New tax amnesty in Russia

The constant shortage of money in the country to support and develop business, the continuous outflow of capital forces the state to think again about such an opportunity as a tax amnesty. There are doubts that entrepreneurs will believe that there will be no punishment, and that there will be no need to explain where the revenues came from.

Amnesty in Russia: the view of the authorities

In the spring of this year, German Gref voiced a proposal that would allow the withdrawal of multibillion-dollar capitals from off-shores. This message was also supported by the President of Sberbank and Deputy Prime Minister Shuvalov. He said that with such an initiative of bankers, the tax amnesty will be considered by the Government, despite the fact that the results of the past were not high. A similar program was already conducted in 2007. The economic amnesty affected the capitals, which actually were inside the country. Because of this, the amount of funds received was not high. The government did not specify in what formats and under what conditions a tax amnesty will be held, but the essence of the procedure implies the free declaration of funds without the need to indicate their source. A tax on income is levied on the whole of this amount. Then money can be used legally.

Tax amnesty: the prerequisites for the emergence

The need for an amnesty arises in a situation where the state's economy needs funding. According to the results of the first quarter, there was a decline in GDP, about $ 25 billion went from the country, which is almost a third of the volume of the previous year. The situation is planned to change with the help of the deofshorization program. To this end, a set of measures to conduct high-quality work in the judicial system, changes in corporate law , etc., is also considered. The issue of prohibiting the use of foreign exchanges for the implementation of the state assets privatization program is also being considered. These processes will continue for a long time, if they do not face problems at the initial stage of development. Tax amnesty, as the authorities expect, will help to get a quick, almost immediate result. But entrepreneurs are in no hurry to withdraw their capital from offshore and are rather skeptical about such proposals of the Government. This measure is only the initial stage of encouraging owners of overseas accounts to increase their "transparency".

When is it necessary to conduct a tax amnesty?

Many financial experts believe that such proposals are untimely. Stimulate the return of capital should have been earlier. During the difficulties in the economy, such measures are not always successful. The authorities need money, and this is quite noticeable. At moments of economic recovery, the situation is improving - the Government has the opportunity to state that the return of capital will be made on a gratuitous basis than it will attract more owners of offshore accounts to this procedure. The announcement of a tax amnesty during stagnation indicates that the state does not have enough money, and it will necessarily apply for a part of the returned capital. One of the main obstacles in the implementation of a tax amnesty is the procedure's payoff. This showed the experience of holding such a program in 2007.