17 Jan 2018 13:02

Capital amnesty to last from March to Dec, apply also to accounts closed by spring - Siluanov

MOSCOW. Jan 17 (Interfax) - The capital amnesty this year will last from March to December inclusive and will extend not only to open accounts but also to accounts with foreign banks closed by March 1, Russian Finance Minister Anton Siluanov said.

The Finance Ministry expects more capital to be returned under the amnesty than in 2016, Siluanov said at the Gaidar Forum.

"We had an amnesty in 2016, and I agree 100% that this is a matter of trust. Did it work or not? We had about 7,200 declarations collected during that amnesty period. Of course, we can count on something greater. There's a question of trust here. What if information about our registered companies or accounts ends up in the media? Then law enforcement would make life a nightmare for us. This didn't happen. And now the amnesty declared by the president is entering its second stage, indicating to entrepreneurs that, by all means, we already have experience, positive results, that there are problems with Russian business abroad, that you can transfer your money here, declare what you have registered there, operate in Russia. This is our chief goal," he said.

"The amnesty will be conducted this year consistent with the president's decision - from March to December 2018. We are going to be offering essentially the same terms. The only difference is that, as we've agreed, the amnesty will extend not only to the opening, but also to the closing of foreign bank accounts no earlier than March 1. The Finance Ministry has been given the right to provide clarification," Siluanov said.

Furthermore, the practice of waiving payment of personal income tax on earnings received from the closure of companies abroad will be extended through the end of this year.

"All conditions exist for the declaration and return of capital to our country, and we hope that these resources will re-enter the Russia economy and prove useful here," the minister said.