The law allows Russian citizens to declare their offshore assets and bank deposits in 2015 voluntarily.
Those who declare their capital will be exempt from criminal, administrative, and tax liabilities if the violations were committed prior to January 1, 2015.
In order to legalize assets, one should submit a special declaration form to the tax authorities.
The document will be protected by tax secrecy. The submission period is from July 1 to December 31, 2015.
Putin proposed the amnesty on offshore capital on December 4, 2014. The president stated that Russia should “turn the offshore page” in the history of the economy and the country. Capital amnesty is expected to be charge-free for owners and in sync with deoffshorization.
