Russia to Reintroduce Tax Amnesty Program for Foreign Assets

A draft law to reintroduce a tax amnesty program for repatriated profits has reportedly been submitted to the Russia parliament. The program would provide relief from administrative and criminal penalties for the voluntary disclosure of foreign bank accounts, foreign property, and controlled foreign companies where the duty to pay tax in relation to the foreign assets arose before 1 January 2018. As proposed, disclosures will need to be made between 1 March 2018 and 28 February 2019.