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Tax havens alive and kicking as over 200 Danish companies are registered in tax havens

Thursday, 26 September 2013
Danish Ferry Company, BornholmerFærgen, luxury Gift Company, Georg Jensen and Bianco Shoes, are example of Danish companies that are registered in tax havens. They lead some more than 200 Danish companies that have whole of part of their ownerships in various tax havens.

When caught they claimed that their aim has not been to save on taxes but to wed off competitors from seeing their financial records. Experts however, note that companies move to tax havens in order to avoid taxes and resign that that it will of course cost Denmark dearly.

These are just three of the over 200 Danish companies identified as having whole or part of their ownership in tax havens such as Bermuda, Gibraltar and Guernsey, reports Demark TV referring to a mapping that a fact finding site, Ugebrevet A4 did.
Tax haven
Guernsey, Channel Islands one of the chronic tax havens used by Danish companies /Granscole

Bianco Shoes has 140 stores in Denmark, Northern Europe, and the Middle East. The shoe chain is driven from Kolding, in Denmark but in reality it is owned by a shell company in Jersey, called Anka Investments Ltd..

René Piper Laursen, who owns Bianco Shoes, wrote in an email to A4 that Anka Investments is not a tax haven company because it is purely taxed in Denmark and therefore taxed like any other Danish companies.

Entries in the Danish Tax Administration's list of Danish companies shows that Bianco Shoes did not pay tax in Denmark in the last reported fiscal year.

BornholmerFærgen, SamsøFærgen and a handful of other ferry routes under that umbrella have Clipper Group as their majority shareholder. The company resides in Copenhagen, but the parent company is located in the Bahamas. Clipper states that it pays its taxes in Denmark.
"The only advantage for us is that our competitors can not gain insight into our parent group's financial results, as we are not required to publish financial statements for Clipper Group Ltd," explains Clipper to A4.
Georg Jensen is owned by an investment fund based in Bahrain.
Financial experts state that the prime reason why the companies are located in tax havens is tax avoidance, something that will hit Denmark very hard.

The more money invested or goes to tax havens, the less money there is to tax in Denmark. It is tax avoidance, which means that by legal and illegal methods they reduce their incomes, according to Jan Pedersen, a professor of tax law at Aarhus University, to A4.
The number of Danish companies with ownership in tax havens is actually larger than the 200 named companies A4 mapped using global company data from the Dutch research company Bureau van Dijk. One reason is that some Danish companies' real owners are hiding behind multiple layers of companies registered criss-cross national borders.
By Scancomark.com Team

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