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Russian Finance Ministry has developed de-offshorization plan of country’s economy

January 28, 2014, 13:02 UTC+3
President Vladimir Putin called to combat tax evasion through offshore companies in an annual state-of-the-nation address to the Federal Assembly last December
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MOSCOW, January 28. /ITAR-TASS World Service/. After the Russian Finance Ministry’s plan for de-offshorization of the country’s economy is fulfilled in 2014 business people will have to pay taxes from dividends on Russian interest rates, auditors will have to share the client information with taxation services. RBC daily has made a conclusion in an exclusive article, familiarizing with the Finance Ministry’s plan.

President Vladimir Putin called to combat tax evasion through offshore companies in an annual state-of-the-nation address to the Federal Assembly last December. “Russian goods at a cost totaling $111 billion that make a fifth of all our export passed through offshore and semi-offshore companies” in 2012, the president noted. In January the Finance Ministry has developed a plan of 21 clauses (it is available for RBC daily) for the fight against “offshorization of Russian economy.”

The Finance Ministry’s document holds that bills that introduce three new terms - tax residence of organizations, factual income receiver (owner) and controlled foreign companies will have been passed in the country’s government by June 2014. The latter bill will give an opportunity to receive the income tax revenues, which were previously transferred to daughter companies in offshore zones, from Russian companies.

The country’s Finance Ministry insists on its long-standing idea to broaden access of tax services to the “auditor secret” data (or auditor documents related to the taxation of an organization the tax services deal with). Fulfillment of the bill is expected to be launched in October 2014.

“Probably the country’s Finance Ministry tries this way to avoid use of “aggressive tax schemes” (one of schemes to evade taxes), several countries have a procedure to expose them,” an employee of an auditing company told RBC daily.

 

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