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. Last Updated: 07/27/2016

Duma Passes Tax-Revision Bill

The State Duma has approved the third reading of a draft law On the Tax System that seeks to reduce the number of federal taxes from 43 to 20, said Mikhail Motorin, head of the State Duma's department on tax and custom legislation.

The bill -- passed Wednesday -- would abolish a tax on securities trading, as well as a levy on the use of the words "Russia" and "Russian Federation" in companies' names and a duty on buying company cars.

It must still be approved by the Federation Council and President Boris Yeltsin must sign it before it becomes law.