The Russian government is advancing its plans to introduce a tax amnesty, with cabinet ministers set to discuss a simplified scheme at a government meeting scheduled for Thursday, August 11.
Under plans outlined by Finance Minister Alexey Kudrin at a ministerial meeting on Monday, “something like an amnesty for personal incomes" will run from January 1 until July 31, 2006 whereby individuals can deposit previously undeclared funds into domestic bank accounts without facing penalties or charges from the tax authorities. However, depositors will be required to pay income tax on declared funds at a rate of 13%.
The tax amnesty is being viewed as an attempt to rebuild bridges between the Russian government and the investment community, both domestically and internationally, after the Yukos affair and a number of high profile corporate tax investigations last year shattered business confidence in the Russian economic system.
The amnesty is being encouraged by President Vladimir Putin, who has been quoted as stating that capital must return to work in the Russian economy rather than "loafing around in offshore zones".
The Finance Ministry is expected to submit a bill to the cabinet soon.
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