Please be reminded that according to Federal Law No.140-FZ “On the Voluntary Declaration of Assets and Bank Accounts / Deposits by Individuals and on Introducing Amendments to Various Legislative Acts of the Russian Federation” individuals are required to file a declaration by June 30, 2016.
The main objective of the law is to ensure legal security of capital and property owned by individuals, protect property interests of Russian citizens, including property outside the territory of the Russian Federation as well as in compliance with the transition to the automatic exchange of information in tax matters at the international level (BEPS legislation).
The purpose of the legislation is that Individuals must declare their foreign property (real estate, vehicles, shares in companies, securities and etc.) and foreign bank accounts. In exchange the declarant is not subject to criminal or administrative responsibility and is exempt from the payment of historical taxes, committed before January 1, 2015. The information provided by the declarant is recognized as confidential.
A draft amendment was submitted to the State Duma in April 2016, under which it is proposed to extend capital amnesty for a further one-year – up to June 30, 2017. However EMG lawyers advice to adhere to the relevant date, which is June 30, 2016. EMG lawyers stand ready to assist in drafting the declaration within the prescribed time limits.
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