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Russian economics ministry proposes tax on offshore earnings

January 14, 2014, 18:34 UTC+3 14
1 pages in this article

MOSCOW, January 14 (Itar-Tass) - Russian Ministry of Economic Development (MED) proposes levying taxes on Russian residents’ earnings from stakes in offshore companies as part of a planned tax policy.

According to the document, the MED suggests “including earnings from direct or indirect ownership in offshore companies in residents’ tax base”. The ministry believes this measure similar to the U.S. CFC rules will help cease tax evasion by means of registering controlled ‘centres of profit’ in offshore companies that accumulate profit for further repatriation and redistribution within holding bypassing tax payments in Russia.

Experts at the Gaidar Institute propose agreements with other states for levying corporate tax on earnings gained on their territory by Russian residents and transferring funds to the Russian budget without disclosure of information about beneficiaries.

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