Offshore Issues in the Presidential Address to the Federal Assembly of Russia

Offshore Issues in the Presidential Address to the Federal Assembly of Russia

Today, on 12 December 2013, the 20th anniversary of the Russian Constitution, Vladimir Putin delivered the annual Presidential Address to the Federal Assembly.

Mr. President announced a set of initiatives to crack down on Russian companies who register and pay taxes in offshore jurisdictions. "You want to have offshore company? Fine. But get the money here," he said.

The key proposals of the Russian President:

1. The incomes of the companies registered in offshore jurisdictions and belong to the Russian owner (the final beneficiary), are subject to Russian taxes rules and tax payments are to be paid to the Russian budget.

2. Russian companies registered in offshore jurisdictions will not be allowed to enjoy State aid measures, including credits of Bank for Development and Foreign Economic Affairs and State guarantees. Also they will to be able to bid at state tenders.

The fight against tax evasion and all kinds of offshore schemes is today’s worldwide trend. And Russia will maintain offshore deterrence policy at both international and domestic levels.

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