Published On: Sun, Mar 27th, 2016

Russian billionaire transfers holdings back home after offshore tax hike, Report

VICTOR  Viktor Vekselberg

Russian billionaire Viktor Vekselberg is transferring some assets registered overseas to his home country in the wake of Moscow’s clampdown on offshore money, a Swiss newspaper reported on Sunday.

Russia endorsed tighter regulation of offshore business last year, after Western sanctions were imposed on some of its biggest companies, businessmen and officials, restricting them in foreign fund raising or travel to certain destinations.

The move was also aimed at forcing Russians to pay more taxes at home, as the country’s budget was hit by sanctions and low oil prices, a cornerstone of the country’s revenues.

Tighter regulations meant keeping assets in a network of holding companies in tax havens like Cyprus, Panama and the Caribbean has lost attractiveness, the newspaper NZZ am Sonntag said.

Vekselberg is one of Russia’s richest men with assets ranging from construction to aluminium.

Read the full story at Reuters,  by Polina Devitt and Katya Golubkova in Moscow

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