Dear Clients,

Draft law on the voluntary declaration of property (amnesty), and an extended deadline for filing notifications on owning shares in foreign companies

The draft law “On Voluntary Declaration by Individuals of Property and Bank Accounts (Deposits)” (the “Draft Law”) was submitted to the Russian State Duma on 27 March 2015; it should motivate business owners to disclose their foreign property and facilitate tax-free restructuring of foreign assets.

Amendments to the Tax Code requiring all Russian taxpayers to file notifications on owning shares in foreign companies, and on the establishment of foreign structures, before 1 April 2015 (the “Notifications”) entered into force from the beginning of the year. Russian taxpayers must also disclose controlled foreign companies (CFCs), and must pay taxes on their undistributed profits. And on 1 April 2015 the Federation Council approved a draft law extending the filing deadline for the Notifications until 15 June 2015.

Should you need any further clarification, please do not hesitate to contact us at: info@cardwell-capital.com
 

Kind regards
Cardwell advisory Desk.