Russia's Finance Ministry preparing proposals for tax amnesty for companies ready to decline optimization procedures - Finance Minister Siluanov

MOSCOW. May 20 (Interfax) - Russia's Finance Ministry plans to provide tax amnesty for companies that are ready to decline optimization procedures, including through business fragmentation, Finance Minister Anton Siluanov said.

"The current special procedure for small businesses needs to be amended so that, on the one hand, the changes do not affect the majority of business at 95%. The figure has already been voiced, and, on the other hand, companies created to optimize taxation by splitting up large businesses, as we know that such exist and are being created, they paid fair taxes. This is also a principle that we lay down when forming our proposals on taxes," Siluanov said at a meeting on the decision of the State Duma Committee on the budget and taxes, during which a public discussion began on the upcoming amendments to the tax code.

Siluanov also said that, "Amnesty should be provided for taxpayers that are ready to start working 'in the light', and decline optimization procedures, business fragmentation, and so on."

"The government currently has plenty of tools to prevent tax evasion procedures on the part of affluent taxpayers. By the way, leveling the playing field for taxation and preventing people from going into the shadows is one of the most important conditions for competition," Siluanov said.