Russia to cut profit tax

RBC, 20.11.2008, Moscow 13:16:08.Speaking at the 10th congress of the United Russia political party, Russian Prime Minister Vladimir Putin announced that profit tax would be decreased by 4 percentage point from January 1, 2009.

At the same time, he indicated that businesses had the right to pay profit tax on the basis of their actual profit, as opposed to paper profit. Putin stressed that this would allow Russia's regions to avoid returns of excessive taxes. He also urged the deputies to make corresponding amendments to the Tax Code, so that they could become effective on November 28, 2008.