MIFC: Key Facts

A source of basic facts about the International Financial Centre in Moscow

Task Assignments

06.12.2011 / Moscow

Task Assignments given by the President of the Russian Federation following the MIFC International Advisory Board session
on 28 October 2011.

Events Calendar

October 2019

Media Coverage

29.01.2014 / Interfax

Russia #3 Worldwide in Foreign Direct Investment

FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.

06.04.2013 / Kommersant

Central Bank Builds Financial Center

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

29.01.2013 / Interfax

MIFC Location to be Determined by Workgroup

Russian Prime Minister Dmitry Medvedev is planning to establish a workgroup to determine the location of Moscow International Financial Center (MIFC) infrastructure.

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Corporate law and governance, financial transaction taxes

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Administrative procedures

15.02.2016 16:09 / TASS

Putin Signs FCE Taxation Amendments

President Putin has signed amendments to the Tax Code, improving foreign controlled enterprises (FCE) profit taxation and foreign enterprise income taxation.

29.01.2016 17:30 / TASS

Duma Amends FCE Taxation

The State Duma has passed in the third reading amendments to the Tax Code, improving foreign controlled enterprises (FCE) profit taxation and foreign enterprise income taxation.

30.10.2015 12:00 / TASS

Minfin Expects to End Debate on CFC Law by December

Minfin expects to finalize the debate on Controlled foreign corporation (CFC) law by December, said Deputy Finance Minister Sergey Shatalov at the AmCham Annual Tax Conference.

07.04.2015 12:00 / MIFC

Foreign Company Participation Notice Deadline Moved to 15 June

The President of Russia has signed Federal Act 85 of 6 April 2015, introducing amendments to the controlled foreign entities profit section of the Russian Tax Code.

07.04.2015 12:00 / Vedomosti

OECD Toughens CFC Oversight Guidelines

A draft of new, tougher OECD controlled foreign companies (CFC) oversight guidelines has been published online last week. Public debate is set for May 12, with the final report due in September.

03.12.2014 15:22 / MIFC

Russian Citizens Entitled to Tax Deduction on Long-term Life Insurance Contracts

Tax Deduction Act, signed by Putin on 29 November 2014, introduces income tax deduction off life insurance payments. The contract term must be a minimum of five years and the beneficiary must be the taxpayer or his immediate family. Deductions equal the amounts spent, but a maximum of RUB 120k per tax period. The law will be enacted on 1 January 2015.

25.11.2014 11:09 / TASS

Putings Signs Anti-Offshore Act

President Putin has signed the so-called Anti-Offshore Act, under which taxpayers are to report their participation in foreign companies.

18.11.2014 12:05 / RBC

State Duma Passes Anti-Offshore Act

The State Duma hastily passed in second and third readings the so-called ‘Anti-Offshore Act’, establishing new income tax rules for foreign companies controlled by Russians. Earlier, deputies have turned down all amendments to the controversial bill.

14.11.2014 06:40 / RBC

Deoffshorization Transition Period to Be Halved

According to the draft bill passed in the first reading, a ‘controlling shareholder’ in a foreign company in 2015–2016 will own over 50%, and from 2017 – 25%. Deputies, however, propose 25% to be the controlling share from 2016 onwards, with necessary amendments for the second reading already in place.

23.10.2014 12:17 / RBC

Anti-Offshore Bill Introduced to Duma

Authors of Tax Code drafts propose a new tax regimen for profits generated by foreign companies controlled by Russians.

26.02.2014 12:49 / MIFC

Russia and USA Agree on FATCA Tax Reporting

Russia and the USA have approved a joint liaison project on Foreign Account Tax Compliance Act application, Head of Tax and Customs at Minfin Ilya Trunin told the press.

20.01.2014 17:16 / PRIME

Tax Code Amendments Cut OTC Derivatives Market Costs

Tax Code Amendments, in force since 1 January 2014, will cut costs for standardized OTC Derivatives Market participants, says Moscow Exchange press release.

25.12.2013 11:14 / Interfax

Federation Council Passes Securities Taxation Bill

Federation Council has approved the Securities Taxation Bill that exempts investment income from tax.

18.12.2013 17:03 / Interfax

Duma Passes Securities Taxation Bill

The State Duma has approved the Securities Taxation Bill that exempts investment income from tax.

05.11.2013 13:43 / Interfax

Putin Signs MIFC Securities Taxation Bill

President Putin has signed securities taxation amendments tailored for Moscow International Financial Center development purposes.

