Contents tagged with offshore companies
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Media: Ukrainian exporters keep foreign currency revenue in offshore companies
Ukrainian business owners minimize their tax base by registering offshore companies and by keeping their foreign currency revenue in the accounts of companies registered in countries with a low tax load. According to the National Bank of Ukraine (NBU), more than a third of all foreign direct investments (FDIs) coming into Ukraine since the end of 2017 have come from countries with a low tax load. Furthermore, nearly 100% of direct investments from Ukraine have also been sent into low-tax …
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Banks in Cyprus begin to close accounts of offshore companies
According to Alexander Zakharov, attorney and partner of the Paragon Advice Group,Banks in Cyprus received direction from the Central Bank of Cyprus ordering them to close accounts of offshore companies. The information was also confirmed by sources in international companies, reported RBC news agency reports.
Companies that are registered in Belize, the British Virgin Islands, the Seychelles, and other island territories of the Caribbean will be classified as offshore. Cyprus banks will close …
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Ukraine has not signed OECD treaty on offshore companies
The Organization for Economic Co-operation and Development (OECD) has sent a letter to Ukrainian President Petro Poroshenko expressing concern over Kyiv’s delay in signing the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS), as reported on the Facebook page by former Deputy Minister of Finance Elena Makeyeva.
Makeyeva noted that Ukraine did not sign a comprehensive document on the implementation of BEPS on January 24 in Paris, …
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International investigation reveals that Ukrainian President set up an offshore company to avoid taxes and not to facilitate the sale of his chocolate business
The purpose of creating an offshore corporation for Roshen, a confectionary business owned by President Petro Poroshenko, could be to minimize taxes rather than transferring the business into a blind trust for further sale, as indicated in an investigative report conducted by the Organized Crime and Corruption Reporting Project (OCCRP), an independent investigative journalism community, and the Slidstvo-info investigative journalism outlet, reported Hromadske TV.
According to the investigation, …
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Kremlin decided not to relocate back to Russia companies operating abroad
The government of Russia has decided not to transfer large businesses from abroad to the jurisdiction of the country.
Previously, it was proposed that 'deoffshorization' would be compulsory for backbone Russian companies.
Interfax, referring to a source in the Cabinet, reported that the bill was voted down. Officials came to the conclusion that “compulsory measures of transferring a wide range of systemically important organizations to the jurisdiction of the Russian Federation will create …