Alisher Usmanov has lost the status of a Russian tax resident

Alisher Usmanov has lost the status of a Russian tax resident

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Businessman Alisher Usmanov. March 2016

Photo: Mikhail Metzel/TASS

Alisher Usmanov has ceased to be a tax resident of Russia. The billionaire has focused on sports and charitable activities in 2015 held in Russia for less than the legally required 183 days

Russian billionaire Alisher Usmanov has ceased to be a tax resident of Russia, told Forbes on Monday with reference to the press service of the holding company USM, headquarters for the assets of businessman.

Currently, Alisher Usmanov is not engaged in operating activities and concentrated on sports and philanthropic activities, said the representative of the USM. “Because of this, and also for medical reasons in 2015 he’s not held in Russia required for Tax Sodexo Russia 183 days to confirm the status of a tax resident of Russia”, — said the interlocutor of the edition. He stressed that the business structures of the holding USM is not reflected.

The representative of the USM also noted that in recent years, Alisher Usmanov as a person paid in taxes in Russia, $350 million, and included in its holding company only for the year 2015 paid about 100 billion rubles.

That Alisher Usmanov could lose the status of a Russian tax resident, in February, wrote RBC. The source of RBC in the Federal Antimonopoly service (FAS) is explained by the fact that the billionaire spent in the country, the smaller part of 2015. The representative of USM Holdings then confirmed RBC that Usmanov really spent “a considerable period of time” in 2015 abroad — in Switzerland, Monaco, Germany, Italy and other countries. It is associated with sports activities Usmanov, with whom he is now actively involved, explained the interlocutor of RBC.

Alisher Usmanov is the President of the International fencing Federation and a member of the Commission of the International Olympic Committee (IOC) for the development of the Olympic channel. Usmanov ranks third in the ranking of 200 richest businessmen of Russia according to Forbes, which estimates his fortune at $12.5 billion In 2012, the billionaire said in an interview with Forbesthat in five years, plans to retire from the business and focus on charity projects.

Russian tax residents pay taxes on income earned worldwide, non — residents only on income from sources in Russia. According to the law on taxation of controlled foreign companies (CFC), which is valid from 2015, the Russians must notify the tax authorities about the presence of a company share of more than 10%. If the proportion of shareholders in a CFC exceeds 50%, and the company’s profit more than 50 million rubles (from 1 January 2016 — if more than 25% and 30 mln rubles) will have to pay additional taxes on profits: 20% for companies and 13% for individuals.

After the law came into force Forbes wrotethat the 17 participants of the Russian rating of the richest businessmen are not tax residents of Russia. These include the publication called billionaire Gennady Timchenko (fifth place, assessment — $11.4 billion), Andrey Melnichenko (11th place, assessment — $8.2 billion), Dmitry Rybolovlev (12-e a place, assessment of the state — $7.7 billion) and Elena Baturina (65-e a place, assessment of the state — $1.1 billion).