16 Jun 2023 15:17

Russian Finance Ministry more than doubles size of offshore company blacklist, adding unfriendly western countries

MOSCOW. June 16 (Interfax) - Russia's Finance Ministry has more than doubled the size of the list of states and territories that provide preferential tax regimes and (or) do not provide for the disclosure and provision of information when conducting financial transactions (offshore zones).

The Ministry's corresponding order No. 86n, dated June 5, 2023 was published on the official Internet portal of legal information.

Currently, the Ministry of Finance list of offshores, which has been in force since the beginning of 2018, includes 40 offshore zones, and from July 1, their number will increase to 91.

The updated list includes EU countries, Great Britain, Switzerland, USA, Canada, Japan, South Korea, Singapore, Taiwan, Australia, and New Zealand.

In February, the European Union included Russia in an updated list of jurisdictions not cooperating with the EU on taxation. Claims against Russia are associated with the special administrative regions on Russky and Oktyabrsky islands. In addition, the EU Council noted that the dialogue with Russia on tax legislation "has reached a dead end" against the backdrop of the situation in Ukraine.