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. Last Updated: 07/27/2016

UN Urges Tax Reform

GENEVA -- Russia should make reform of its tax system the top priority if it wants to bring financial, political and macroeconomic stability to the country, the UN Economic Commission for Europe said in a report published Tuesday.

The commission said Russia posed "a major policy dilemma" for Western governments because of its limping progress to a market economy after seven decades of Communist policies.

It considered the idea of a reduction of international assistance to Russia as a way to spur on domestic support for the country's institutional and economic transformation, but warned that "such a course might exacerbate the considerable economic and social problems in Russia with unpredictable consequences for the rest of Europe."