Offshores are banned to purchase state property in Bashkortostan

UFA, 4 June 2018. /Bashinform News Agency, Gulfiya Akulova/ translated by Tatiana Aksyutina/. Offshore companies will no longer be able to acquire state property in the territory of Bashkortostan. The deputies of the State Assembly - Kurultay of the republic passed a law expanding the list of entities that are not entitled to acquire state property, the press service of the regional parliament reports.

"This list additionally includes legal entities registered in the states or territories providing preferential tax treatment or not providing for the disclosure and provision of information in the conduct of financial transactions. It relates to the so-called offshore zones," the Chairman of the State Assembly Konstantin Tolkachev commented on.

Konstantin Tolkachev also stressed that the ban on the state property acquisition concerned not only the offshore companies themselves but also legal entities that were somehow controlled by them. The new law has already been signed by the Head of Bashkortostan. It will be officially published and will enter into force not later than seven days.