Duma Deputy, "Legalization Of Capitals Will Bring Additional $4 Or 8Bn To Russia's Budget"

Legalization of capitals that were exported from Russia may bring an additional $4 or 8 billion to the state budget, State Duma deputy Igor Artemyev noted at a press conference in St. Petersburg today. The conference was devoted to reforms in Russia and 2002 budget surplus. He noted that a draft of a corresponding bill has already been worked out but it has not been introduced to the State Duma yet. This program is expected to be implemented through 2003. The developers of the program used the experience of foreign countries, and, in particular, Kazakhstan, where a similar legalization has already been implemented. According to Artemyev, the flow of capitals from Russia amounts to about $22 billion a year despite a deficit-free budget and a 5% industrial rise.