Russia’s MPs give final nod to capital amnesty

Russian State Duma plenary session (RIA Novosti / Maksim Blinov)
Russia’s Duma has adopted the final reading of the capital amnesty legislation which is expected to curb the outflow of money from Russia, estimated at $2 trillion in recent years.

The bill was adopted Friday with 344 MPs voting for that and 81 voting against at the final reading.

READ MORE:Putin offers amnesty for money coming back to Russia

After President Vladimir Putin signs it into law, Russians will be able to bring their undeclared capital back from abroad without any criminal, administrative and tax penalties. It only applies to violations that took place before January 1, 2015, RIA reports.

Andrey Makarov, the head of the budget and taxes committee at the State Duma, said the new legislation is a chance to “turn the offshore page of the economy and start living from scratch not thinking that either racketeers or law enforcement will come after you.”

Putin first proposed a total capital amnesty in December last year.