10 November 2003 01:51
Wealth tax for Russian citizens
>From Mr Anthony Smouha.
Sir, Martin Wolf ("Putin's clampdown could put prosperity at
risk", November 4) is correct on the necessity for clear rules for the
protection of property rights. An elegant solution would be the imposition of
a wealth tax for Russian citizens. This could be an annual wealth tax as
there is in Switzerland, with maybe an initial tax of say, 10 per cent, for
fortunes above Dollars 1bn. Thereafter, the basis should be on a more
reasonable "per mill" scale, starting at Dollars 1m. In such a
case, Russia could also apply US rules to citizenship, with tax obligations
remaining for some years after any revocation. In this way it could tax
assets of Russian exiles while at the same time legitimising their existing
fortunes.
Anthony Smouha, 1231 Conches, Switzerland
[FTI [The Financial Times]] |
RUSSIA IN FACTS
