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Putin signs laws on extension of capital amnesty

February 20, 8:12 UTC+3 MOSCOW

Amendments to the legislation establish a second stage of capital amnesty for the period from March 1, 2018 to February 28, 2019

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MOSCOW, February 20. /TASS/. Russian President Vladimir Putin has signed a package of laws extending capital amnesty until February 28, 2019. The documents were published on the official portal of legal information.

Earlier the laws were adopted by the State Duma and approved by the Federation Council, two chambers of the Russian parliament.

Amendments to the legislation establish a second stage of capital amnesty for the period from March 1, 2018 to February 28, 2019. During this term, all guarantees for those who used the amnesty of capital in the first stage in 2015-2016 will be fully preserved.

At the second stage special declarations can be submitted both by individuals who have not submitted them before, and those who participated at the first stage.

Voluntary declaration of assets and accounts in banks was took place in Russia from June 1, 2015 to June 30, 2016. Individuals had the right to submit to the tax authorities a special declaration containing information about the property, controlled foreign companies, accounts in banks located outside Russia. Such a declaration was subject to tax secrecy regime.

Capital amnesty implies that Russian citizens will have an opportunity within the amnesty framework to file on a voluntary basis returns on their property and assets, including the ones held by nominees, along with overseas accounts and controlled foreign companies in exchange for exemption from tax, administrative and criminal liability for tax and customs duties payment evasion and failure to comply with laws on currency regulation and currency control. The amnesty covers all revenues, operations and transactions related to overseas assets and accounts.

On February 9, Putin said that the extension of capital amnesty will add stability to the Russian business and this step is also supported by international financial institutions.

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