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Business news, 21.10.2009 13:45

Finance minister hypes redistribution of tax proceeds

8th All-Russia Forum Russia's Finance Minister Alexei Kudrin seconds the redistribution of tax revenue for the benefit of Russia's constituent parts. The minister voiced his opinion today in St. Petersburg during the 8th All-Russia Forum "Strategic Planning in Regions and Cities of Russia." In his words, redistribution will kick in as early as 2010. Specifically, the draft 2010 budget expanded the sources of income for the budgets of Russia's constituent parts. This above all applies to gasoline excises, as the regional budgets will retain 100 percent of the receipts. He argued that subsidies extended to the regions restricted their freedom and did not always work.

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