Размышления женщины о геополитике. Татьяна Александровна Югай

Чтение книги онлайн.

СКАЧАТЬ hit by IFF73. The GFI report (January, 2014) stated that «approximately 61% of Russia’s $403 billion in outward foreign direct investment (FDI) is held in tax havens and the amount of FDI coming into Russia is also dominated by tax havens. Approximately 53% of FDI invested in Russian companies comes from entities located in tax havens»74. At that, the GFI did not take into account the Netherlands, a low tax jurisdiction that is often used by tax evaders in various sophisticated schemes involving so-called prestigious jurisdictions along with classical offshores.

      The GFI study outlines a strong connection between illicit financial flows and use of offshore jurisdictions. The report states that offshore financial centers and banks in developed country are major points of absorption of illicit financial flows from emerging market and developing countries75.

      On December 12, 2013, in his annual address to the Federal Assembly, President Putin proposed to introduce amendments to the Russian legislation stipulating that the income of companies located in offshore jurisdictions will be taxed provided that those companies have not distributed income they receive to the Russian owners of the companies in question.

      Russia has recently introduced significant changes to the Tax Code adopting the so called «deoffshorization law». Federal Law №32-ФЗ «On Introducing Amendments to Parts 1 and 2 of the Tax Code of the Russian Federation (Regarding Taxation of Controlled Foreign Companies’ Profits and Foreign Organizations’ Income) «» is intended to restrict the use of offshore corporate and trust structures controlled by Russian taxpayers76.

      A rule concerning foreign controlled companies is included in tax legislation of many developed economies such as the USA, UK, Germany, Sweden, Japan, and Australia. According to international legal practice, a company registered in a foreign state, which belongs to shareholders, or a group of shareholders who are residents of another state may, under certain conditions, pay taxes in the country where its shareholders are resident. The tax treatment of CFCs introduced by the Russian law corresponds to the world practice.

      The objectives of the above-mentioned Law are the following:

      – to create the mechanism preventing use of low-tax jurisdictions for the purpose of enjoying unfair preferences and obtaining unjustified tax benefits;

      – to improve tax laws in terms of taxation and control of foreign organizations.

      The law is applied to both organizations and individuals participating in foreign companies or controlling them in any other way. According to the Law, from 1 January 2015, a Russian tax resident should pay income tax on undistributed profits of any foreign entity controlled by him, in proportion to such controlling stake or participation, at the rate of 13% (if an individual) or 20% (if a corporate entity).

      The Law introduces a number of new concepts such as «controlled foreign company», «controlling entity», «beneficial ownership», «place of effective management».

      According to the Law, a controlled foreign company (CFC) is a non-Russian entity which is not a tax resident in Russia; and is controlled by legal entities and/or individuals that are treated as Russian tax residents. The definition of a CFC covers pass-through entities (such as funds, trusts, partnerships and collective investment vehicles) which generate income for the benefit of their participants/settlors or beneficiaries, as well as corporate entities. The «beneficial ownership of income» test can be applied to a foreign company (including a CFC) to determine whether the company serves merely as a conduit function.

      The Law defines control over a corporate entity as exercising influence (or having the ability to exercise influence) over distribution of profits of that entity through direct or indirect participation in the capital of that entity (e.g. as a shareholder); and having rights under a shareholders’ agreement regulating the management of that entity, or other criteria.

      A controlling entity of a foreign organization is an individual or a legal entity:

      – whose participation interest in an organization is more than 25% (before 1 January 2016 – more than 50%), or

      – whose participation interest in an organization (for individuals along with their spouses and minor children) is more than 10%, if a direct and (or) indirect participation interest of all entities recognized as tax residents of Russia in this organization (for individuals along with their spouses and minor children) is more than 50%, or exercising control over such an organization in their own interests or interests of their spouse and minor children.

      The income of a controlled foreign company:

      – will be treated as an income of the relevant Russian controlling party (whether corporate or individual) of the CFC in proportion to the interest of that controlling party in the capital of the CFC;

      – will be deemed to be received by the relevant Russian controlling party when it is distributed by the CFC or, if there is no such distribution in the relevant tax year, on 31 December of that tax year;

      – will be calculated on the basis of financial reporting period of the CFC under the laws applicable to the CFC.

      The income of a CFC would not be accounted for by a Russian controlling party if the income of the CFC does not exceed 30 million Rubles in the year ending 31 December 2016; or 10 million Rubles thereafter.

      CFC’s profit reduced by an amount of paid dividends is included as a portion corresponding to participation interest in CFC into tax base of a controlling entity – resident of the Russian Federation:

      – for controlling entity as an individual – on personal income tax;

      – for controlling entity as a legal entity – on corporate income tax.

      – In broad terms, the CFC rules would apply in relation to non-Russian tax resident corporations (and other entities) controlled by one or more Russian tax residents. The rules would:

      – deny double tax treaty benefits to CFCs;

      – instead treat the income of a CFC as taxable in the hands of a Russian controlling party when received by a CFC, regardless of whether an actual distribution to any Russian controlling party took place;

      – require Russian tax residents to report their interests in foreign companies to Russian tax authorities.

      The Law also introduces a new test of «place of effective management» in order to determine whether a foreign company is a tax resident in Russia.

      A foreign company will not be treated as a Russian tax resident (unless it elects to be treated so) if:

      – it is treated under the provisions of a double tax treaty to which Russia is a party as being a tax resident in another state;

      – it is engaged in activities under production sharing agreements, concession agreements, licensing or service agreements or certain other prescribed agreements with a foreign government; or

      – it has a separate branch in Russia.

      As for individuals, they are recognized as tax residents СКАЧАТЬ