Slovak companies whose parents reside in tax havens control capital stock amounting to almost €10.5 billion, data compiled by the consultancy company Bisnode has shown. This represents 13.6 percent of the total capital of all Slovak companies, the SITA newswire wrote.

Over the past year, Bisnode registered 4,796 Slovak companies seated in tax havens. The largest share is controlled by companies in the Netherlands, where 1,139 companies control equity capital amounting to almost €6.6 billion.

Read also:Slovakia lags in fighting fraudsters

“The Netherlands has been one of the top destinations in the long run of Slovak entrepreneurs seeking tax-favoured destinations, and in no other country do they own such a large volume of capital,” Bisnode analyst Petra Štěpánová said, as quoted by SITA.

The Netherlands is followed by Cyprus and Luxembourg. Currently, 1,106 Slovak companies reside in Cyprus with the amount of capital stock there being more than €1.5 billion, while in Luxembourg, 414 Slovak firms have total capital stock amounting to €1.348 billion.

Read also:Tax evasion still causes problems

The number of companies moving their seats to tax havens is increasing very slowly in annual terms, however, the Hospodárske Noviny daily wrote on March 1, citing Štěpánová.

Read also:37 Slovak firms do business in tax havens on EU black list

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