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. Last Updated: 07/27/2016

No Tax on Oil Loans

MOSCOW -- Loans from the European Bank for Reconstruction and Development and the World Bank to the Russian oil sector will not be subject to value-added and special taxes, Itar-Tass reported Wednesday. Last December, President Boris Yeltsin issued a decree levying a 23 percent VAT and a 3 percent special tax on loans from foreign banks to Russian enterprises, as a result of which many Russian oil companies could not have afforded loans for mining equipment, the news agency said.