MOSCOW, December 25 (RAPSI) – The Federation Council, Russia’s upper house of parliament, at the end-of-year meeting on Friday approved a bill that would extend “capital amnesty” until July 1, 2016, RIA Novosti reported.

President Vladimir Putin in his annual address to members of the parliament on December 3 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.