Reform of small and medium business taxation

Four centrist deputy associations of the State Duma (the lower chamber of parliament) and the government have taken a coordinated decision on reforming the system of taxation of small and medium-size business, a head of the Fatherland All-Russia /OVR/ faction Vyacheslav Volodin told journalists upon the end of the meeting of the Coordination Council of the Unity and Fatherland - All Russia factions and the People's Deputy and Regions of Russia deputy groups. Vice-Premier and Minister of Finance Alexei Kudrin and Minister of Economic Development and Trade Gherman Gref were present at it. The accord on reducing the rate of the single tax flat rate from 9 to 6 per cent in the context of the simplified system of taxation was reached. It is proposed that the right to switch over to the simplified system of taxation, if the revenues from sale do not exceed 15 million roubles (1 US dollar = 31.25 roubles) a year be allotted to organisations.