Saturday, January 10, 2015

'Series of crises' sparks Russian tax crackdown

Dina Gusovsky Tuesday, 2 Dec 2014

As oil prices plunge and Russia bleeds capital, the Kremlin is cracking down on residents who it says are evading taxes through holdings overseas.  A law slated to go into effect on Jan. 1 is designed to clamp down on Russian citizens and companies that the Kremlin thinks are avoiding taxes through the use of offshore tax shelters. The law requires Russians to disclose ownership of foreign assets and imposes a tax on them, part of something officials have referred to as "deoffshorization."   Experts point out that President Vladimir Putin wants to limit capital outflows in the face of economic and political troubles. Internationally priced Brent crude is near a five-year low, and the Russian ruble on Monday suffered its worst one-day drop since 1998.....To Read More....

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