In Russia from January 1, 2006 private persons capital will come under amnesty. According to draft law submitted by the Ministry of Finance of Russia, income derived till January 1, 2005 could be declared by the citizens of the country and deposited nonregistered funds with paying 13% of income tax in commercial banks of Russia.    According to the President of the National Bank of Georgia Mr. Roman Gotsiridze, the declared capital amnesty should be considered as a proper step made by the Russian Government, “though it is much more difficult than the legalization scheme drawn up by the Government of Georgia. Capital legalization performed in a liberal way as it is being performed in Georgia is rarely observed all over the world: legal persons are completely discharged from all the old tax liabilities; private persons could legalize their undeclared incomes through the banking system without any tax payment till August 1 of the current year; in case of declaring the income in the Tax Department, a person has to pay only 1% of the property cost” – stated the President of the National Bank of Georgia.   Since 2005 the declaration-legalization process of the concealed property (income) began in Georgia.  From May 1 to August 1 of the current year, according to the respective law any private and legal person was able to declare-legalize his/her concealed property (income) by making savings deposit or time deposits in national or foreign currency or by transferring funds from abroad to the commercial banks of Georgia.   “Unfortunately, many people have missed the chance to legalize their incomes through the banking system. However in comparison with Russian case, attractiveness to use other legalization method by the end of the year is evident” - stated Mr. Roman Gotsiridze.    “Combating legalization of undeclared incomes becomes tough in the whole world. I don’t think that within the next decades the citizens of Georgia could have the same chance for the second time” – noted the President of the National Bank of Georgia.