MOSCOW, June 3 (RAPSI) – The Federation Council, Russia's upper house of parliament, approved a so-called "capital amnesty" bill that offers Russian citizens and business immunity from prosecution provided they declare foreign assets until December 31 this year, RIA Novosti reported on Wednesday.
The bill would create 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 bill was drafted in compliance with the president’s address to the Federal Assembly in which he proposed an amnesty for anyone bringing capital back to Russia.
The applicants will 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.
The cases under the bill include liability for failing to honor one’s commitment to repatriate money, to pay customs fees and duties and to comply with the duties of a tax payee, and for concealing the funds and property of organizations or sole proprietors which/who are to pay the required taxes and duties.
Declarations would have to be submitted either to a local tax agency office or the central office of the Federal Tax Service from July 1 to December 31, 2015. The declarations would be considered confidential.
The amnesty would not include convicts or those who are implicated in a criminal case or are in administrative litigation for alleged transactions that would be amnestied by this law.