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More and More Slovak Firms Register HQs in Tax Havens
Saturday 02 Octtber 2010 Zoom in | Print page
Bratislava, October 2 (TASR) - There are annually 42 percent of entrepreneurs doing business in Slovakia but registering the site of their enterprise in low-tax countries known as tax havens, a tax analyst has told TASR.
The number of firms moving headquaters abroad, mainly to Netherlands and Cyprus, continues to increase by 15 percent on the year despite Slovakia's adoption of the euro in January 2009.
"I expect tax havens to continue to be increasingly attractive. Entrepreneurs are still watched with some suspicion in Slovakia and required to disclose their property holdings in detail. A decision to relocate the firm is accelerated, among other things, by fears that corporate taxes are bound to rise as a result of the high state budget deficit," said Michal Friedberg, a tax analyst with Akont Trust Company.
Apart from Netherlands and Cyprus, other tax havens in Europe are Switzerland, Luxembourg and Lichtenstein, while elsewhere in the world it is Cayman Islands and Panama that offer complete anonymity of assets and often tax freedom.
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