Total of new companies lowest for five years

16-02-2011

Last year the number of Czech companies fleeing to tax havens was the lowest for five years according to figures released by the CEKIA financial information company on Wednesday. The number of Czech companies setting up in such havens for the first time rose by 281 to total 11,424. That is an increase of 2.5 percent on the previous year. Many Czech companies relocate to the Dutch Antilles, Cyprus and Luxembourg because of the tax advantages. Favourite locations last year were Monaco and the Seychelles. The Czech government is on the verge of signing two agreements with the British tax havens Guernsey and the Isle of Man to get access to details of Czechs squirreling assets there. The Ministry of Finance says another three agreements are in the pipeline.