The renewed tax amnesty became effective on 1 March 2018 and will run until 28 February 2019. It allows Russians to voluntarily declare assets and accounts in banks. After the first amnesty was introduced in 2015, Russia joined the Convention on Mutual Administrative Assistance in Tax Matters and after the country signed the Common Reporting Standards (CRST). The automated exchanging of inter-country information is ensured by these multilateral agreements. Russian tax authorities are now able to receive automatically certain information on financial accounts held by Russian tax resident individuals and legal entities from other jurisdictions, which have also signed the CRS.

Since the first amnesty was introduced in 2015 individuals had the right to submit to the tax authorities a special declaration with the information about the property, controlled foreign companies (CFC), accounts in banks located outside Russia. That could be done in exchange for exemption from tax, administrative and criminal liability for tax and customs duties payment evasion and failure to comply with laws on currency regulation and currency control. The amnesty covers all revenues, operations and transactions related to overseas assets and accounts.

The second stage of the amnesty also introduced new conditions. In particular, foreign bank accounts, which are closed before the declaration date, can now be declared. There are also amendments, which provide clear guidance for tax deductions in case of disposal of assets received by taxpayers from nominal holders. The taxpayers who submitted their special declarations during the first stage of the amnesty can participate again.