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    Ministry of Finance to Introduce New Taxation Mode

    Aug. 9 – Beginning next year, registered individual businesses will be able to pay taxes under patents when the unified imputed tax (UIT) is abolished, according to amendments to the Tax Code published on the Ministry of Finance web site yesterday. Imputed taxation applies to specific and typically small business activities involving trading with the[…..]

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    Russian Government Approves US$1 Billion in Foreign Investment

    Aug. 6 – The Government Commission on Monitoring Foreign Investments approved seven major deals totaling US$1 billion, the head of the Federal Anti-Monopoly Service Igor Artemyev said to reporters. In the opening remarks of the government commission meeting, Prime Minister Vladimir Putin said that foreign direct investment in Russia amounted to US$21 billion in the[…..]

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    National Financial Education Program to be Settled in Russia

    Aug. 5 – The Russian Ministry of Finance plans to begin the US$100 million National Financial Education Program, the Vedomosti reports. The program will be realized within five years with financial and ideological support from the World Bank. “During the preparation, we have conducted a number of surveys which confirm considerable problems in society’s perception[…..]

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    Customs Union Costing Russia US$158 Million

    Aug. 4 – The Accounts Chamber of the Russian Federation has tallied state budget losses of US$158 million since the Russian Federation, Republic of Kazakhstan and Republic of Belarus launched the Customs Union, according to a federal body information department report released yesterday. According to Accounts Chamber auditors Igor Vasilev and Victor Kosourov, the reduction[…..]

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    KuibyshevAzot to Switch to Yuan-Denominated Calculations

    Aug. 3 –Russian chemical producer KuibyshevAzot OJSC has decided to switch from the Russian ruble to the Chinese yuan when settling accounts with its Chinese clients, Russian weekly Vedomosti-Samara reports. “Calculations with Chinese consumers of polyamide-6 switched to the yuan on July 13th this year,” according to a company press release. “Calculating in yuan will[…..]

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    Global Investors to Increase their Russian Equities

    Aug. 2 –Foreign investors invested US$103 million into Russian equities last week after an outflow of US$11 million the week before according to the experts at EPFR Global. From the beginning of this year, the net-inflow of investment into Russian funds totals near US$2.1 billion. ″Judging from EPFR data, optimism has returned to emerging market[…..]

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    Goldman Sachs and Credit Suisse Buy Stakes in Bank of Moscow

    Jul. 30 – International investment banks Goldman Sachs and Credit Suisse bought stakes of 3.88 percent and 2.77 percent, respectively, in the state-run Bank of Moscow. According to Reuters, the Bank of Moscow has a total market cap of US$5.1 billion.”Goldman Sachs has investments in more than 20 projects in Russia, but there is no[…..]

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    Russia May Ease Export Regulations

    Jul. 28 – President Dmitry Medvedev agreed to allow the transportation of goods through the Russian border without a “transaction passport” if costs do not exceed US$100,000. Yesterday, during the presidential commission on economic modernization, the head of state-run Russian Venture Company Igor Agamirzjan enumerated the problems that disturb venture investments and what needs to[…..]

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    Post Operator Pochta Rossii to Enter Money Transfer Market

    Jul. 27 – Russia’s state-run national post operator Pochta Rossii has entered the immediate money transfer market with a new service named Forcage, which will allow funds transfer within an hour, according to the company’s press release. Before establishing this service, the delivery of funds took anywhere between four hours to three days. Now, delivery[…..]

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    Russian Government May Privatize State-Run Corporations

    Jul. 26 – The Ministry of Finance has suggested that the government privatize packages of 10 state-run companies and banks over the next three years, an official told Russian daily Vedomosti. The Russian state-run companies Transneft and Rosneft are included in the 2011-2013 privatization plan, as are Federal Grid Company of Unified Energy System, Rusgidro,[…..]

Showing 10 of 832 articles