Russian government approves extension of capital amnesty for six months

© Fotolia/ Irochka

16:03 10/12/2015

MOSCOW, December 10 (RAPSI) – Russian government on Thursday approved a bill that extends “capital amnesty” for six months, Finance Minister Anton Siluanov told journalists.

In the near future, discussions will be held with the Supreme Court and business community.

President Vladimir Putin in his annual address to members of the parliament last Thursday suggested to extend “capital amnesty” and to make corresponding adjustments to the mechanism.

“Amnesty for capital returning to Russia was announced last year. Meanwhile, businessmen are slow to take this opportunity, that means the offered procedure is complicated and guarantees are insufficient,” Putin said.

The law on amnesty for capital creates a legal framework to encourage the voluntary declaration of property and personal accounts by individuals in 2015, including those registered to nominal holders.

The property as defined in the bill includes real estate, securities, and shares and units of corporate capital and the declaration of foreign-controlled companies.

The applicants are to be relieved from criminal, administrative and customs liability for property-related offenses committed before January 1, 2015, but only with respect to the declared property.