Nowadays the Russian tax legislation is directed at complying with international standards of tax policy of the leading countries. For this reason the Ministry of Finance of the RF is aimed at active cooperation with other jurisdictions in tax aspects, including signing of bilateral and multilateral agreements on exchange of tax information.
The main purpose of introducing such radical changes is effective resistance to national taxation avoidance through accumulation of income in offshore jurisdictions.
However, it should be noticed that one of the key factors of tax policy of most of OECD countries is non-disclosure of information on tax payers to other countries. It won’t significantly let the Russian initiators solve all problems of concealment of income from taxation immediately.
On the one hand, the effect of strengthening the tax administration for bona fide tax payers will be positive as it is aimed at improving of legislation, concluding of new tax agreements with other countries. On the other hand, the duty for full disclosure of information (on affiliated persons, shares in capital of companies) can jostle away the potential investors from conducting of business in Russia and lead to termination of business by the Russian companies having foreign incorporators.
On the basis: http://www.minfin.ru/common/img/uploaded/library/2012/04/ONNP_2013-2015.pdf
Julia Akhmetova ( Paralegal of Moscow office of Honest & Bright Ltd)
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