In our Client Update of 24 March, we reported that the Russian Ministry of Finance (“MoF”) published a draft law that is aimed to introduce significant amendments to tax legislation as part of the deoffshorization of the Russian economy (the “Draft Bill”).

On March 27, 2014, the Draft Bill was also published on the official web-site designed for the promotion of public awareness about the legislation initiatives and their discussion.1 This publications kicked off a 60-day consultation period until May 26, 2014, during which the MoF will be accepting comments on the Draft Bill.