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Denmark and Poland are refusing to bail out companies registered in offshore tax havens - Business Insider


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SOURCE: http://www.businessinsider.com/coronavirus-companies-tax-havens-banned-denmark-poland-bailout-2020-4
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Summary

"Companies based on tax havens in accordance with EU guidelines cannot receive compensation, insofar as it is possible to cut them off under EU law and any other international obligations."Poland took similar measuresĀ on April 8.Prime minister Mateusz Morawiecki said large companies wanting a chunk of the PLN 25 billion ($6 billion) bailout fund must pay domestic business taxes."Let's end tax havens, which are the bane of modern economies," he added. Amongst the most famous havens are Gibraltar, the Bahamas, Andorra, Bermuda, the British Virgin Islands, the Cayman Islands, and Panama.It is unclear if other European nations will follow the example of Denmark and Poland, but it is unlikely that authorities in the UK, the Netherlands, Switzerland and Luxembourg will do so."Together [they] account for fully half of the world's tax evasion," according to The Tax Justice Network.All four have provisions which make them attractive to businesses that also allow them to be registered offshore."Companies that seek to dodge their obligations to broader society by cutting their tax bills shouldn't expect to get bailed out when things go wrong," Robert Palmer, Executive Director at tax Justice UK, told Business Insider.

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