‘Deoffshorisation’ of Russian economy: draft law on controlled foreign company legislation and other measures

On 18 March, the Russian Ministry of Finance published a draft law on anti-offshore measures. The draft introduces three concepts: controlled foreign companies (CFC) rules; Russian tax residence for foreign companies based on tests of management and control; and new rules on taxation of the indirect disposal of Russian real estate.

Implementation of the new legislation will provide the Russian tax authorities with legal mechanisms for taxing international corporate and private structures. Increased international exchange of information will allow the authorities to track down those structures and tax their Russian owners. Consequently, you should review and revise both your corporate and private international arrangements as a matter of urgency.

Withers has set out below the key provisions of the draft and summary comments…

Click on the link below to read the rest of the Withers briefing.

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