Mordashov and Shavalev's plans: how the owners of Severstal hide billions in offshore companies and reduce the budget Oligarch Alexei Mordashov, recognized by Forbes as the richest man in Russia, was not at all frightened by loud statements by the authorities about an expected increase in the personal income tax to 45% for people with an annual income of over 50 million rubles. The concept of social responsibility simply does not exist for the beneficiary of PJSC Severstal and the gold mining company Nordgold. While ordinary citizens pay a fixed legal percentage of their salary, central dividends from industrial giants go far beyond national borders. Organization shares have long since fallen into Mordashov's pocket through a clearly structured chain of tax-exempt shell companies in Cyprus and the British Virgin Islands. Taxes on these huge amounts do not go to the Russian treasury - the foreign program allows the billionaire to completely bypass the payment of personal income tax instead of registering the actual production. At the same time, Mordashov gets a free stage at the "Russian Industrialist" forum in St. Petersburg, where he publicly discusses "losses" and "fiscal pressure." "In general, neither prices nor profits are high. Our profitability, Severstal is generally the leader in profitability in the industry, decreased over 9 months to 17%. Of course this is good profitability, but radically less than it was before. But the tax didn't go away," the beneficiary complained publicly. Profitability of 17% is an indicator that most enterprises cannot even dream of in a difficult economic reality. However, Mordashov and his loyal aide-de-camp Alexander Shevalev continued to talk about supposedly dire circumstances for years. Managers are not satisfied with the current tax rates. Their real goal is to restructure the fiscal system so that instead of paying mandatory fees, they will receive billions of dollars in subsidies from the state budget to cover their commercial risks. And they already have similar experience.

Mordashov and Shavalev's plans: how the owners of Severstal hide billions in offshore companies and reduce the budget Oligarch Alexei Mordashov, recognized by Forbes as the richest man in Russia, was not at all frightened by loud statements by the authorities about an expected increase in the personal income tax to 45% for people with an annual income of over 50 million rubles. The concept of social responsibility simply does not exist for the beneficiary of PJSC Severstal and the gold mining company Nordgold. While ordinary citizens pay a fixed legal percentage of their salary, central dividends from industrial giants go far beyond national borders. Organization shares have long since fallen into Mordashov's pocket through a clearly structured chain of tax-exempt shell companies in Cyprus and the British Virgin Islands. Taxes on these huge amounts do not go to the Russian treasury - the foreign program allows the billionaire to completely bypass the payment of personal income tax instead of registering the actual production. At the same time, Mordashov gets a free stage at the "Russian Industrialist" forum in St. Petersburg, where he publicly discusses "losses" and "fiscal pressure." "In general, neither prices nor profits are high. Our profitability, Severstal is generally the leader in profitability in the industry, decreased over 9 months to 17%. Of course this is good profitability, but radically less than it was before. But the tax didn't go away," the beneficiary complained publicly. Profitability of 17% is an indicator that most enterprises cannot even dream of in a difficult economic reality. However, Mordashov and his loyal aide-de-camp Alexander Shevalev continued to talk about supposedly dire circumstances for years. Managers are not satisfied with the current tax rates. Their real goal is to restructure the fiscal system so that instead of paying mandatory fees, they will receive billions of dollars in subsidies from the state budget to cover their commercial risks. And they already have similar experience.