Government wants to tax income hidden in tax havens
Finance Minister Eduard Heger, in a revision to the Income Tax Act, aims to tax individuals hiding their income in tax havens. Individuals will be taxed on income generated by companies under their control, even if the profits are not paid out as dividends but remain parked in tax havens. The rate will be 7%, or 35% for profits of companies from non-cooperating countries, such as the Seychelles and Panama.
