Hundreds of Slovaks head for tax havens

Hundreds of Slovak businesses are moving to various tax havens every year, according to Akon Trust Company, which offers tax consulting services.

The company says there is growing interest in Slovakia to move the registered offices of companies to a tax haven, so that they can save up to 15% on taxes. Another benefit is that it offers the company owners anonymity, while giving them a better degree of legal protection.

Analyst with Akont Trust Company, Michal Freidberger, says he expects interest to continue growing because of the level of inspection in Slovakia and fears that taxes will be hiked up because of the massive hole in public finances that the government wants to resolve.

Friedberger says the favourite destinations include the Netherlands and Cyprus, but that recently even New Zealand is gaining in popularity. The main reason for making such a move is lower corporate income tax and tax from trading with securities.

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