From Federal Tax Service's black list offshores are became to exclude
Mauritius, Aruba, Cayman Islands and Bermuda have first begun to exchange information with the Federal Tax Service of the Russian Federation (the FTS).
The Federal Tax Service (the FTS) proposed the deletion of some offshore companies from the black list. It means that offshore will exchange information with the fiscal authorities in Russia, write Vedomosti. So, to exclusion Cayman Islands and Bermuda, Mauritius, Aruba, Hong Kong, Estonia and Georgia are claimed. With the improvement of information exchange list will be reduced. Since the end of 2015 it is amended for the second time, previously only clear jurisdictions were excluded from it - Switzerland, UK and the Netherlands.
However, controlled foreign companies (CFC) of these countries will have to pay taxes in Russia in any case - the rate of tax on profits in offshore jurisdictions is zero.
Excluding countries from the list of the Federal Tax Service can liberate from the power of the tax control. If a company has already filed with the FTS notification of its shares (10%) in foreign companies, accounting will be carried according to the Russian legislation or got auditors' attestation. When the accounting according to Russian legislation the company must, for example, confirm deduction of expenses.
Offshores in the Cayman Islands and Bermuda are increasingly used for establishment of investment funds and holdings. In addition, they are used in structuring funds and leasing transactions. In Georgia and Estonia there are usually established operation companies, and in Hong Kong – trade companies. There are assets of Eurochim and Akron, ALROSA, Norilskiy Nickel and Rosneft in these countries.
If approved, the list should come into force on 1 October 2016. The list of countries and territories shall apply in respect of fiscal periods for corporate income tax and tax on personal income, starting from 1th January of the year following the year of the change.
Still opaque the FTS considers Seychelles, Isle of Man, Guernsey, Jersey, and the Russian partner in the BRICS - Brazil.
Earlier, the government has approved Russia's accession to international agreements on the automatic exchange of tax information between the 61 jurisdiction (BEPS project within the framework of the OECD). This exchange will begin in 2018. Then the FTS of the Russian Federation will be able to gain access to the foreign counterparts' information of all foreign financial transactions of Russian citizens. Tax officers will automatically receive information about the Russian clients of banks in the most popular offshore - Cyprus. In June 2016 this state published a list of countries, to which it would like to automatically exchange information, - there are 82 countries, including Russia. Among the information that can be obtained from the Federal Tax Service. Among the information that the Federal Tax Service can be obtained, there will be data for payments, account balances, interest, income from investments and the sale of shares for 2017.
In early November 2017, Basmanny Court of Moscow has satisfied the motion brought by the Main Investigations Directorate in the City of Moscow of the Investigative Committee of the Russian Federation (ICR) and remanded Aleksander Shukyurov, Director of the Capital Renovation Directorate State Budgetary Institution of Moscow, in custody. The head of the institution subordinate to the Department of Capital Renovation of the City of Moscow that had acted as the client in tenders worth dozens of billions of rubles is suspected of swindling on an especially large scale.