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Putin Urges to Extend Capital Amnesty for 6 Months
Thursday, 03 December 2015 11:57
Putin Urges to Extend Capital Amnesty for 6 Months

13:57 03.12.2015(updated 14:02 03.12.2015) Get short URL

MOSCOW (Sputnik) Russian President Vladimir Putin proposed Thursday to extend capital amnesty for half a year.

"Last year, the amnesty on capitals returning to Russia was announced. Meanwhile, the businesses are not in a hurry to use this opportunity which means that the suggested procedure is hard and there are not enough guarantees," Putin said, addressing the Russian Parliament, the Federal Assembly.

Capital flight in January-September 2015 decreased by a factor of 1.7 compared to the same period last year, according to the Central Bank of Russia. Third-quarter figures decreased 12.9 percent, some $5.4 billion. However, the phenomenon persists with a total $45 billion capital loss in 2015.

In his address, Putin called on the government to consult the business community, the Supreme Court and law enforcement agencies to make appropriate adjustments promptly, proposing to extend the amnesty for another six months.

The capital amnesty law has been in force since July 1. According to the law, those declaring their assets and bank deposits are relieved from liability over tax avoidance, asset concealment and creating entities illegally. The amnesty covers only declared assets.

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source: http://sputniknews.com/russia/20151203/1031178950/putin-capital-amnesty.html