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May 21, 2007
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YUKOS Money Goes for Slums and Nanotech
On Friday, the State Duma passed the second and third readings of a government draft law on centralizing the YUKOS 392-billion ruble tax debt within the federal budget. In spite of the size of that injection, amounting to about 6 percent of the total 2007 budget income, it will not cover the shortfall in tax collection. In any case, the president has already given instructions that the money is to go to the target funds for upgrading outdated housing and for the development of nanotechnology.
The bill was practically unchanged from its first reading. Under the law, all back taxes owed by YUKOS, including regional and local taxes, will go to the federal treasury. YUKOS owes 125 billion rubles to local and regional budgets. Of that amount, 100 billion rubles is owned to Moscow, and the remainder to Samara Region and Khanty-Mansi Autonomous Area.

The question of how to spend that money more than $15 billion remains unanswered. Deputy Minister of Finance Tatyana Golikova told the assembly that a separate law would be introduced after the money was received. Russian President Vladimir Putin, in his address to the Federal Assembly, stated that YUKOS money would go to improve the housing stock and for nanotechnology. The fund for housing has a 250-billion ruble cap on it (also set by the president).

That means that no money from YUKOS will go to cover shortages from tax undercollection. The Finance Ministry has stated that it expects a 716-billion ruble shortage in taxes collected this year and that the budget may have to be reconsidered because of it.


All the Article in Russian as of May 21, 2007

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