Kazakhstan passes law on capital amnesty

July 1. Trend

By Elena Kosolapova

Kazakhstan passes law on capital amnestyPresident Nursultan Nazarbayev signed the law on capital amnesty, Kazakh presidency reported on June 30.

The law concerns Kazakh citizens, repatriates and persons holding a residence permit in Kazakhstan and is aimed at the legalization of the property of these groups of people including legalization of the money previously removed from legal economic circulation.

The law is expected to reduce the ‘shadow’ economy, attract additional funds, investments and revenues to the economy, as well as stabilize the balance of payments.

The capital amnesty will be held from September 1, 2014 till December 31, 2015.

The capital amnesty will be carried before the introduction of the general declaration of expenses which is scheduled to start on January 1, 2017.

The money should be deposited into special savings accounts opened in banks for legalization.

Capital amnesty was ordered to be held by Kazakh President Nursultan Nazarbayev.