MOSCOW, December 4 (RAPSI) – President Vladimir Putin in his annual address to members of the parliament on Thursday proposed total amnesty for capital returning to Russia.

That means that a person who opts to legalize assets and property in Russia will get firm legal guarantees that he would not be prosecuted and would not get under investigation by tax authorities or law enforcement agencies, according to Putin.

Such amnesty should be a one time offer, he said.

Tax conditions in Russia will remain fixed for the next four years, with two-year tax breaks for small businesses registering for the first time, Putin said.

A group of members of the Federation Council has unveiled on November 5 a bill which introduces tax amnesty for those who transfer funds from foreign banks to Russia and register property held abroad according to the Russian law. The proposed amnesty should begin on Janury 1, 2015 and end on June 30, 2015, according to the bill.

Russian lawmakers 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.

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