Russia Extends Capital Amnesty to March 1, 2020

31 May 2019 (09:15)

UrBC, Moscow, May 31, 2019. Russia extended its capital amnesty proviso through March 1, 2020. President Vladimir Putin already signed the amendments to Federal Law No. 140-FZ (‘On Voluntary Declaration by Individuals of Property and Bank Accounts (Deposits) and on Amending Certain Legislative Acts of the Russian Federation’).

The amendments concern Article 5 of the law, which now states the bracket for the third deceleration stage as June 1, 2019-February 29, 2020. The law comes into effect the moment its gets published.

Under the current capital amnesty terms, money that left Russia can get declared by Russian nationals within the country without having to pay any taxes on the assets they have disclosed. They are under no obligation to transfer the funds and assets themselves to Russia. Now the amnesty principle as of March 1, 2019 applied to all natural persons who took their money back to Russia or re-registered their assets in specially designated districts.

The first wave of capital amnesty took place in 2015-2016, the second one on March 1, 2018-March 1, 2019.

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