Billionaire Usmanov transfers key assets to Russian jurisdiction

“These measures were taken in line with the policy announced by President Vladimir Putin for the Russian economy’s de-offshorization,” USM Holdings owned by billionaire Alisher Usmanov said

MOSCOW, December 19. /TASS/. USM Holdings owned by billionaire Alisher Usmanov is transferring key assets to Russian holding companies, USM said in a statement on Friday.

“USM Holdings Ltd announces the completion of the process of reorganizing the holding structure to transfer controlling stakes in key enterprises to Russian holding companies,” the statement said.

“These measures were taken in line with the policy announced by President Vladimir Putin for the Russian economy’s de-offshorization and the introduction of provisions into the tax code on the taxation of profit derived by controlled foreign companies,” the statement said.

Russia’s anti-offshore legislation

Russian President Putin signed on November 25 a new tax law intended to return Russian capital and assets from foreign tax shelters.

The law introduces amendments to the country’s tax code that will oblige Russian owners of companies registered in offshore tax havens to pay taxes in Russia.

The law stipulates a mechanism for taxation of undistributed profits of controlled foreign entities.