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Rosbalt Information Agency, December 17, 2002

YABLOKO's amendment to the Tax Code approved by corresponding State Duma committee.

Moscow. December 17, 2002.

The State Duma Committee for the Budget and Taxes approved the amendment of the deputies of the YABLOKO faction of the Duma Igor Artemyev, Sergei Ivanenko and Mikhail Zadornov into Chapter "Simplified Taxation System" of the Second Part of the Tax Code of the RF. Press-Service of YABLOKO informed Rosbalt that in accordance with this amendment, small-scale businesses that switched to the simplified taxation system and function in accordance with the principle "profits reduced by size of expenditures" will be able to register the costs of goods purchased for further resale asexpenditures. Consequently, this reduces their total taxable income.

One of the authors of the draft law, deputy of the State Duma Igor Artemyev explained to our correspondent that "this is a key provision for those entrepreneurs who work in accordance with the simplified scheme: without this provision the whole simplified taxation system will be senseless for the overwhelming majority of small-scale trading enterprises." Artemyev hopes that the State Duma will support this amendment to the Tax Code, thereby reducing the tax burden for small businesses.

See also:

Tax Legislation

Development of Small Businesses

Rosbalt Information Agency, December 17, 2002

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