BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/20
The AEOI is expected to support implementation of new tax laws developed in recent years to reduce hiding capital assets abroad. These include a ban on foreign assets of individuals in government service and stricter taxation of Russian income originating abroad. Increased taxation of offshore capital has been sought also by an amnesty law enacted last summer. The law allows Russians to avoid possible punishments related to offshore assets through voluntary disclosure. The law so far has resulted only in a couple hundred voluntary asset declarations and will remain in force until end-June.