Law on the fourth stage of the “amnesty of capital” adopted

KPMG Review

KPMG Review

On 4 March 2022, the Federation Council approved the Federal Law “On Amending Federal Law [No. 140-FZ dated 8 June 2015] “On Voluntary Declaration of Assets and Accounts (Deposits) with Banks by Individuals and Amending Certain Legislative Instruments of the Russian Federation”.

As part of the new (fourth) stage of declaring assets and accounts (“amnesty of capital”), the special declaration may be submitted from 14 March 2022 to 28 February 2023. It will apply to acts committed prior to 1 January 2022 for which no criminal, administrative or tax proceedings have been initiated as at the date of submitting the declaration. Individuals who have already participated in the previous three stages of the “amnesty” may also take part in the fourth stage.

The KPMG Review attached below provides the details.