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| Putin calls for 15% tax on offshore funds as part of plan to stabilize Russian economy | Putin calls for 15% tax on offshore funds as part of plan to stabilize Russian economy |
| (about 4 hours later) | |
| Russian President Vladimir Putin outlined a range of measures on Wednesday to tackle the economic impact of the Covid-19 outbreak. They included making sure that everyone pays their fair share of taxes. | Russian President Vladimir Putin outlined a range of measures on Wednesday to tackle the economic impact of the Covid-19 outbreak. They included making sure that everyone pays their fair share of taxes. |
| According to the Russian president, all income payments (as interest and dividends) leaving the country should be taxed adequately. Putin called on increasing tax on offshore funds to 15 percent. | According to the Russian president, all income payments (as interest and dividends) leaving the country should be taxed adequately. Putin called on increasing tax on offshore funds to 15 percent. |
| “Currently two-thirds of such funds, and, in fact, this is the income of specific individuals (as a result of various kinds of schemes of the so-called optimization), are subject to a real tax rate of only 2 percent. While citizens, even with small salaries, pay income tax of 13 percent. This is, to say the least, unfair. Therefore, I propose for those who withdraw their income in the form of dividends to foreign accounts, to provide a tax rate on such dividends of 15 percent.” | “Currently two-thirds of such funds, and, in fact, this is the income of specific individuals (as a result of various kinds of schemes of the so-called optimization), are subject to a real tax rate of only 2 percent. While citizens, even with small salaries, pay income tax of 13 percent. This is, to say the least, unfair. Therefore, I propose for those who withdraw their income in the form of dividends to foreign accounts, to provide a tax rate on such dividends of 15 percent.” |
| Putin added that Russia is prepared to “withdraw from agreements on avoiding double taxation with countries which disagree with these measures.” | Putin added that Russia is prepared to “withdraw from agreements on avoiding double taxation with countries which disagree with these measures.” |
| Putin also asked the cabinet to give small and medium-sized businesses a six-month tax holiday, apart from the sales tax, and asked the central bank to take other measures to prevent layoffs and bankruptcies (including a six-month holiday on mortgage and credit payments). | Putin also asked the cabinet to give small and medium-sized businesses a six-month tax holiday, apart from the sales tax, and asked the central bank to take other measures to prevent layoffs and bankruptcies (including a six-month holiday on mortgage and credit payments). |
| He has also urged employers to help maintain stability in the labor market. The government has been tasked to increase unemployment benefits to the minimum wage, which is 12,130 rubles (about $155) per month. | |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |