Russian ‘deoffshorisation law’: bring the boys back home!

Russian 'deoffshorisation law': bring the boys back home! 2

Clifford Chance – On 18 November 2014 the State Duma (the lower chamber of Russian Parliament) approved a set of amendments to the Russian Tax Code for the purpose of implementing what has commonly been described as Russia’s “deoffshorisation law” (“Deoffshorisation Law”).

In order for the Deoffshorisation Law to take effect from 1 January 2015, as is currently intended, it will have to be approved by the Federation Council (the upper chamber of the Russian Parliament), signed into law by the President and officially published on or before 1 December 2014. It is widely expected that this will occur and that the Deoffshorisation Law will become law as of 1 January 2015, notwithstanding the fact that it is still a work in progress and the fact that further amendments will likely be required during the course of 2015 in order to clarify the meaning and scope of various provisions.

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