Frank Timis has acknowledged that he has companies in tax havens after the 'Panama Papers' were published.
The businessman says that as long as the income tax is very high in the country he prefer to pay less taxes.
He said that he had at least 30 companies registered in tax havens. And one of them was created using the firm Mossack Fonseca to begin operation at Rosia Montana.
"Yes, I have companies in the Bahamas and the Cayman Islands, because these two jurisdictions have double treaties with almost all developed countries in the world. All investors prefer to invest in companies registered there because when they sell their shares, they pay between 1 and 5%, not 30% tax on profit shares. These are things that have been done for years, I mean, 50, 60, 70 years. Of course I would not agree to pay 30% tax on profits per share instead of 5% if these laws are made by every state, "said businessman Frank Timis.
"Panama Papers" a huge leak of financial information: Romanians who hid their wealth in tax havens.