The head of the Russian tax service, Anatoly Serdyukov, announced on Wednesday that double taxation avoidance agreements will be reviewed to prevent companies from avoiding tax by registering offshore, and to "protect Russia's economic interests".
According to Mr Serdyukov, the federal budget was deprived of more than $2 billion in unpaid profit tax by oil firms during 2004 because the owners of these firms are resident for tax purposes in low tax jurisdictions, such as Cyprus.
"We think it would make sense to check all agreements on double taxation avoidance to protect Russian economic interests and see whether they correspond to current legislation," Mr Serdyukov reportedly told a meeting of the tax service.
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