Kazakhstan would allow to invest amnesty money into bonds

/IRBIS, June 04, 01/ - According to REUTERS, the Government of Kazakhstan (GOK) suspended emission and offer of securities issued by national companies by the end of capital amnesty program in Kazakhstan. Thus, the GOK would create possibility for amnesty fund to be invested into domestic securities. Kazakhstan intends to execute legalization of capitals during 20 days starting from June 14. This measure was designed to attract illegal funds to the economy. Most optimistic forecast of the program is $300m including money from foreign accounts. According to capital amnesty law, funds put on special bank account will not be subjected to income tax. The depositors will be free to use their money on the next day after legislation. Among potential issuers are such national companies as Kazakhstan Temir Joly and KazTransOil. In last year, these companies attracted $15m and $30m correspondingly using emission of bonds.