Russia Amends Tax Regime of Special Districts to Fit EU Rules

Russia amended the tax regime of its special administrative districts to bring it in line with EU requirements after consultations with the bloc, deputy Finance Minister Alexei Sazanov says in a statement.

• Companies domiciled in special districts have to prove their economic substance to get tax preferences, according to the amendments
• NOTE: EU previously said Russia’s special administrative districts risked creating unhealthy competition in the tax sphere and Russia could be included in the list of uncooperative jurisdictions if they weren’t brought in line with EU standards
• READ: Putin’s Squeeze on Offshore Earnings Starts Paying Dividends

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