Russia » Economics

Russian businessmen ask authorities for amnesty of capitals

Russian businessmen ask the authorities to legalize the capitals taken out of the country before, by announcing amnesty of capitals.
Some businessmen believe this would increase Russia’s budget revenue and will increase the trust between the authorities and business.

"Amnesty should be made for the capital earned in a certain way. This capital should be declared once and for all. Otherwise, the situation is uncertain”, said David Yakoboshvili, President of Vimm-Bill-Dann company at the conference “Business and authorities: what next?” organized by Adenauer Foundation in Moscow.

"One should pay taxes – and relax”, said Mr. Yakoboshvili.

Russian Union of Industrialists and Entrepreneurs has already submitted its proposals on capital amnesty to Russian government, said Igor Yurgens, Vice president of the Union. According to Mr. Yurgens, if accepted, the proposals will bring several billion dollars of additional revenue to Russian economy.

Some experts estimate that the tax with the capitals legalized in such a way can be $3 billion. Deputy Chairman of Russian Parliament Oleg Morozov says that the law of capital amnesty should be developed. "I support the idea of absolute legalization of the capital taken out of the country. Probably this will be unfair to the people who has been honestly paying taxes all these years, the owners of shadow capitals will be made on the same footing with them, but I think this will still be better option than doing nothing about the problem”, said Oleg Morozov.