Draft legislative amendments to prevent tax evasion by using offshore companies are circulating in the government. Under proposed amendments to the tax code, tax treaty benefits will be denied if the taxpayer is not a resident of the offshore treaty country. Also, proposed amendments for the treaty with the most popular offshore juridiction for Russian business, Cyprus (the source of 22% of investments into Russia in 2008), would simplify procedures for Russian government requests to identify owners of Cyprus companies.
www.vedomosti.ru/newspaper/article/2009/12/02/220368
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