Senator says Russia can raise tax on profit taken to offshore states

MOSCOW, Oct 5 (PRIME) -- Russia could raise the tax on the profit that large companies withdraw to the offshore jurisdictions, Valentina Matviyenko, speaker of the Federation Council, Russian parliament's lower chamber, said on Monday.

"The taxation system should be motivating for the large companies, if they withdraw money to the offshore jurisdictions," she said at a meeting to discuss the draft 2021 budget.

Matviyenko also said that the profit tax for the companies that invest in projects in Russia could be reduced.

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