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

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Denmark and Poland are refusing to bail out companies registered in offshore tax havens. Governments around the world are offering financial assistance to struggling firms in the wake of the coronavirus crisis.

  • Denmark and Poland won’t give financial aid to companies registered in offshore tax havens.
  • Governments around the world are scrambling to bail out their economies with huge stimulus packages amid the coronavirus crisis.
  • Denmark and Poland are the first to exclude firms that incorporate themselves in famous tax havens, meaning they can avoid domestic business taxes.
  • “Companies based on tax havens in accordance with EU guidelines cannot receive compensation, insofar as it is possible to cut them off,” a translation of a Saturday statement from Denmark’s finance ministry said.
  • “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, the executive director of Tax Justice UK, told Business Insider.
  • Visit Business Insider’s homepage for more stories.

Denmark and Poland are refusing to let companies registered in offshore tax havens access financial aid from their coronavirus bailout packages.

The Danish finance ministry on Saturday extended its bailout program into July but stressed that firms based in tax havens would no longer be covered.

“Companies seeking compensation after the extension of the schemes must pay the tax to which they are liable under international agreements and national rules,” a translation of the statement said.

“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.” More details here.

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