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Russian metallurgists ask Putin to reduce taxes

The chairman of the Board of Directors of Novolipetsk Steel said the tax on imported machinery and equipment is the highest – more than 14 percent

Photo ITAR-TASS

Photo ITAR-TASS

MAGNIGOTORSK, July 16 (Itar-Tass) —— Russian metallurgists asked President Vladimir Putin to reduce taxes on imported equipment bought for modernisation purposes.

The chairman of the Board of Directors of Novolipetsk Steel, Vladimir Lisin, said the tax on imported machinery and equipment is the highest – more than 14 percent. “Basically, metallurgists will pay large sums for imported equipment that helped upgrade production facilities,” Lisin said at a meeting on the state of and prospects for the development of metallurgy in Russia, held by Putin in Magnitogorsk on Monday, July 16.

Putin noted that over the past 10 years Russian metallurgical companies have invested more than one trillion roubles in the modernisation of their enterprises.

However now the investment peak has been passed and investment in modernisation will keep declining, Lisin said.

Putin instructed the government to work out a solution to the problem.

“There is no need for hasty decisions that can exacerbate the situation in regions”, the president cautioned .

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