The government demanded that state-owned companies to report their Russian assets that they own through foreign entities. The Directive of the Cabinet of Ministers signed by the first Deputy Prime Minister Igor Shuvalov specified that we are talking about the reporting period from 2016, writes RBC.

A source in the Ministry explained that the order is part of the process and the government’s attempt to understand where state-owned companies to optimize taxes.

According to RBC, the document was sent to representatives of Russia’s interests in state-owned companies and ordered them within ten days to initiate a meeting of the Board of Directors to include such assets in the agenda. Reports should be sent to the Ministry within 30 days of receipt of the Directive (by the end of September).

“After receiving information from companies it will be structured, based on it will produce a report to the government on how to increase tax payments to the budget. The company have the right to establish foreign subsidiaries, but in each case, may need the rationale of owning through them the Russian assets,” – said the source.

Another source of journalists from among the government officials explained that the Directive is a specific signal for state-owned companies. According to him, after the government collected data will be analysed, will be discussed on the adoption of incentives for the transfer of these assets to the Russian jurisdiction.

Directive of the Cabinet was sent to 50 companies, including “Gazprom”, “Rosneft”, Russian Railways, Rosneftegaz, ALROSA, RusHydro, Russian agricultural Bank, Sovcomflot, Novorossiysk commercial sea port (NCSP), the United shipbuilding company (USC).

The issue of providing information on assets, issued on foreign subsidiaries had already been included in the agenda of meetings of the Board of Directors of JSC “Rostelecom”, “Transneft”, NCSP, of the seller. State transport leasing company have already voted for the provision of data to the government, the newspaper notes.

The Russian government has ordered state-owned companies to report on offshore ownership of assets 21.09.2017

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