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Businessman Usmanov plans to continue investing in information technology

April 12, 13:45 UTC+3 MOSCOW

The bulk of Usmanov's income over the past 5 years comes from foreign Internet assets

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MOSCOW, April 12. /TASS/. Investments in Russian and foreign Internet technologies has become the main source of profit for businessman Alisher Usmanov in recent years, he said in an interview with Vedomosti.

"The bulk of my income over the past 15 years comes from investments in foreign assets, and in the last 5 years - foreign Internet assets such as Facebook, Alibaba, JD.com, Twitter. I invested in the industry at the time when no other large Russian investors believed in it. Currently the shares of the old and the new economies in our portfolio are about at 50/50, but I am convinced that the share of the new economy of information technologies will only grow," Usmanov said.

Usmanov added that he was pleased with the investments in Apple, while the return on the shares of Uber and Xiaomi is yet to be evaluated. Usmanov also suggested that investments in such new directions as artificial intelligence, big data, VR and AR will be successful.

Alisher Usmanov is in the 5th place in the list of the richest businessmen of Russia according to Bloomberg, with estimated assets of $14 bln. Usmanov is the largest shareholder of USM Holdings (48%), which controls Russia’s largest iron ore producer Metalloinvest, mobile operator Megafon, Internet company Mail.ru. The businessman also owns large stakes in UTH Holding and CTC Media, as well as Kommersant publishing house and over 30% in Arsenal football club.

Usmanov retains Russian tax resident status

Usmanov has retained his Russian tax resident status and pays taxes as an individual and co-owner of assets, he said in an interview with Vedomosti, adding that the report of USM Holdings that he had spent more than 183 days outside the territory of the Russian Federation has been interpreted incorrectly.

"I’m a Russian tax resident, and I pay all personal taxes here, with more than half of revenues earned outside the Russian Federation, this mainly being profit from stock market operations," he said.

According to Usmanov, the amount of taxes he has paid as an individual, including 2016 taxes, exceeded $400 mln.

Alisher Usmanov is the fifth richest businessmen of Russia according to Bloomberg, with assets estimated at $14 bln. Usmanov is the largest shareholder of USM Holdings (48%), which controls Russia’s largest iron ore producer Metalloinvest, mobile operator Megafon, Mail.ru Group Internet company. He also owns large stakes in UTV Holding and CTC Media, as well as Kommersant publishing house and over 30% in Arsenal football club.

In early 2015, Russia adopted a law on controlled foreign companies, obliging Russians to inform tax authorities of their share of over 10% in such businesses.

With a share of over 25% and corporate profits of more than 30 mln rubles, Russian entities and individuals are required to pay an extra 20% and 13%, respectively, in taxes.

Russian tax residents pay taxes on incomes received worldwide while nonresidents pay taxes only on earnings from sources in Russia.

As Forbes magazine reported earlier, this law forced some businessmen last year to give up their tax resident status in Russia. In particular, this was done by Mikhail Fridman and Alexei Kuzmichev holding stakes in Alfa-Group, a major private investment group in the country.

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