News: tax havens

[Short English reading with words explained // krótki tekst angielski z wyjaśnionym słownictwem]

TAX HAVENS

Have you ever wondered why countries such as Andorra or Aruba have a disproportionately high number of companies registered in them? This is due to the fact that they have very lenient tax laws, and the CIT one is required to pay is much lower than the exorbitant rates in many other countries. As a result, many European and American companies have their head offices in such exotic locations. It is legal? Apparently yes. But is it honest?


GLOSSARY

- disproportionate – too large or too small in comparison to something else

- lenient – not as severe or strong as would be expected

- CIT – Corporate Income Tax

- exorbitant – much too large



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