From yle uutiset

According to a new report by the business watchdog organization Finnwatch, Finnish companies have 438 subsidiaries in countries classed as tax havens.

The Finnwatch reports says that Finnish companies have set up subsidiaries in countries such as the Cayman Islands, Cyprus, the British Virgin Islands and lower tax rate EU countries such as the Netherlands and Belgium. Finland’s 20 largest corporations were found by Finnwatch to have 225 subsidiaries in tax havens.

Finnish corporate legislation does not require companies to publish detailed information on operations by subsidiaries. Finnwatch says that there is wide variation in the information presented by companies concerting subsidiary operations in annual reports and accounting.

The national tax authority has earlier estimated that tax arrangements involving subsidiaries outside the country deprive the state of around 320 million in revenues annually.

Image: How Hwee Young / EPA

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