30.10.2013 13:47 / Interfax

Senators Pass MIFC Securities Taxation Bill in Second Reading

On Wednesday, the Federation Council passed in the second reading securities taxation amendments tailored for Moscow International Financial Center development purposes.

28.10.2013 20:18 / vedomosti.ru

Shares vs Deposits

First Deputy Prime Minister Igor Shuvalov held a meeting last Wednesday to finalize Tax Code and Securities Market Act amendments equalizing tax rates for investments in shares and bank deposits, according to two sources confirmed by Shuvalov’s office. Reportedly, the amendments are due for enactment in 2014. A source believes that to speed the amendments through the State Duma, they could be introduced by deputies.

23.10.2013 17:33 / vedomosti.ru

Russia Ready to Swap Tax Data with the USA

Russia may sign a tax data exchange treaty with the USA by the end of the year, said Finance Minister Anton Siluanov. The draft is nearly identical to the standard FATCA (Foreign Account Tax Compliance Act) application agreement. The Act is designed to help US authorities track down tax avoiders in foreign jurisdictions.

23.10.2013 17:03 / Interfax

Duma Passes MIFC Securities Taxation Bill in Second Reading

On Wednesday, the State Duma passed in the second reading securities taxation amendments tailored for Moscow International Financial Center development purposes.

05.09.2013 09:44 / PRIME

Some Financial Market Services Made Exempt from VAT

Prime Minister Dmitry Medvedev has signed a regulation exempting a list of services from value added tax (VAT). The document has been published on the Government’s website.

07.06.2013 21:14 / vedomosti.ru

State Bid to Boost Stock Market Mass Appeal

The concept of boosting stock market appeal to private investors was formulated by Minfin in Tax Policy 2014-2016. The plan is to cool interest in traditional assets such as real estate and deposits by limiting related benefits, while increasing tax benefits for share investors. The key conditions is long-term investment: Minfin proposed to lift tax for the sale of shares owned by investors for over three years.

13.05.2013 21:14 / MIFC

Minfin Proposes to Lift Tax on Russian Eurobond Coupons

The Russian Ministry of Finance proposes tax exemption for Russian Eurobond coupons, Minister Anton Siluanov said at a parliament hearing on the key issues of Tax Policy 2014-2016.

13.05.2013 21:14 / vedomosti.ru

Stock Market Loss to Ease Corporate Tax Burden

Minfin is ready to allow companies to cut their tax burden by subtracting stock market trade losses from pre-tax profit.

06.05.2013 21:14 / vedomosti.ru

Minfin to Collect Tax for MIFC

Since 2014, Russian Eurobond profits will be taxed, according to Tax Policy 2014-2016 draft by Minfin.

06.03.2013 22:34 / Kommersant

Minfin Insists on Eurobond Tax

Minfin has drafted a solution to the problem of taxing Eurobonds issued by major Russian corporations, postponed by 2014. The Minsitry proposes taxing bond owners according to their country of origin as disclosed by the Central Depositary. However, borrowers doubt that the tax can actually be withheld from foreign owners and the tax burden will ultimately lie with the issuers themselves. Sberbank and Russian Railways claim that the Minfin initiative will make borrowing more expensive, and according to the Central Bank, it will block foreign capital flow into Russia.

13.02.2013 13:40 / Interfax

NAUFOR Proposes Tax Benefits for Investments

National Stock Market Participants Association (NAUFOR) has drafted tax benefit proposals for local Russian investors, CEO Alexey Timofeev told the press Wednesday.

19.11.2012 15:59 / Interfax

Polls Say 75% Russian Taxpayers Call Tax Authorities Work Satisfactory

Three-thirds of the Russian taxpayers can file their forms via email, said Prime Minister Dmitry Medvedev.

18.10.2012 15:14 / Vedomosti

Tax Code Amendments Will Cost Brokers Hundreds of Millions in Losses

Next in line after the banks to be exempted from VAT in 2013 are the licensed participants of the stock market, or namely compensation for their services. While the new procedure offers an opportunity to make extra money or lower fees, the transition is likely to incur additional spending. The fact of the matter is that according to Tax Code Article 170, further use of property in VAT exempt business requires the company to pay the VAT that has been previously deducted.

17.10.2012 13:34 / Interfax

Russia Plans To Climb Doing Business Due To Tax Administration

Russia plans to climb the Doing Business ranking list due to improvement of its tax administration, Russian Minister of Finance Anton Siluanov informed.