Russia’s Finance Ministry proposing to remove Hong Kong from list of offshore areas

Russia’s Finance Ministry is proposing to remove the Hong Kong Special Administrative Region from the list of offshore jurisdictions, according to a respective draft bill posted on the federal website of regulatory acts.

"Russia’s Finance Ministry is amending the decree due to the ratification of the agreement between the government of the Russian Federation and the government of the Hong Kong Special Administrative Region of the People’s Republic of China on avoidance of double taxation and prevention of tax avoidance regarding taxes on income and a related protocol," the documents says.

The amendments are expected to come into force in September 2017.

According to the data provided by the Federal Tax Service, currently the list of offshore jurisdictions consists of 40 countries and administrative areas.

TASS, 11 January, 2017