7 февраля 2018 г.

Benjamin Franklin used to say that the only things he was certain about in this world were death and taxes. Franklin is long gone, but taxes are alive and thriving. On February 6, CFA Association Russia held a business breakfast focusing on the theme of tax structure of investment projects. The event took place at the Mazars Russia office.

CFA Russia invited two tax experts from Ernst & Young (EY), Viktor Kalgin, CFA, and Andrei Sulin. Both speakers were invited to a similar CFA Russia meeting last year, which turned out to be a success. This time it was no different, the event gathered over 40 guests.

Viktor Kalgin, an International Tax Services director, mainly focused on the structure of taxation in different countries and legal issues surrounding it, as well as touched on a possible future of offshore tax havens.

There isn’t one “ideal” tax-free place for international investors. Viktor said that although countries, like Cyprus, Singapore, and Luxembourg, as well as the city of Hong Kong, all have certain advantages for tax payers, there are still a few things potential investors should carefully examine before putting their money on the table. Taxation rates depend on whether an investor chooses to conduct business in another country, bring revenues back to one’s home country or sell assets overseas. All these different situations will require difference solutions, Viktor explained.

Viktor also touched on the issues of offshore banking, considered as a grey area by some, and how it’s causing the development of new tax policies and laws aimed at a more transparent control of financial operations overseas.

Andrei Sulin, a director of Transaction Tax Services at EY, was the second speaker of the event. Andrei focused on the ins and outs of the Base Erosion and Profit Shifting (BEPS), tax planning strategies used by some large companies to avoid paying high taxes in their home countries by shifting the economic activity to places with low taxation rates. The OECD launched the project in 2012 and currently still working on the implementation of its strategy worldwide. Andrei said that a large number of BEPS standards have already been successfully implemented in Russia.

The speaker also talked about the step-by-step process of Mergers and Acquisitions (M&A), transactions in which the ownership of companies are transferred or combined. Oftentimes, M&A processes happen between large international companies, which means taxation that comes along with them are complicated and carry some elements of risk. Andrei shed the light on some structural and evaluation processes, as well as all the documentation required to successfully carry out an M&A deal.

The presentations were held in the form of a dialogue with guests regularly asking questions and commenting on things they found interesting.

Stay tuned for a full video of the event that will become available soon. The video, like all other videos from CFA Russia professional events and trainings, can be found in the members-only section of our Russia website.

Tags: Business BreakfastCorporate FinanceMasterclass

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