Russia's Finance Ministry has submitted a revised bill on a tax amnesty to the Cabinet for approval

Thursday, June 30, 2022

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Russia's Finance Ministry has submitted a revised bill on a tax amnesty to the Cabinet for approval, Deputy Finance Minister Sergei Shatalov said Monday in Zurich, where he is attending a session of an economic forum on Russia. The Russian government's amnesty program, proposed last August, aims to replenish the state's coffers by encouraging individuals to repatriate money taken abroad. Unlike the original bill, the new draft does not require potential tax payers to transfer funds to accounts in Russian banks, but invites them only to file income tax returns on cash, securities and property they repatriate, paying the standard 13% flat rate of income tax. The bill will come into force the day after it is signed into law, and will remain in force until April 30, 2007, the final day for filing 2006 tax returns. It will apply to incomes received before January 1, 2005.

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