Putin instructed to prepare amendments to extend the Amnesty

Putin instructed to prepare amendments to extend the Amnesty


The President of Russia Vladimir Putin has proposed to extend the Amnesty of capital for six months and make this mechanism some adjustments.

MOSCOW, 9 Dec. The President of Russia Vladimir Putin instructed the government until 23 December to amend the legislation to extend the period for voluntary Declaration of assets and Bank accounts until July 1, 2016, to the order published on the Kremlin website.

Speaking last week with a message to the Federal Assembly, Putin proposed to extend Amnesty of capital for six months and make this mechanism some adjustments. According to the President, suggested last year the procedure was complicated, and guarantee the Amnesty of capital is not sufficient, therefore the business does not hurry to take advantage of this opportunity.

According to the law on Amnesty of capital, in 2015 in Russia it is possible to voluntarily declare their foreign assets, Bank accounts, securities, shares in equity of organizations and CFC (controlled foreign companies). While filers will be exempt from criminal, administrative and tax liability, if related to the declared property violations were committed prior to January 1, 2015, and only to the extent of the property specified in the Declaration.

The President also instructed the government of the Russian Federation together with the Central Bank of the Russian Federation until March 1, 2016, to prepare proposals on simplification of issue of debt securities. “To prepare and present proposals aimed at simplifying and shortening the procedure of issue of debt securities, as well as the creation of mechanisms to reduce risks to citizens for purchase of securities of Russian companies on the organized market”, — stated in the list of instructions on implementing the presidential address to Parliament.

Until may 1, the Cabinet of Ministers of the Russian Federation it is necessary to ensure that the amendments providing for the exemption from taxation of income of natural and legal persons in the form of interest paid by Russian organizations on tradable bonds.

In addition, until 15 February 2016 the government together with leading business associations of entrepreneurs, and given the position of the Supreme court of the Russian Federation should prepare and submit proposals on improvement of legislation on the voluntary Declaration of assets and Bank accounts.