Voluntary Disclosures international: Current developments

Luxembourg: Tightening of the regulations for Voluntary Disclosures from 1 January 2016

The regulations for Voluntary Disclosures in Luxembourg are to be tightened from 1 January 2016. A draft bill is accordingly available, which envisages a Voluntary Disclosure (or “repentir actif”) to avoid punishment up to and including 31 December 2015. From 1 January 2016 further penalty payments must be paid in addition to the due tax debts. According to the draft bill the monetary amount which is to be paid is 10 % of the evaded taxes. For Voluntary Disclosures, which are submitted from 1 January 2017, the payment of a monetary amount is envisaged in the amount of 20 % of the evaded taxes.

Russia: Extension of the Voluntary Disclosure programme until 30 June 2016

According to media reports the law governing the capital amnesty in Russia was extended until 30 June 2016. Under certain pre-requisites a Voluntary Disclosure to avoid punishment is accordingly possible.However, it has not been determined yet whether a repayment of the non-declared foreign assets or offshore companies to Russia will be necessary over the course of a Voluntary Disclosure.

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