Russia passed a law on the third stage of capital amnesty

On May 30^th, 2019 The President of the Russian Federation signed a package of laws on capital amnesty.

From June 1^st, 2019 to February 29^th, 2020, the third stage of voluntary declaration by individuals of assets and bank accounts is established with all guarantees preserved, provided that the declarants money is repatriated and foreign companies controlled by them are registered in special administrative regions (SAR) in the Kaliningrad region and Primorsky territory .

The law stipulates that the following information should be contained in the special declaration and attached to it:

• About property, the owner or actual owner of which is the declarant;

• On controlled foreign companies in respect of which the declarant is a controlling person;

• On accounts (deposits) of an individual with banks outside the Russian Federation;

• On state registration of international companies in the order of redomicilation;

• On the transfer of funds from accounts (deposits) in banks located outside the Russian Federation to accounts (deposits) in credit organizations in the Russian Federation;

• Report on the movement of funds on the account (deposit) in a bank outside the Russian Federation;

• Statements on operations on accounts (deposits) confirming the crediting of funds to the accounts (deposits) of the declarant in credit organizations of the Russian Federation issued and certified by such organizations.

The package also provides with amendments to the Tax Code, which exempt from personal income tax income in the form of profits of a controlled foreign company, which are taken into account when determining the tax base in 2019 if the taxpayer was not determined as a tax resident of the Russian Federation based on the results of the tax period of 2018. Submission of a declaration during an amnesty exempts from paying taxes on declared property or accounts with foreign banks, except for income taxes and on property of controlled foreign companies.

Amendments to the Criminal Code and the Code of Administrative Offenses establish that the participants in the third stage of the capital amnesty will be subject to guarantees of exemption from criminal liability for tax offenses committed before January 1^st, 2019.

On materials of the following website: http://duma.gov.ru/news/44946/

https://rg.ru/2019/05/30/putin-podpisal-paket-zakonov-o-prodlenii-amnistii-kapitalov.html