Capital amnesty, stage 2

A number of laws regarding the second stage of "capital amnesty" from March 1, 2018 to February 28, 2019 came into force February 19, 2018.

The purported objective of the laws is to ensure the legal security of capital and property owned by individuals, protect property interests of Russian citizens (including property located outside the territory of the Russian Federation) as well as to facilitate the transition to the automatic exchange of information in tax matters at the international level (BEPS legislation).

Amnesty of capital provides for the voluntary declaration by individuals of their property, assets (including those registered as nominal owners), controlled foreign companies and foreign bank accounts, including accounts already closed at the date of submission of the declaration. This distinguishes the second stage of amnesty from the first in that in the previous one, closed accounts were not subject to declaration. In exchange, the declarant is released from criminal, administrative and other liability in relation to crimes and offenses committed before January 1, 2018.

These special declarations may be submitted to any tax authority or central office of the Federal Tax Service of Russia, at the choice of the declarant. EMG lawyers stand ready to assist in drafting the declaration.

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