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Putin promises "tax maneuver"

December 21, 2011, 17:22 UTC+3

Prime Minister Vladimir Putin instructed the Ministry of Economic Development

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MOSCOW, December 21 (Itar-Tass) — Prime Minister Vladimir Putin instructed the Ministry of Economic Development and the Finance Minister to work out concrete moves to reconfigure the fiscal policy.

Addressing the participants in the Congress of the Business Russia public organization on Wednesday, Putin said "obviously, the country needs a resolute tax maneuver. It needs a modern structure of the tax system; we have to think about optimizing the taxes which are crucial for quality economic growth."

"I ask the Ministry of Economic Development and the Finance Ministry, together with other departments, to calculate the parameters for such a maneuver and suggest concrete moves to reconfigure the fiscal policy toward resolving the tasks of the country's industrial development.

"It is necessary to analyze the situation in certain branches and make calculations, in order to eliminate the difference in the tax burden between the sectors of the economy.

Money and investments always go where it is advantageous, where there are high returns. At present, it is the raw materials sector, but we must reverse these flows toward high-tech and manufacturing business. It is the essential condition of a new industrialization.

"Today, the Russian fiscal system is aimed at replenishing the budget, with oil and gas revenue accounting for half of all proceeds. It is a large risk for the economy and national welfare policies.

"To strengthen and step up the country's industrial potential, the tax system should stimulate investments, in the first place in the manufacturing sector," the prime minister underlined, "the non-raw materials business should have more funds left for development."

Putin noted that Russia must change its tax system while taking into account its WTO membership and prospects for the Russian integrtion projects: the Common Economic Space and the Eurasian Union.

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