RT: Anti-offshore’ law to bring billions back to Russian economy

2012: What's the 'real' truth?

Back in June of  2013, Putin said: Cutting offshore businesses key to reviving global economy – Putin.We see he is a man of his word. Would this have happened if the West had not pushed him directly towards it? ~J

Published time: November 19, 2014 16:23

Reuters/Andrew RC Marshall

Reuters/Andrew RC Marshall

Russia’s upper house of parliament has approved an “anti-offshore” law requiring individual and corporate taxpayers to report foreign profits. The Russian government aims to prevent capital outflow via “offshores,” estimated at $200 billion in 2014.

The law requires Russian tax authorities to be notified of all foreign dealings. The government believes it will return $3.1-4.2 billion in tax revenue to the Russian state budget.

Any Russian individual or company that owns 50 percent or more of an offshore asset will have to declare profits to the tax authorities. Over time, the allowable share of ownership will decrease – in…

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