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Problems related to capital outflow and the solutions to them

Vol. 25, Iss. 1, JANUARY 2019

Received: 23 August 2018

Received in revised form: 17 September 2018

Accepted: 1 October 2018

Available online: 29 January 2019

Subject Heading: FINANCIAL CAPITAL

JEL Classification: F38, G18, G32

Pages: 55–69

https://doi.org/10.24891/fc.25.1.55

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation
kosovme@mail.ru

https://orcid.org/0000-0002-1067-0935

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

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