Russian Federal Tax Service Excludes 9 Countries from The Offshore Blacklist

Russian Federal Tax Service (FTS) excluded 9 countries of the states and territories, which are not being shared the information about tax purposes with Russia, Belize, Brazil, Liechtenstein, Monaco, United Arab Emirates, Seychelles, Uganda, Saint Kitts and Nevis, as well as two British offshore jurisdictions as the Isle of Man and Guernsey.

There are 102 countries and 18 territories in total list. These regions are now ready to exchange or have been exchanging information with the Federal Tax Service of Russia. Also, there are 100 countries and territories in the black list, according to the Federal Tax Service order.

The document was signed on December 4, 2018 and was registered by the Russian Ministry of Justice on February 7, 2019. A copy of the relevant order of the department published on the portal of legal information.

According to the Tax Code of the Russian Federation, the profit of a controlled foreign company (CFC) is exempt from taxation, if its permanent location is a state (territory) with which has an international tax treaty with Russia and it is therefore not included in the list approved by the FTS.

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