Positive sides of deoffshorization for Russian information market

At the present time plans for deoffshorization of Russian economy are actively carrying out. Despite the complexity of this work, the experts of the Information Agency Credinform mark the positive points of adoption of laws in this field, for example, for information market.

Thus on 24 November 2014 the President of the Russian Federation signed the Federal act "On Amendments to Parts One and Two of the Tax Code of the Russian Federation (Regarding the Taxation of the Profit of Controlled Foreign Companies and the Income of Foreign Organizations)". According to the act, the Russian owners (individuals and legal entities) are obligated to provide the notifications about participation in foreign companies to the tax authorities.

Earlier, in August 2014 the Head of the Government signed the decision which approves the typical agreement on the exchange of the information on tax matters between Russia and foreign countries. In particular it is stated that foreign jurisdiction which signed the agreement is obliged to provide the following information: shareholders of offshore companies, shareholders and trusts/funds beneficiaries, and also information available for nominees and offshore banks.

At the same time the draft federal law «On Amendments to Legislative Acts of the Russian Federation» is placed for studying in mass media. In this project it is proposed to obligate legal entities to disclose information about beneficiaries. According to the draft federal law the information about beneficiaries of the legal entity should be disclosed in the financial statements.