MOSCOW, November 5 (RAPSI) – Members of Russia’s Upper House, the Federation Council, have submitted a bill proposing six months tax amnesty for returning or legalization of foreign assets in Russia, RIA Novosti reports on Wednesday.

One of the bill sponsors, senator Konstantin Dobrynin, said that the bill’s goal is to return outflowing capital, in exchange for some mitigation for taxe evasion crimes committed in the past. He added that in three months in 2014, more than 200 billion dollars were taken out of Russian economy legally, which can be extrapolated to 1 trillion a year, counting the grey economy.

The bill proposes a hold on records for assets transferred from foreign banks to Russia, including foreign real estate, without explaining their origins. The according motion could be filed up to August 31, 20015, with a 2,5% assets-worth “motion fee”.The returned assets will be expempt from taxation, and the individual who transferred them free from administrative or criminal liability likewise.

The senators believe that the bill could bring back up to 100 billion dollars, no less than 10% of assets already transferred abroad, with more than 2 billion dollars adding to the state budget.

The sponsors cite similar measures taken in Italy and Germany, which held amnesties in 2002-2003 and 2004-2005. The Italian amnesty brought back 60 billion EUR into the country’s economy.