Amnesty of capital in Russia will be continuing till March 1, 2020

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The leadership of Russia decided to keep the “holidays” for capital in the special administrative districts (SAD) of the state till March 1, 2020. This decision has become known from the decree of the President of the Russian Federation Vladimir Putin, which is based on the results of the “Business Russia” forum.

As stated in the text of the decree, the government of the Russian Federation is charged with ensuring that the legislation of the Russian Federation includes a provision to extend until March 1st of next year “the period for voluntary declaration of assets by individuals and accounts (deposits) in banks while retaining all guarantees”. The President of the Russian Federation also placed an obligation on the Russian government to improve the norms of the Federal Law “About the voluntary declaration by individuals of assets and accounts (deposits) in banks and on amendments to certain legislative acts of the Russian Federation” dated June 8, 2015.

The main focus will be on issues related to the settlement of capital turnover and the redomiciliation of companies from special administrative districts (SAD). This order concerns two SADs in the Russian Federation as Primorsky Krai and the Kaliningrad region.

This decree came into force, and obliges the government to execute it until February 28, 2019.