|Russia Legislates for Offshore Amnesty|
Russia's Parliament, the Duma, has approved a draft law to allow taxpayers to regularize previously undeclared assets held offshore.
The Russian Government said on March 27, 2015, that the law, "On the Voluntary Declaration of Property and Bank Accounts (Deposits) by Individuals," will allow taxpayers to repatriate assets taken out of the country in violation of tax, currency, and/or customs laws with a waiver on penalties.
The Government has said that information received will be treated as confidential, and an amnesty will be provided for criminal or administrative offenses committed.
It will cover bank accounts and all assets held by controlled foreign companies or nominal owners.
The proposed law does not compel the return of property located outside Russia, except in cases where such property is located in a state on the Financial Action Task Force's blacklist or is located in a state lacking a double tax agreement with Russia.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on Apr.1, 2015