In 2003, "the turnover taxes, which are burdensome for the Russian economy, will be fully abolished in Russia." Russian Prime Minister Mikhail Kasyanov spoke about it on Monday opening the session of the Consultative Council for Foreign Investments. He underscored that, as a result, the tax burden would be lowered by one percent of the Gross Domestic Product next year.
The Prime Minister underscored that due to the consistent policy of the government for lowering the tax burden (the income tax was cut down in 2001, and the profits tax - in 2002), the tax burden decreased by more than four percent of the Gross Domestic Product.
The head of the Russian government pointed out the necessity of lowering the tax burden in the sphere of small and medium business which are able to secure the greatest growth in investments.
Mikhail Kasyanov said that the working out of the fundamentals of the administrative reform was an important element in attracting investments. It is planned that this reform will help delimit the functions and the powers of the bodies of authority and to remove the surplus presence of the state in the economy. He emphasized the importance of strengthening institutions of the rights to ownership in Russia and also of the criminal and administrative law with the aim of protecting the intellectual property.
The Russian Prime Minister also spoke about expanding the structural reform, raising the efficiency of state institutions and promoting the judicial reform.
Russia has left the list of 33 largest holders of US government bonds, after the country disposed of at least a third of remaining bonds