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Russian senators propose offshore capital amnesty

June 19, 2014, 13:17 UTC+3 MOSCOW
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MOSCOW, June 19. /ITAR-TASS/. Russia may announce offshore capital amnesty from January 1, 2015 to bring home at least 10% of funds withdrawn from the country, according to a bill presented by Russian senators at the St. Petersburg law forum on Thursday.

The bill on capital repatriation, drafted by the Federation Council, will be submitted to the government for approval.

Capital amnesty is designed to repatriate declared offshore capital, which will subsequently flow into the Russian financial market. The bill is based on the experience of Germany and Italy in financial market stimulation. The bill envisages a 2.5% tax on repatriated capital.

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