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Amnesty of foreign capital: 2nd round

Amnesty of foreign capital: 2nd round

Amnesty of foreign capital is a set of temporary amendments to the Tax and Criminal Code, providing exemption from criminal liability upon condition of voluntary disclosure of assets located abroad.

In the absence of amnesty, fines for failure to disclose certain types of assets and revenues are up to 100%.

In addition, Russian residents are exempted from personal income tax on property and cash received after liquidation of foreign companies.

The amnesty comes into force on March 1, 2018 and is valid until February 28, 2019.

Previously Russia had a successful experience of such amnesty, which was in force until mid-2016 and was used by more than 7,000 people.