Russian President offered a total amnesty for capital returning to the country

Russian President offered a total amnesty for capital returning to the country

Russia’s President Vladimir Putin in his annual address to the Federal Assembly has proposed a one-off exemption from tax and criminal liability for Russian individuals and businesses provided they return to the country the capital previously moved out in foreign jurisdictions without payment of applicable withholding taxes in the RF.

President instructed the RF Government to prepare a law on "offshore amnesty" before 15 July 2015 with appropriate amendments.

Experts believe that the government should provide firm legal guarantees for the safe return of capital in Russia, while business skeptically believes that the return of capital can be prevented by a lack of trust of business in the Russian tax authorities, law enforcement agencies and courts.

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