The number of Slovak companies with their seats in tax havens are increasing, highlighted the advisory company Bisnode Slovakia. According to data from the company, their number has risen from approximately 1500 to over 4700 since 2005. Moreover, Bisnode expects the number to grow. According to the company's consultant Milan Seliak, the number of the so called chain registrations is growing. "Thus, a Slovak company is, for example, registered in the Czech Republic, which is then registered in Hungary for example and the Hungarian one is registered in one of the tax havens," said Seliak, who emphasised that such structures are very difficult to track. As he also explained, it is very important to differentiate legal trade or the utilising of better business environments from illegal businesses.
Seliak highlighted positive steps taken in this field: adoption of the so called anti-shell company law as well as the signing of international agreement regarding the exchange of information between Financial Administrations. He sees reserves in cooperation within the EU, as many countries decrease their taxes, which logically leads to companies moving to better business environments. Seliak also pointed at the need to improve the business environment in Slovakia, which could, according to him, start growth and investment of domestic companies and could also attract new investment and prevent the departure of Slovak companies abroad.
