Subject The article addresses the problems related to capital outflow. Objectives The purpose is to investigate offshore financial centers and zones, offer options to decrease the elements of the shadow economy in financial offshore centers, and increase cash inflow to tax authorities of the Russian Federation. Methods The study draws on the overview of academic literature, synthesis and analysis of obtained information, comparison, formalization and specification. Results The paper offers certain solutions to the capital flight problem in the Russian Federation. The findings may be useful in efforts to reduce capital outflow from Russia to offshores, to create more favorable conditions for doing business in the country. Conclusions It is crucial to improve the investment climate in our country in order to reduce foreign investment outflow, hold capital amnesty and deoffshorization of international transactions, and regulate capital transfer. Improving the investment climate and a flexible taxation within the country are two interconnected factors, which may help strengthen the investment appeal of Russia.
Keywords: globalization, offshore zone, financial center, taxation, capital flight
References:
Soltakhanov A.U., Osmanova O.E. [The deoffshorization of the Russian economy]. Transportnoe delo Rossii = Transport Business of Russia, 2016, no. 4, pp. 21–23. URL: Link (In Russ.)
Manakov A.V. [Offshore financial centers: Specific features and determination of the offshore status]. Ekonomika i upravlenie v XXI veke: tendentsii razvitiya = Economy and Management in the 21st Century, 2015, no. 23, pp. 17–23. (In Russ.)
Gorlova E.N. [Unfair tax competition counteraction: The OECD recommendations and Russian experience]. Aktual'nye problemy rossiiskogo prava, 2017, no. 11, pp. 84–90. URL: Link (In Russ.)
Arezki R., Rota-Graziosi G., Senbet L.W. [Capital Flight Risk]. Finansy i razvitie = Finance and Development, 2013, no. 3, pp. 26–29. (In Russ.)
Fokanova E.A. [Deoffshorization of Russian corporations as factor of economic growth]. Aktual'nye problemy sovremennoi finansovoi nauki = Actual Problems of Modern Financial Science, 2017, pp. 341–344. URL: Link (In Russ.)
Ivanets Yu.L. [Intergovernmental exchange of tax information: Global trends and prospects for Russia]. Nalogovaya politika i praktika = Tax Policy and Practice, 2010, no. 8, pp. 68–72. URL: Link (In Russ.)
Ivanchenko I.S., Nalivaiskii V.Yu. [Attracting foreign direct investment to Russia]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2014, no. 38, pp. 2–12. URL: Link (In Russ.)
Kosov M.E. [Transnational banks and their role in the global financial globalization]. Finansovaya zhizn' = Financial Life, 2018, no. 1, pp. 51–56. (In Russ.)
Shakhmamet'ev A.A. [Tax residence of foreign organizations: Theory and practice of legal regulation]. Gosudarstvo i pravo = State and Law, 2009, no. 8, pp. 46–53. (In Russ.)
Kosov M.E. [Financial markets and macroeconomic balance]. Vestnik ekonomicheskoi bezopasnosti = Vestnik of Economic Security, 2016, no. 4, pp. 280–281. URL: Link (In Russ.)
Ermakova E.A. [Tax burden as an indicator of effectiveness of tax incentives for modernization in Russia]. Ekonomicheskie strategii = Economic Strategies, 2014, vol. 16, no. 1, pp. 102–109. (In Russ.)
Khudyakova L.S. [A new stage of the global tax cooperation]. God planety = Year of the Planet, 2013, pp. 56–64. (In Russ.)
Solodyankina G.A. [Tax load as an element of a competitive tax system]. Nalogi i finansovoe pravo = Taxes and Financial Law, 2010, no. 7, pp. 257–261. (In Russ.)
Ulyukaev A.V., Mau V.A. [From economic crisis to economic growth, or how to prevent the crisis from turning into stagnation]. Voprosy Ekonomiki, 2015, no. 4, pp. 5–19. (In Russ.)
Elitzur R., Mintz J. Transfer pricing rules and corporate tax competition. Journal of Public Economics, 1996, vol. 60, iss. 3, pp. 401–422.
Kilic C., Bayar Y., Arica F. Effects of Currency Unions on Foreign Direct Investment Inflows: The European Economic and Monetary Union Case. International Journal of Economics and Financial Issues, 2014, vol. 4, no. 1, pp. 8–15.
Manevich V.E. [The monetary and financial system functioning and the Russian economy depression]. Voprosy Ekonomiki, 2016, no. 2, pp. 34–55. URL: Link (In Russ.)
Barro R.J., Redlick Ch.J. Macroeconomic Effects from Government Purchases and Taxes. The Quarterly Journal of Economics, 2011, vol. 126, iss. 1, pp. 51–102. URL: Link
Bordo M.D., Meissner C.M. Fiscal and Financial Crises. NBER Working Paper, 2016, no. 22059. URL: Link
