Course on deoffshorization of Russian economy continues

18.06.2014

On the 18^th of July, 2014 the meeting of the Russian Government on the issue of reforming of national payment system was held.

As the Chairman of the Government, D. Medvedev said: “It is important for economy to create comfortable business environment, to raise the attractiveness of out jurisdiction. Therefore, all of the Government, business community and public organizations’ efforts shall be directed on it.”

Representatives of the Government discussed the Bill, which is aimed at deoffshorization of the country’s economy. This Bill will amend those parts of the Tax Code of Russian Federation, which are related to the controlled foreign companies.

Prime Minister also stressed that taxation rules shall be not only transparent and understandable to the participants, but also they shall be executable.

Source: http://government.ru/news/13151

Expert’s opinion

Even the longest journey still begins with the first step.

Russian Federation has begun the journey of creation of payment system, which would be alternative to the international one. And now we are looking at the first steps.

And for now it is going like in the old soviet joke:

“Night. Winter. Small house in the village of Shushenskoe. It is snowing heavily, the lamp is on in the room. Vladimir Il’ich makes break from the papers, sits down to the piano and starts to play melody. Nadezda Konstantinovna approaches him, puts her hands on his shoulders and starts to sing along. It turns out nasty”.

Why to invent the bike? It was a rhetorical question.

I suspect, that everything will end up the same way the search-engine “Sputnik” did: ideas were stolen from “Yandex”, budget was covered and everything was forgotten.

If you did not open any accounts abroad – it is the time to consider it.

Call us, write to us – our experts will consult you – which account in what bank is the best to open.

Yaroslav Lomakin ( Managing Partner, Honest&Bright)