Federation Council abolishes tax on buying foreign currency

The upper house of the Russian parliament has approved the bill on canceling the tax on purchasing foreign currency. The bill was supported by 131 senators with two against and three abstentions.

This tax was equal to one percent of the total sum of purchased foreign currency. The abolishment of this tax will decrease revenues to the Russian budget system by 2.6bn rubles (about $82m), including 1.6bn rubles (about $50m) to the federal budget. The federal budget for 2003 envisages compensation for the abolishment of this tax.

The law is to come into effect on January 1, 2003. The Federation Council Budget Committee believes that this law will promote further reforms in the fiscal system.

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