News: Publications

Alexander Nazarov told how fourth stage of capital amnesty will work

The fourth stage of the amnesty will take place from 14 March this year to 28 February 2023. Among the novelties are the possibility to declare cash and re-register vehicles in Russia. Petrol Chilikov Senior Associate Alexander Nazarov has helped to understand the nuances of the new law.

Nazarov believes that the replacement of the term “securities” in the capital amnesty law is related to the obligation of Russian residents from 2020 to notify state authorities of opening and closing accounts, as well as the movement of funds not only in accounts opened with banks, but also in other financial market organisations. Now, if the notification obligation has been breached, the declarant will not be held liable.

One problem, however, is that the tax exemption for previous periods does not apply to controlled foreign companies’ profits, Nazarov says. He specifies that related profit tax will have to be paid. 

Read full article here.