Deputy PM comments on legalization of exported capitals

The Russian government is not elaborating on any legislative initiatives concerning the legalization of exported capitals, Alexey Kudrin, Deputy Prime Minister, Finance Minister, told journalists today. He added that the legalization of capitals "may be carried out under certain conditions".

Earlier it was reported that the government was considering proposals that would allow for the returning of capitals of individual deposits at foreign banks. Today Russian citizens who opened such accounts in the early 1990s cannot use their funds in full volume. The estimated amount of these accounts exceeds $300bn. So there is a necessity to bring back these capitals to Russia. There is an idea that in the event a Russian citizen decides to return his or her capital to Russia, it is necessary to pay a 13 percent income tax from the total amount of the capital. As a result 25 percent of the remaining sum may be transferred to Russia and 75 percent may be deposited at a foreign bank.

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