Putin Enacts Bills on Capital Amnesty in 2018-2019
Sputnik/ Maksim BogodvidRussia19:05 19.02.2018Get short URL
MOSCOW (Sputnik) – Russian President Vladimir Putin has signed a set of bills for the second stage of capital amnesty in 2018-2019, according to relevant laws published on the official legal information website.
The freshly signed laws set the term for the second stage of capital amnesty from March 1, 2018 to February 28, 2019. Those who submit the declaration at the second stage will enjoy the same amount of guarantees that was provided during the first stage.
During the second stage, Russian citizens will be able to declare accounts (deposits) in foreign banks, not only those opened as of January 1, 2018, but also closed on the date the declaration was submitted. Persons who submitted the declaration during the first stage of capital amnesty will be able to re-submit during the second stage, optionally at any tax authority or central office of the Russian Federal Tax Service.
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The deadline for the liquidation of controlled foreign companies has been extended until March 1, 2019. The terms, during which such companies are not recognized as a tax resident of Russia, and during which its revenues and expenses do not include income from the sale of assets to its owner, are extended to the same date as well. Personal income tax exemption is granted for any income — monetary or otherwise — received by the company upon its liquidation, if it is completed before March 1, 2019.
The decision followed Putin’s announcement a new amnesty on capital made late last year. The first stage of capital amnesty was held from July 1, 2015 to June 30, 2016 and provided an exemption from penalties, taxes and liabilities if an individual’s foreign property and bank accounts were declared.
On February 9, Vladislav Reznik, a member of the Duma Committee on Budget and Taxes, said this set of laws took into account business proposals, including the possibility of declaring closed accounts and companies.