Putin cancels excessive control over citizens' incomes

Russian President Vladimir Putin cancelled by his decree the request to banks to inform the tax bodies of large financial operations made by citizens.

The decree admits as null and void the decree of ex-president Boris Yeltsin "On Taking Comprehensive Measures for Taxes to Be Placed in the Budget in Time." This decree came into force on May 23, 1994. In compliance with one of the clauses of this decree, the Russian banks were to inform the tax bodies of all the operations of individuals, which exceeded 10,000 dollars.

The decree which cancelled this norm was signed by the Russian president on July 25, 2003 and came into force as of the day of signing.

The government sources told RIA Novosti that this decision was made in the context of the general policy to reduce the excessive control over the citizens' incomes.