FBK – Partner of “Improving Transparency of Russian Business and De-offshorization” Conference

FBK acted as a partner to the annual tax conference held under the Russian Business Week in Moscow. The key subject of the event this year was the de-offshorization of economics. Under the discussion were also such issues as reducing the level of fiscal burden, protection of ownership, improvement of tax administration.

Andrey Tikhovovsky, FBK vice-president, RSPP Tax Policy Committee vice-chairman, and Nadezhda Orlova, FBK Tax and Law Partner took part in the activity.

The participants in the conference noted that the entrepreneurs and the government share the same attitude – there should be no unfair competition based on the use of offshore jurisdictions. At the same time no prohibitions of off-shore registration should be imposed in such cases when they are used not for the tax avoidance purposes but to compensate for the insufficiently favorable business climate, which often ensues from the attitude of foreign partners and investors.

According to Andrey Tikhonovsky, the participants agree that the attitude towards the de-offshorization of Russian economy should be well-balanced. “Legislation initiatives in the pipeline today require detailed discussion with the business community. Otherwise, the taken measures, without addressing the de-offshorization goals, will seriously increase the burden on domestic companies, reduce the attractiveness of Russian jurisdiction and lead to reducing the potential for the country’s economic development,” noted FBK vice-president.”It is very important to communicate it to authorities-the decision makers. I hope we’ve managed to do that”.

The consensus opinion of the conference participants was formulated in the resulting resolution.

In the work of the conference took part the representatives of the RF MOF, FTS, RF MOED, RSPP, and representatives of the leading Russian and international consulting companies.