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Duma Considers Bill Cutting Tax For Securities Offerings

by Tatiana Smolenska, Tax-News.com, Moscow

14 November 2003


The Russian State Duma is considering a proposal that will lower the tax on securities offerings to 0.2% from its present level of 0.8%, Economic Development and Trade Minister German Gref announced last Tuesday.

This will be the second attempt to get the bill ratified by the lower house of the Russian parliament, although the government is hopeful that the new measure will be passed by the Duma before the end of the autumn session.

Gref also told reporters that the government had discussed the prospect of further liberalising access to the Russian financial markets for foreign investors during a meeting on Tuesday. The minister warned that if current laws discriminating against foreign investors were not abolished, then Russia may not be permitted to join the WTO.


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