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20 Apr 2020

Nikolaj Skydsgaard, Reuters

Denmark joins Poland in excluding firms registered in tax havens from COVID-19 aid

'Denmark blocks firms registered in tax-havens from state aid'

Denmark has become one of the first countries to ban companies that are registered in tax havens from accessing financial aid during the coronavirus pandemic...

Additionally, firms applying for an extension of Danish state aid must now promise not to pay dividends or make share buy-backs in 2020 and 2021, it said...

Poland, one of Europe’s most vocal opponents of tax havens, was the first to restrict large firms’ access to state aid based on whether they pay taxes in Poland earlier in April.

Estimates of tax evasion vary widely, but tax havens collectively could cost governments between $500 and $600 billion a year in lost revenue from corporates, according to some researchers.

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