Bisnode: Record number of Czech firms leaving tax havens

There are now 12,400 Czech companies based in tax havens, the fewest since 2011, after a record 405 moved operations this year, the consultancy Bisnode says.

Many tax havens have largely ceased to perform their core functions, namely securing their owners’ anonymity and tax optimization, accord to the consultancy.

A total of 157 Czech firms left the Netherlands this year and 147 left the United States. Dozens also moved their headquarters from Cyprus (36 companies), Luxembourg (32) and the British Virgin Islands (22).

Bisnode estimates that only 2.47 percent of Czech firms are now controlled from tax havens. It says destinations such as Hong Kong and the United Arab Emirates are increasingly popular.

Author: Brian Kenety