Russian Approves Law to Clamp Down on Offshore Tax Sheltering
Russia's government has approved a new tax law to clamp down on Russian companies and individuals using offshore tax shelters.
The law is part of a range of measures initiated by President Vladimir Putin, and collectively known as "deoffshorisation", which are aimed at bringing Russian businesses and money home from foreign jurisdictions.
The new law would introduce modifications to the tax code that will force Russian owners of companies based abroad to pay taxes in Russia.
With its new crackdown on international diversification, it seems like Russia is picking up bad habits from the US and its horrendous FATCA law.