Rich Russians repatriating assets after Putin turns tax screw

Moscow

PRESIDENT Vladimir Putin is pushing harder on Russia's richest citizens to repatriate offshore assets amid a slump in the ruble and the imposition of sanctions by the US and the European Union.

Under new tax rules signed into law by a presidential decree in November, Russian residents will from this year pay a tax of 13 per cent on earnings reported by foreign companies and trusts they control. Should authorities prove those entities are managed from Russia and don't have significant assets or employees abroad, the tax rate increases to 20 per cent.