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  Thursday, September 19, 2019
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People can declare the income that they previously concealed without fear that special financial checks will follow
People can declare the income that they previously concealed without fear that special financial checks will follow, the finance minister said Tuesday. Alexei Kudrin said checks would be conducted only if there were reasons for them. "Only the sums you declare will be subject to amnesty," he said. "Amnesty will only be applicable to back taxes that were previously established [by the tax bodies]." The minister refused to give any forecasts estimating the earnings that people would declare. "Practice in various countries has shown that real results differ from expected [sums]," he said. "I cannot assess the investment climate," the minister said, adding that Russia's upgraded Fitch rating indicated movement in the right direction. "The rating was upgraded in view of the government preparing new parameters [of economic development], which means they satisfied the investors." Kudrin said Russia was a leading country in terms of stock index growth. Last Monday, Kudrin met with the president and said the government was going to announce capital amnesty for people who had not declared their income. After paying a 13% flat tax, "people will be able to use their money without fear," unless financial monitoring discovers it came from illegal sources.
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