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Accounts Chamber of the Russian Federation will stop the withdrawal of Russian assets to offshores


				17.02.2012
						 

16 February 2012 The Chairman of Accounts Chamber of the Russian Federation Sergey Stepashin in his “Business lunch” to "Rossiyskaya Gazeta" published 17.02.2012g. № 5708, expressed full determination to fight with the process of withdrawal of assets to offshore jurisdictions.

Stepashin emphasizes the necessity for thorough inspections of major energy companies operating in the offshore zones by Accounting Chamber and the Ministry of Energy. The results of these activities are planned to obtain at the end of this year.

Also as noted by the experts the amendments to the Civil Code of the Russian Federation are ready and they will be able to stop the process of withdrawal of the Russian assets to offshore zones, in particular with the help of provisions on disclosure of information on beneficiaries.

Sergey Stepashin spoke categorically on tax havens: "Close offshore, and all! Collectively negotiate with large countries with large economies, with large employers of the world that they do not play in offshores."

According to the Chairman of Accounting Chamber opinion Russia is likely to follow the path of deprivation of tax preferences of those who operate in jurisdictions with zero taxation or symbolic one.

Expert’s opinion

“There were a lot of things declared in the USSR. There is no sex - but the children come from somewhere. No rich - but manufacturers go on the Volga trip with currency sluts (by the way there is no currency and sluts either).

It took a little time and a new generation grew up without knowledge about lack of something - and now they need to be given fresh “installations”. Now we do not have offshores and withdrawal of capital from Russia. That sort of a diode will be inserted into each bank – money withdrawal ban and money “entrance” – as much as you want!!!

They want to ask with advertisement words: “Won’t you burst?” because of such heavy investment flow to the Russian Federation without any withdrawal.

Well that’s all right. The sense of Stepashin’s message – is the struggle against theft of energy companies and not with offshore companies. Stepashin now understands that the fight against offshore companies is like prohibition of currency circulation. Though what could be simpler to decide, agree with all the countries and prohibit settlements in foreign currency - no money - no capital withdrawal!

Unfortunately for ordinary people any legislative changes in Russia mean only one - increase of the "corruption component" in the overhead costs of doing business. But for “not ordinary” people – the Sberbank has already bought a bank in Austria, and already the amendments are being made to withdraw money abroad directly from the budget accounts (read about the ADI).

On the basis: www.rg.ru

Lomakin Yaroslav ( managing partner of Honest&Bright)

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