On May 15, 2014 CFA Association Russia held the Business breakfast for members of the financial and investment society, called De-offshorisation: New Challenges for Russian Business. There were more than 60 breakfast attendees, and among them were representatives of the Russian investment and financial community. There were  presentations by Victor Kalgin, CFA, Senior Manager of International Tax Services at Ernst and Young, Marina Belyakova, Director of International Tax Services at Ernst and Young and Igor Shikov, Head of Tax Practice at  Egorov, Puginsky, Afanasiev and Partners Law Firm.

The speech of Viktor Kalgin was devoted to the prehistory of the Russian de-offshorisation campaign and the description of the proposed rules for the taxation of controlled foreign companies, as well as criteria of tax residence. According to him, the de-offshorisation campaign will lead to drastic changes in the Russian tax sphere.

Victor’s colleague, Marina Belyakova, gave examples of structures under the impact of de-offshorisation law and discussed the impact of proposed changes on the Russian and foreign investment projects.

Igor Shikov analyzed the concept of beneficial ownership and touched upon the issues of taxation under the indirect sale of real estate.

Currently, the de-offshorisation issue is very hotly debated among financial professionals.. This theme has generated  a large interest  and created a basis for the consideration of the nuances of the Russian legislation.

Watch for updates to CFA Association Russia’s calendar on our website so you don’t miss our future events.