More tax cuts on the way
Published: 04 September, 2008, 07:33
A senior government official has pledged loans and fresh tax cuts to Russian industry. August was the country's worst month so far in the credit crisis, after company borrowing collapsed 80% in July.
Presidential advisor Arkady Dvorkovich said $5 billion tax savings already agreed with the oil industry are just the start.
“It's clear that more cuts are needed. Russian industry and the economy as a whole should be supported by the government by various actions including tax reduction in the next few years. Reduction of administrative barriers and improvement of liquidity in the market and the government will probably use, or the Central Bank will use some of its reserves to do this.”
04.09.2008, 07:27
Russia gains the upper hand on Central Asian gasDuring his trip to the Caucasus, U.S. Vice President Dick Cheney received a cool reception in Azerbaijan. President Ilham Aliev indicated Baku would not support redirecting oil and gas flows to bypass Russia. Russia is making headway in securing Cent |
04.09.2008, 08:00
Severstal posts 1H 2008 Net Profit of $1.94 BillionRussian steelmaker, Severstal, has posted a Net Profit for 1H 2008 of $1.94 Billion, up 69% year on year under IFRS. |
