Deputy Chairman of the Duma Committee on international Affairs Alexei chepa became the author of a package of bills that would help investors who wish to invest in the Crimea to bypass sanctions, the newspaper “Kommersant”. We are talking about amendments to the Tax and Civil codes and in half a dozen laws. In particular, the delegation proposed to introduce into the law an article about “international trusts” that should provide investors with anonymity.
The reason is that the Crimean trusts will be able to get the rights to the assets transferred to them. In this case, their beneficiary will receive the income, however, remains invisible.
The bill also provides for the creation in Crimea “international transit zone” in which residents ‘ income is fully exempt from VAT, profit taxes and property. By analogy with “wild” offshore zone members pay only the annual tax levy in the amount of €1.5 thousand.
Another amendment, which is contrary to Russian law, will allow foreign banks, insurance companies, pension funds and brokerages to work in the Crimea and Sevastopol without a license (if applicable in your state). In addition, there is a simplified procedure for obtaining Russian citizenship for investors who invested in bonds of the Crimea and Sevastopol from €1 million, who came to the Peninsula to foreigners proposed a visa-free regime.
Experts point out that acceptance of amendments can lead to problems in Russia, as initiatives Chepy run counter to the efforts of the G20 and the OECD to combat tax havens. In this case, Moscow may be faced with the refusal of other States to cooperate in the framework of the project on the exchange of tax information.
The author of the amendment declares that the bill introduces not offshore in the Crimea, and struggling with the sanctions. However, he acknowledged that the document already had a claim from the state legal Department of the President due to the fact that the proposed changes are inconsistent with the agreements of the Russian Federation, for example about the need to disclose ultimate beneficiaries.
April 20, about the possible creation of an offshore zone in Crimea and Sevastopol, said a source close to the government of the Peninsula, and reiterated its head Sergey Aksenov. According to the latter, the project discusses the strategic agencies, including the Ministry of economic development. “I do not insist on the increased level of publicity in relation to investors. They choose the level of openness, which prepared”, — said Aksenov.
2015 in Crimea is the free economic zone (FEZ). Its residents do not pay tax on profit of organizations to the Federal budget, and regional pay at a reduced rate: 2% in the first three years, 6% — from the fourth to the eighth year and 13.5% in the ninth year (the standard rate in the budget of the region is 17%). Companies are also exempted for ten years from property tax, and for three years from land tax. In addition, they apply reduced rates of insurance contributions at 7.6% instead of 30%.