Head of FBK Legal financial investigation practice, Alexander Sotov on taxes withdrawn abroad

Head of FBK Legal financial investigation practice, Alexander Sotov in his interview to RBK commented upon the news that losses of Russian budget because of taxes unpaid and withdrawn abroad are estimated in dozens of billions of dollars. According to the magazine, to return back all the prescribed under the law, the authorities are to sign a contract with foreign colleagues on information exchange of bank accounts and information about their owners. International experience shows that overseas “stash” of tax avoiders may considerably replenish the treasury. So, according to the information of Organization for Economic Cooperation and Development, Spain collected over 10bn EURO in taxes from offshores, Great Britain expects about 7bn pound sterling according to the year results, Germany – 15 – 20bn EURO.

The first country, agreement with which contained the necessary specifics, was Cyprus. However, as experts note, the Cyprus sample allows presuming that the rich Russians will again find the way to hide from tax authorities. When prepared amendments were reported, Russian businessmen, started drawing money off the island. “In 2009 I visited British Isles, and a local trust manager told me that only during that year about 40 thousand companies were transferred there from Cyprus”, Alexander Sotov told.