Amendments concerning voluntary disclosure by individuals of foreign-held assets and bank accounts were signed by the president in April 2016. The law was amended to extend the deadline for the submission of certain declarations to 30 June 2016 (from 31 December 2015)
The law has an effective date of 8 June 2015 and offers a window of opportunity for individuals to inform the Russian tax authorities of their assets held abroad—including property, controlled foreign companies (CFC), bank accounts—so as to avoid prosecution under the criminal, administrative and tax laws of Russia.
Read an April 2016 report [PDF 56 KB] prepared by the KPMG member firm in Russia
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