DEVELOPMENT OF SLOVAK CAPITAL IN TAX HAVENS

Abstract

Countries with tax benefits are still attractive for business entities operating in the conditions of the Slovak Republic. The paper aims to quantify the number of offshore companies based on data from the financial report of the Ministry of Finance of the Slovak Republic and Bisnode A Dun & Bradstreet Company and evaluate the development of Slovak companies in tax havens in 2008-2020. The second aim is to verify the hypothesis about statistically significant differences in the number of Slovak offshore companies in analyzed countries between 2020 and 2008. The development of the number of Slovak companies is assessed in absolute and relative terms using a chain index, a base index, a growth rate, and a geometric mean. The stated hypothesis is tested using Wilcoxon Signed-Rank Test. The results showed that the number of companies in tax havens increased to the greatest extent in 2020. The highest average annual growth rate in the tax haven countries was 52.85% in the Marshall Islands and the lowest average annual growth rate for the analyzed period was in the Netherlands Antilles (3.75%). The USA, the Netherlands and Cyprus are the countries of tax havens with the highest value of Slovak capital.