Deoffshorization past the target: business not ready to return from overseas harbors.

Deoffshorization past the target: business not ready to return from overseas harbors.

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Lawyer and Managing Partner of Tax Compliance Mikhail Begunov points out several reasons why one should not expect a mass transfer of companies from Cyprus to Russian jurisdiction. Firstly, according to him, Cyprus is no longer such a popular jurisdiction for Russian business as it was several years ago - in particular, the requirements for foreign companies have become stricter, making it a less comfortable country for business. Secondly, such jurisdictions as Switzerland and Great Britain are becoming increasingly popular among Russian companies - although the conditions there are not so favorable, the reliability of these countries is usually beyond doubt. And here, the expert emphasizes, the role of uncertainty for taxpayers in Russia, which is created by administrative pressure on business and too sharp changes in tax legislation. The same applies to the judicial system of the Russian Federation, whose decisions may not always be predicted.

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Mikhail Begunov

Major specialisations

Pharmaceuticals, FMCG, Information technology, Manufacturing companies

Member of the Chamber of Tax Consultants, Lawyer at the Moscow Chamber of Advocates

Biography