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Capital amnesty won’t significantly boost growth, cautions business ombudsman

January 15, 16:31 UTC+3 MOSCOW

Capital amnesty in its current form has not had a significant effect, Boris Titov noted

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MOSCOW, January 15. /TASS/. Extending capital amnesty will not help reduce the shadow economy or boost Russia’s economic growth, business ombudsman and head of the Party of Growth, presidential candidate Boris Titov said in an interview with TASS.

He noted that capital amnesty in its current form has not had a significant effect. "I believe that its extension will not do anything. Its current form worked for a small number of entrepreneurs, because legally there are no absolute guarantees," Titov said.

Titov's proposed program for the development of the Russian economy was aimed at getting a lot of small businesses to come out of the shadows that are now working semi-legally. The program includes tax proposals, measures to streamline administrative regulation, assistance in loans, and help in finding manufacturing space. These measures, according to the authors of the program, should serve as a profitable way out of the shadow economy.

Along with this, a substantial part of the program includes tax, administrative and in some cases criminal amnesty. Entrepreneurs that have registered and started to operate legally should not be liable for any previously existing violations, Titov said.

"That is, you cannot be held accountable retroactively. This is important, because everyone is afraid - once you become legitimate, they will come for you right away, just as soon as you stick your head out. These people need guarantees," he explained.

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