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Oil and gas production tax cut approved in principle
RBC, 15.05.2008, Moscow 17:26:20.A decision in principle on the reduction of the oil and gas production tax has been made, Russia's Economy Minister Elvira Nabiullina told journalists following today's cabinet meeting on scenarios of the country's social and economic development for 2009-2011. Nabiullina said that a number of new tax policies were discussed during the meeting, and the tax cut was among them. The move is reasonable and necessary in light of the existing risks of stagnation of oil and gas production, Nabiullina noted. Speaking of a VAT cut, Nabiullina reiterated that the final decision on the matter was expected to be made in August 2008.
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