Contents tagged with offshore
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$41 billion transferred out of Russia in one year
Russian businesses’ and the wealthiest citizens’ funds continue to flow into offshore zones through the sale of company shares and the issuance of loans, Russia’s Central Bank reported.
In the last year, $42 billion (2.5 trillion rubles) flowed out of Russia into offshore accounts. This was 15% more than the federal budget spent to support the national economy, and twice as much as the amount allocated to education and healthcare combined. Cyprus remains the “magnet” attracting Russian money, …
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Medvedev: tax-free zones will be created in Russia
During an International Legal Forum plenary session in Saint Petersburg on Wednesday, May 16, Russian Prime Minister Dmitry Medvedev confirmed plans to create special administrative tax-free regions in Russia, RBC reports.
Medvedev stated: “We are planning to create regions with special legal status and special tax regimes in the Primorsky, Krai and Kaliningrad regions; this status will be avaliable on the Oktyabrsk and Russky Islands soon.”
According to Medvedev, the best practices of …
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Media: almost $150 billion has been transferred out of Ukraine into offshore accounts since 1991
According to various estimates, since 1991, 148 billion dollars’ worth of capital was withdrawn from Ukraine to offshore accounts. A leading researcher at the State University Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine, Inna Shovkun explains in her article for ZN.UA.
The author points out that the reform of the fiscal system aimed at stopping the Ukrainian companies from “offshore” and “shadowy” ways of doing business can become a viable source of …