Russian Finance Ministry to submit a draft budget for 2003 by August 26

The Russian Finance Ministry will submit its draft budget for 2003 by August 26th, said Deputy Prime Minister and Finance Minister Alexei Kudrin, speaking in the Federation Council (the Upper House of the Russian Parliament). On Wednesday, the Federation Council adopted a number of amendments to the Tax Code, including a simplified system of taxation for small businesses.

Speaking about the approval by the Upper House of these tax amendments, Alexei Kudrin assured the parliamentarians that "the most difficult times are already in the past." "The basis has been created for drafting the 2003 budget and for carrying out measures to further develop the economic policy," said the Deputy Prime Minster.