Siluanov announced the introduction of a 10% tax on the sale of business of foreign companies

For foreign companies, a tax of 10% will be introduced on the amount of a transaction for the sale of a business in Russia, Finance Minister Anton Siluanov said.

“We decided that it would also be a 10% tax on the exit of foreigners from Russia. That is, we are creating conditions so that, on the contrary, companies with foreign participation continue to work here, so that the exit is not beneficial for foreign business,” he said in an interview with Russia-24 TV channel.

According to the minister, if the company decides to leave Russia, it will be associated with “certain costs”. At the same time, all conditions are created so that “the measures of the stimulus plan are preserved, extended to our business, regardless of who is the owner: foreign shareholders, Russian”.

In March, Russian President Vladimir Putin said that Russian business should fill the niches vacated after the departure of Western companies, and the opportunities that have arisen should not be missed. In February, Putin said that many foreign companies are leaving Russia under pressure from their governments, which causes them big losses. At the same time, the president drew attention to the fact that after the departure of brands, infrastructure and well-trained personnel remain. Domestic business has unique opportunities for development, he added.

After the start of the special operation in Ukraine, many Western brands announced their withdrawal from the Russian market and the suspension of investments. According to Yale University, more than 1,000 companies have reported this publicly. Electronics manufacturers (Apple, SamsungAsus, Intel, Sony, etc.), cars (Jaguar, Porsche, Rolls-Royce, Bentley), etc.