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. Last Updated: 07/27/2016

Tax Breaks Vetoed

MOSCOW (MT) -- Russia's parliament turned down a government proposal to cut pension and social security taxes, RIA reported Monday.

Finance Minister Boris Fyodorov, in a draft budget for 1993, had proposed to give employers a tax break by cutting their contribution to the pension fund from 28 percent of an employee's salary to 21. 6 percent, and to cut the tax for the social security fund from 5. 4 percent to 4. 4 percent.

Parliament turned down this proposal and also revoked a government decision to exempt the Security, Defense and Interior Ministries from contributions to the state employment fund, but said it could still grant such an exemption to the agricultural sector.