Article by Kirill Vikulov. This was originally featured in the Journal of International Taxation (October 2017). Please click on the PDF on the right-hand side to access the full article.
The "deoffshoring" of the economy and bringing holdings of businesses from various offshores back to Russia has become the most important tax trend. Experts continue to argue about the core objectives of this process: "a campaign against offshore companies," "increase of budget revenues by raising additional tax income," "repatriation of assets to Russia," and so on. It is obvious that "deoffshoring" covers a range of state goals and developments of various laws (e.g., tax, currency control and anti-money laundering regulations, government procurement). As various ministries generally work on laws within their authority and do not always pursue the same goals, "deoffshoring" may have multiple directions. This multidimensional model is yet to be embedded into the current economic environment.