CONSEQUENCES OF THE USE OF INTERNATIONAL TAX OPTIMIZATION FOR THE MACROECONOMICS OF THE RUSSIAN FEDERATION

Abstract

The article examines the main macroeconomic implications of using international tax optimization tools used by Russian corporations. Of great importance in studying the problems of modern low-tax jurisdictions is the purpose of their use by Russian corporations. If such jurisdictions act as a mechanism for legal tax planning and raising capital, their operation can be described as a legitimate process of obtaining private benefits from the bilateral order through the inflow of additional investments for the country’s economic growth (while investors use the advantages of offshore tax planning). However, there are other goals for international tax optimization: withdrawal of capital, illegitimate tax evasion, withdrawal of capital obtained illegally. The purpose of this article is to assess the main trends of capital outflow from Russia and its importance for the Russian macroeconomics. The paper shows that the imperfection of tax regulation in the Russian Federation, as well as the shortcomings of macroeconomic policy have led to the aggravation of the problem of legal and illegal capital outflow. Due to the shortcomings of the Russian tax system, capital is exported from the country to low-tax jurisdictions; there is an active outflow, which negatively affects the domestic macroeconomics. There is a wide variety of schemes of capital withdrawal from Russia.