Tax reform, other growth accelerators pushed

Mikhail Zadornov, vice-chairman of the Russian State Duma's committee on the budget and taxes, believes that in order to break the Russian economy's dependence on oil prices, the country needs to undertake major reforms of its bureaucracy, banking, natural monopolies, judicial and tax systems, but that this reform is being stymied by the approaching elections. Businesses in Russia argue that the main bar to investment in the country is the unfavourable tax climate, but that the government lacks consensus on what ways to reform the tax system. Aleksei Kudrin, the Deputy Prime Minister and Finance Minister, agrees that reform is required in order to make investment in Russia less risky.