A new tax amnesty bill to persuade Russians to repatriate money held abroad is to be put before Russian Duma in the autumn, according to Rus...

A new tax amnesty bill to persuade Russians to repatriate money held abroad is to be put before Russian Duma in the autumn, according to Russian finance minister Alexei Kudrin. Under the proposed legislation individuals could repatriate undeclared income earned prior to January 2005 without fear of state recrimination. However, tax will have to be paid on the repatriated funds at the standard income tax rate of 13 per cent, and monies would have to be paid into a Russian bank account. The bill would be part of a raft of new legislation aimed at improving tax efficiency including the abolition of inheritance tax. In his annual state of the nation address to parliament in April, Russian President Vladimir Putin urged the tax authorities to cease menacing the business community with claims for back taxes, in a message designed to reassure foreign businesses that their contribution to the Russian economy is welcomed by the government.