Owners of Dôvera paid out money but did not paid taxes

Wednesday, 17. September 2014, 19:37

The largest private insurance company Dôvera had last year profit of more than € 46 million. It is the most of all insurance companies. Dôvera gave its profits to a reserve fund and did not use the money to pay dividends to its shareholders. They, however, paid out the money from insurance company anyway. Investment group Penta and Cypriot company Prefto Holding Limited had together paid out almost € 150 million, of which Dôvera reduced the so-called commitments to shareholders in its accounting. Owners of Dôvera did not pay taxes of this amount. They did not have to. Formally it was just settlement of the liability, not profit. If you such amount was paid from profits they would have to pay 23 percent tax of it for more than € 30 million.