Order of the Ministry of Finance of the Russian Federation dated June 5, 2023 No. 86n (the “Order of the Ministry of Finance dated June 5, 2023 No. 86n”) provides for an increase in the list of offshore companies by more than two times (from 40 to 91).
The updated list includes the UK, Germany, France, Switzerland, the USA, Japan, Australia, Canada and the Republic of Cyprus.
In February 2023, the EU added Russia to the list of non-cooperating tax jurisdictions, which deprived Russians of the opportunity to receive a number of tax benefits and made them objects of increased control. The official reason for including Russia in this list was amendments to the legislation regulating the regime of special administrative regions.
Order of the Ministry of Finance dated June 5, 2023 No. 86n comes into force on July 1, 2023.
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