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Amid huge capital outflows in 2014, deteriorating relations with
the West over the Ukraine conflict and weak oil prices, Moscow
offered the amnesty for those returning capital to Russia.
The amnesty, which expired in mid-2016, scrapped responsibility
for past taxes and currency violations for those who declared
assets abroad. But few agreed to take part in the amnesty.
Russian Finance Minister Anton Siluanov said on Friday that his
ministry was proposing such an amnesty be restored in 2018 for
at least a year.
Speaking at the meeting with the leadership of the Russian
parliament, Putin said he had two proposals which he had not
previously spoken about publicly.
"The first is to extend the amnesty timeline, I mean external
restrictions are not easing, but, on the contrary, tending to
rise," he said.
U.S. President Donald Trump signed into law a new package of
sanctions in August. One provision asked the U.S. Treasury
Secretary to submit a report on the impact of expanding
sanctions to cover Russian sovereign debt, with an outcome
expected as early as February.
Putin's second proposal was to scrap 13 percent taxes for
transfers of capital to Russia by businesses.
Among other tools to encourage the return of money will be a
special bonds program.
Russia plans to adjust the terms of a sovereign Eurobond issue
next year so that businesses can use the bonds to repatriate
funds in a way that would protect them from being damaged by new
sanctions on Moscow.
Reuters reported earlier this month that wealthy Russians facing
the prospect of targeted U.S. sanctions next year had floated
the idea of a special treasury bond to help create favorable
conditions for them to bring their cash home.
(Writing by Denis Pinchuk; editing by Andrew Roche)
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