Minister: Russia wants offshore beneficiaries to be disclosed

MOSCOW, Feb 25 (PRIME) -- The Finance Ministry may prepare new basic agreements with offshore countries to avoid double taxation and will amend the existing deals to disclose all end beneficiaries of offshore firms belonging to Russian citizens, Finance Minister Anton Siluanov said Tuesday.

“We see that we need to prepare a new basic agreement to avoid double taxation and to amend the current agreements with outdated taxation terms,” Siluanov told a Federal Tax Service meeting.

“Our task is to create a preferential tax regime with tax heavens in a way where the tax payer would know – he must come to the tax office and reveal the end beneficiary to receive privileges. If he does the disclosure, he gets the privilege. If he does not, he pays full taxes.”

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