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. Last Updated: 07/27/2016

Securities Tax

The biggest surprise of yesterday's session of the conciliatory commission for the finishing touches of the draft budget for 1997, in which the revenue part of the budget was discussed, was the decision concerning the introduction of a 15 percent tax on state securities. After an extended discussion about the possibility of lowering the profitability of securities along with their simultaneous taxation, both senators and deputies (who categorically objected to the measure earlier) agreed with the government's proposal. The government team's strength of persuasion allowed them to retain 20 trillion rubles ($3.6 billion) in planned revenues for the 1997 budget.