3rd State Duma adopts 100 financial laws

During its work, the third State Duma has adopted 100 financial laws that have been signed by the President. Chairman of the Duma budget and tax committee Alexander Zhukov said this at a briefing on Monday that was devoted to the results of the economic law-making of the Russian parliament's lower chamber that finished its work last Friday.

The most important results of the Duma's financial lawmaking, according to the deputy, are the tax reform and improved budget legislation. Zhukov emphasized the special importance of adopted laws aimed at reducing the tax burden, optimising inexpedient taxes and abolishment of superfluous benefits.

According to him, the most important laws also include those aimed at improving the taxation of agricultural producers and simplifying taxation of individual subjects of tax legislation.

The most serious changes in the budget legislation are the adoption of the law on establishment of the Stabilization Fund in order to create necessary financial resources in case of a sharp slump in oil prices.

By the middle of 2004 the fund will accumulate at least 200 billion roubles ($1 equals approximately 30 roubles), Zhukov believes.