Russlands Präsident Wladimir Putin.
Getty Images / ALEXEY NIKOLSKY, SOPA Images, picture alliance / photothek, CHROMORANGE
Russia has now confirmed plans to increase taxes on foreign companies wanting to leave the country.
Big names have already left Russia in the wake of global outrage over the invasion of Ukraine.
Russia imposed taxes and financial sanctions – a benefit for the state treasury.
If non-Russian companies want to leave the country in the future, it will be quite costly for them: Russia has confirmed that it will make it more expensive for foreign companies to leave the country.
On Thursday, Russian Finance Minister Anton Siluanov told reporters that taxes foreign companies will have to pay for selling their Russian assets will rise. The Russian news agency Interfax reported.
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The tax on the value of such a business would rise from 15 percent to up to 25 percent, Siluanov said. “Plus five percent in one year and five percent the next year, for a total of 35 percent.” Siluanov also said the discount that foreign companies must offer on the sale value of their assets would rise from 50 percent to 60 percent, according to Interfax .
In doing so, he confirmed a report by the Russian media company RBK from last week, which relied on sources familiar with the discussions called. Russia introduced penalties for leaving the country for the first time after well-known companies such as McDonalds announced their withdrawal. These decisions came amid global outrage over the invasion of Ukraine.
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It is expensive for foreign companies to leave Russia
The money has given Russia’s coffers a major boost. Reported in March RBKthat companies leaving Russia have already paid 35.7 billion rubles, or around 342 million euros, into the Russian budget.
The process of leaving Russia is often complex, delicate and costly. One came in March Analyse The Reuters news agency concluded that foreign companies incurred costs of more than 107 billion US dollars (99 billion euros) in the form of depreciation and lost revenue.
Earlier this year, Russian Deputy Finance Minister Alexei Moiseyev said that the Russian state was collecting a “significant amount” and that there were “no plans” to increase the departure tax, Interfax reported.
Yuri Nikolayev, managing partner of the Nikolayev Law Firm and Partner, explained RBKthat the new measures were aimed at putting pressure on foreign companies. They should stay in Russia despite the sanctions and keep their money there.
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Public pressure in the West for companies to pull out of Russia was intense, creating a PR headache for those who hesitated. According to information from LeaveRussiaa tracker run by the Kiev Economic Institute, at least 428 companies have completely withdrawn from Russia. According to LeaveRussia, more than 1,700 companies are continuing their operations.
Hundreds of others have chosen to reduce or suspend their activities.
This article was translated from English by Jonas Metzner. You can read the original article here read.
