It was found that: 1) There are statistically significant differences in all investigated indicators between Slovak companies with and without links to tax havens. The second provides financial statements for all Slovak companies. The first database lists those Slovak companies that had links with tax havens during 2005–2015. To measure the impacts, we link the Bisnode and Finstat databases. The financial impacts are measured by indicators of profitability (ROA) activity (total asset turnover) liquidity (current ratio) and bankruptcy (IN05). We distinguish between three types of tax haven: onshore, midshore and offshore. This paper aims to quantify the impact of direct equity ownership links between Slovak companies and tax havens. Our broaden research of alternative labour acquiring did not confirm the hypothesis that Slovak companies located in tax havens use outsourcing (agency employment) to a greater degree. A different situation was found for companies in the ONSHORE category, as these companies have the highest wage costs and social and health insurance contributions relative to assets among the investigated groups. The results suggest that companies with ownership links to the OFFSHORE and MIDSHORE tax haven categories have the lowest levels of wage costs and social and health contributions relative to total assets. Our results indicate that the higher the level of tax aggressiveness (as regards the individual tax haven category), the lower salaries and social and health insurance contributions are paid by Slovak companies. We used and matched two databases (FinStat and Bisnode databases) for 20.
We mainly use non-parametric methods to determine statistically significant differences in the investigated ratios (Mann-Whitney test with Bonferroni correction and Kruskal-Wallis test). For this reason, the goal of our paper was to assess and compare, based on an analysis, the differences as regards wage costs and compulsory social and health contributions paid by employers by Slovak companies with ownership links to tax havens compared to their counterparts. Economic tax theory states that if a company can reduce its tax bill, the saved funds can be used as investments in R&D, FDI, production expansion, or to direct more funds to its employees (higher salaries or to employ more employees). Companies transfer their headquarters to tax havens for various reasons, most often due to tax optimisation purposes, to ensure the anonymity of the ultimate beneficial owners (UBO), or to take advantage of a more favourable business, legal and tax environment.
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