5 february 2018

Amnesty of capital 2018

The extension of the benefit will provide an opportunity to Russian citizens, foreign citizens and stateless persons voluntarily declare their assets and accounts in foreign jurisdictions in exchange for release from criminal, tax and administrative liability, as well asexemption from paying taxes associated with these assets for previous periods.

Unlike the previous amnesty, in 2018 individuals are planned to be given the opportunity to:

  • specify in the declaration an accounts (deposits) in foreign banks, both opened and closed as of the date of submission of the declaration (provided that they were opened before January 1, 2018),
  • submit a declaration to any tax authority (at the declarant choice), whereas in the first stage it could be submitted either to the Central Department of the Federal Tax Service of Russia or at the place of registration of an individual.

Minister of Economic Development Mr. Anton Siluanov said that for those wishing to return capital to Russia, in 2018 the Ministry of Finance of Russia will issue ordinary eurobonds worth up to $ 3 billion.

In case the mentioned bills come into force, individuals owning assets located abroad will have another chance to report such assets to the Russian authorities and, in the absence of tax losses, to transfer these assets to the territory of the Russian Federation.