21:01 GMT +3 hours28 November 2014
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Putin Pledges Tax Changes to Ease Foreign Investment

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The Russian government will make changes to tax legislation to ease foreign investment and spur the country’s economic development, President Vladimir Putin said on Tuesday.

The Russian government will make changes to tax legislation to ease foreign investment and spur the country’s economic development, President Vladimir Putin said on Tuesday.

“We’ll make changes to the tax law, we understand this,” Putin told the fourth Russia is Calling investment forum, sponsored by VTB Capital, part of the country’s second largest bank VTB.

Putin responded to a question about whether the government intended to simplify legislation for investors, after the latest tax changes significantly complicated investment procedures.

Heavily reliant on raw material exports, primarily oil and gas, Russia has been pushing for economic diversification for two decades, trying to promote more complex production with greater added value.

The strategy has been heavily reliant on attracting private, particularly foreign investment, with the government seeking to reduce the size of its presence in the economy.