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The Russian government has de facto proposed to amnesty the capitals in offshores if they return to Russia. The situation with Cyprus should make Russia adopt such rules of conduct that will help to return capital to the country, RF First Deputy Prime Minister Igor Shuvalov said. According to him, the money from Cyprus will be transferred to accounts in Russian banks. “It would be fair if we ask you, the banking community, to think this initiative over, to weigh all pros and cons and come with this initiative to the government or the MPs,” the official said Thursday at the Russia-2013 Forum.
The RBC Daily notes that head of Sberbank (Savings Bank) German Gref agreed that the pressure on offshore zones stimulates businessmen to transfer money to the homeland. The first deputy prime minister at a meeting with the Sberbank head also said that the RF government is ready to discuss the issue of another tax amnesty if the banking community proposes to discuss the initiative. Such a mechanism of the capital return implies the protection from the fiscal authorities’ claims to the assets that are returned to the country within the framework of such a campaign.
Shuvalov’s press secretary Alexander Machevsky told the RBC Daily that the RF government is always in dialogue with the credit institutions and the issue of interaction with the banks is most relevant at the moment. “Russian banks have a unique opportunity to raise funds that will come to Russia as a result of Cyprus’ deoffshorisation,” Machevsky explained. He said that the ideas are also welcome from professional associations and by individual banks and bankers. “The proposals may be further discussed both within the framework of the Open Government and at other venues,” Shuvalov’s representative said.
The banking community is ready to accept the proposal of the first deputy prime minister. “We are in constant dialogue with the government and various government agencies. The issue of the attraction of capital is also important,” the newspaper quotes President of the Association of Russian Banks (ARB) Garegin Tosunyan. He explained that the Association’s congress will issue a set of proposals on a number of questions and the document will be sent to the RF government, the Central Bank and the president.
According to Tosunyan, it is necessary to have a broader look at the problem of the return of capital – by strengthening the banking system. The ARB proposals on the improvement of the situation in the banking sector will also make it more attractive for Russian businessmen, the head of the Association is certain.
The proposal on the factual amnesty of capitals is the second step for the return of capital to Russia, the newspaper recalls. First, RF President Vladimir Putin urged officials to ensure the return of all the declared assets to the country. Now the signal is given to businesses.