Declaration is primary objective of offshore capital amnesty - Medvedev

An amnesty for offshore capital declared by Russian President Vladimir Putin is focused primarily on its declaration and taxation rather than its repatriation, Russian Prime Minister Dmitry Medvedev said.

An amnesty for offshore capital declared by Russian President Vladimir Putin is focused primarily on its declaration and taxation rather than its repatriation, Russian Prime Minister Dmitry Medvedev said.

"After all, we are not necessarily seeking the return of the assets to Russia so far. The objective is that they should be declared and, if such a decision is made, that taxes be paid on them," Medvedev said in an interview shown in a Saturday analytical program hosted by Sergei Brilyov on the Rossiya-1 television channel.

The final version of an amnesty will be drawn up in the first half of 2015, Medvedev said. "The formula has yet to be developed, but the matter is not about making people physically take money to the Russian Federation," he said.

Medvedev admitted that the government should provide favorable conditions for the repatriation of capital to Russia.

"Of course we should provide conditions for this. But what counts most is that people should be able simply to say officially that they have some savings that they would like to declare as their money. If the plan envisions some payment, and if the money is paid, it would certainly be better if this money comes to Russia," he said.

Medvedev agreed that "the return of money to Russian territory will depend in large part on a financial-economic situation in our country" and on "how the things go with the sanctions, how the things go with oil, and what the general macroeconomic situation in our country is like."

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