Helsinki (31.01.2014 - Heikki Jokinen) Twenty top Finnish companies have 225 subsidiaries in tax havens, the Finnish watchdog Finnwatch reveal in a new report. Of these 79 are in the Netherlands and 22 in Belgium.
Though the Netherlands is not usually cited as a tax heaven, Finnwatch says that it offers several possibilities for companies to avoid taxes and repatriate profits i.e. return profits back to their home countries.
The OECD has set four criteria for tax havens, and one of these is the absence of requirement that there must be substantial activity in the company. In the Netherlands there are 11,500 foreign holding companies, more than in any other European country, Finnwatch says.