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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