RUSSIAN GOVERNMENT REVIEWS DRAFT TAX CODE.

The Russian government met yesterday to consider the first draft of Russia’s sorely needed new tax code. The new code is expected to shift some of the tax burden from firms, which bear the brunt of it under the present tax code, to individuals. It is also supposed to cut back sharply on the number of tax breaks granted to specific industries, but, even before yesterday’s meeting assembled, the Defense Ministry was lobbying participants to increase tax benefits for the defense sector. Yesterday’s meeting gave the government a month to refine the draft. After that, it will go to the Duma, where more fierce horse-trading over tax breaks is expected. (RTR, February 20)

No Apparent Movement in Moscow-NATO Talks.