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Finance Ministry drafting bills to de-offshore Russian economy

December 17, 2013, 15:23 UTC+3 MOSCOW
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MOSCOW, December 17. /ITAR-TASS/. Russia’s Finance Ministry is drafting bills to de-offshore the Russian economy, director of the ministry’s tax and customs policy department Igor Trunin told a roundtable meeting of the political movement All-Russian People’s Front on Tuesday.

In his annual state-of-the-nation address President Vladimir Putin proposed that Russian offshore-registered companies should be taxed under Russian tax rules. He said such companies should be banned from getting Russia’s government contracts and state loan guarantees from Vnesheconombank.

“The first bill, which is on the way, concerns ratification of the Convention on Mutual Administrative Assistance in Tax Matters,” he said.

Signatories to the convention developed by the Organisation for Economic Cooperation and Development are 64 states, including offshore jurisdictions. “In the event of ratifying the convention we will formally get a provision allowing us to request tax information from other countries,” he said.

“Other bills are the result of the president’s address,” Trunin said. “They concern tax residence of corporations, controlled foreign companies and beneficiary recipients of income.

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