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As from 1 January 2015, the Russian “de-offshorization” campaign dedicated to fight tax avoidance and deferral of taxation by the Russian business has entered into its “action phase”, while still being work in progress and undergoing amendments by the Russian lawmakers. The most recent changes were adopted on 8 June 2015 and it seems there will be more to be discussed in the upcoming sessions of the Russian State Duma. It took about two years to draft and adopt the new law, which has tremendously reshaped the Russian tax realm. The main message of the law is to bring the Russian capital back home and prevent the business from using conduit low substance structures to achieve unjustified tax benefits.
The new law introduces the concepts of (i) Controlled Foreign...
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