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Reuters: many of the richest Russians have ceased to be tax residents of the Russian Federation

Part of the richest Russians ceased to be a tax resident of the country to avoid the consequences of the adopted in 2014 the law that they must declare their offshore assets, reports Reuters with reference to the Russian businessmen.

«They can criticize, say that they are unpatriotic, but the fact remains – the budget lost something,» – said the Agency Vladimir Potanin, occupies 8 th place in the rating of Russia’s richest men according to Forbes magazine. He Potanin, co-owner of mining giant Norilsk Nickel, has remained a tax resident of Russia, but knows that many of his colleagues changed tax residency of the law on deofshorizatsii, while retaining the bulk of investment in Russia.

Two other participants of the list of 100 richest businessmen of Russia according to Forbes magazine, told Reuters, that they have ceased to be tax resident, not to obey the law. They spoke on condition of anonymity, as he feared to hurt their business interests in the country.

Official statistics on how many people become tax nonresidents of the Russian Federation since the adoption of law no. There is also no public data on the size of assets owned by these entrepreneurs.

Law Bureau Egorov, Puginsky, Afanasiev & partners, said that conducted the study by talking with representatives of banks, consultants and beneficiaries of controlled foreign companies (Kicks) – a total of nearly three hundred wealthy Russians. The Bureau found that 40% of the beneficiaries Kicks decided to abandon the status of a Russian tax resident and 9% of transferred assets to relatives, non-residents.

The law on the deoffshorization of the Russian obliges taxpayers to disclose their Kiki and gradually begin to pay tax on the undistributed earnings of these companies.

In most Western countries apply similar practice, but for Russia it’s a big change, because previously, taxpayers could declare their share in foreign assets.

This law was adopted on the initiative of President Vladimir Putin, which in most cases was interpreted as a desire to force the Russians to fulfill a Patriotic duty, start paying taxes and to invest in assets at home.

Reuters: many of the richest Russians have ceased to be tax residents of the Russian Federation 07.06.2017

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