Capital amnesty launched in Russia

From July 1 to December 31 of this year Russian citizens can submit declarations of assets and bank accounts as part of legalization of capital. Russian President Vladimir Putin signed such a law on June 8 of this year.

The document, in particular, provides de facto amnesty of capital in a number of articles of the Criminal Code, including evasion of duties for the repatriation of currency receipts, from the payment of customs duties, payment of taxes, taken from individuals and legal entities, as well as the concealment of money or property from which taxes should be paid.

The amnesty would apply only to violations committed before January 1 2015.