23 October 2019

Putin may hold a meeting foreign currency earnings

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Russian President Vladimir Putin may hold a meeting on repatriation of foreign currency earnings, Kremlin spokesman Dmitry Peskov told reporters. reports citing TASS.

"We do not rule out the possibility of such a meeting," he said.

Peskov said that there is no exact date for the meeting yet, but promised to inform about it when the date is set.

"This issue is on the agenda, indeed," the Kremlin spokesman said.

In May, the State Duma, lower house of the Russian parliament, adopted in the third and final reading the package of laws on the third stage of capital amnesty. The laws contain amendments to Russia’s Tax Code and the Code of Administrative Offences.

As part of the third stage of the amnesty, individuals will be able to declare their assets and bank accounts from June 1, 2019 to February 29, 2020. They will retain all their guarantees in exchange for repatriation of funds and state registration of foreign companies they control in special zones in Russia’s Kaliningrad region and Primorsky Krai (Russia’s Far East).

The amendments to the Code on Administrative Offenses and the Criminal Code provide that capital amnesty participants will not be prosecuted in Russia for violations, if those violations were committed before January 1, 2019 (earlier - before January 1, 2018).

The amendments to the Tax Code imply that a capital amnesty participant will be freed from personal income tax, which is imposed on the profit of a foreign company under his or her control, provided that the taxpayer was not recognized as a tax resident of the Russian Federation for the tax period 2018 year.

The adoption of laws is aimed at creating favorable conditions for the transfer of assets to the Russian jurisdiction.

2019.09.20 / 19:11
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