Russia considers 'offshore amnesty' - report
OSCOW, October 9 (RAPSI) - Russian authorities are considering amnesty aimed at moving assets from tax havens to the country, Izvestia newspaper reports on Thursday, citing an undisclosed source with direct knowledge of the matter.
State Duma lawmaker Mikhail Serdyuk (A Just Russia party) reportedly came up with an idea which was supported by speaker of the parliament's upper house Valentina Matviyenko.
Several solutions to the capital flight problem linked to tax havens are discussed at the moment, according to the newspaper. Some suggest to exempt businesses from paying taxes on assets which are moved back to Russia. Others reportedly suggest to reduce taxes for such businesses.
President Vladimir Putin called in December 2013 for a renewed crackdown on Russian companies that dodge taxes by registering in offshore jurisdictions. Over $110 billion of Russian money passed through offshore companies in 2012, equivalent to one-fifth of the nation’s exports, Putin said during his annual State of the Nation address.
As a result, Russian senators and the Finance Ministry have proposed their bills. Upper house members proposed denying the offshore companies access to state support via Vnesheconombank, state guarantees, and government contracts.
The Finance Ministry’s bill would bind Russian citizens and legal entities to tax liabilities related to the revenue of the foreign companies they own.