OECD Investment Policy Reviews: Russian Federation 2004
Progress and Reform Challenges
The 2004 Investment Policy Review of the Russian Federation evaluates the progress made since the publication of OECD's 2001 study on this topic. The report finds that Russia has made significant improvements in its business environment and has signed investment and double taxation treaties with a number of countries. Nevertheless, the Russian Federation has attracted relatively little FDI and has experienced large-scale capital flight. The report recommends further reforms that are needed.
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Progress Since the 2001 OECD Study
Selected Areas
One of the fundamental reforms that were being introduced as the 2001 study was drafted concerns the Russian tax system. Based on their experience of the system in force during the 1990s, investors complained vociferously about the tax burden created not so much by the incidence of tax rates but by the multiplicity of different taxes levied and the methods of determining the tax base. Many structural aspects of the system contained an inherent bias against business activity, and its negative impact on entrepreneurs, both...
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