Putin suggests 15% tax on dividends withdrawal to offshore jurisdictions

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NOVO-OGAREVO, March 25. /TASS/. Russian President Vladimir Putin has made a proposal to set a 15% tax on transfer of dividends to overseas accounts,

“All the payments of gains in the form of interest and dividends, flowing from Russia abroad to offshore jurisdictions, shall be taxed appropriately. Two thirds of such funds now – and these are essentially revenues of specific individuals – have the tax rate of just 2% as a result of various schemes of the so-called ‘optimization’,” Putin said.

Such rate is unfair in conditions of the general individual income tax of 13%, the head of state said. “Therefore, I propose to introduce for those withdrawing their gains as dividends to foreign accounts the tax rate for such dividends as 15%,” the President said.

Russia will withdraw from agreements unilaterally in case foreign partners do not accept new conditions, Putin cautioned. “We will start from the countries, through which significant resources of Russian origin are passing, being the most sensitive for our country,” the Russian leader added.

from https://tass.com/economy/1135441

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