Translated material
Offshore companies may be created in Russia to help sanctioned billionaires
Russian businessmen will be able to return capital without paying taxes to Kaliningrad and Russky Island.
Vedomosti learned about this measure of support for Russian businessmen subject to US sanctions. The authorities are discussing a project to create two territories in Russia with a special regime and signs of an offshore - on Oktyabrsky Island in Kaliningrad and on the Far Eastern Russky Island, the newspaper writes, citing four federal officials.
The bill developed by the Ministry of Economic Development may be adopted as early as the spring session. It allows foreign structures to be transferred to Russia from other countries, including offshore companies, while maintaining their legal form. Companies will be able to transfer their entire capital to Russia while maintaining the usual legal and financial infrastructure without paying taxes on foreign income. For this purpose, residents of the zones will be able to obtain the status of an international business company. This status makes it possible to register a company in one day, and not disclose some information. Flexible rules are also being introduced for shareholder agreements and transactions for the alienation of assets, and the possibility of dividing participation shares into classes. Taxes from residents of the zones will be levied only on income received in Russia.
On April 9, Russian Prime Minister Dmitry Medvedev instructed his deputies to work on the issue of supporting Russian companies subject to US sanctions.
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