PUTIN POINTS TO DRAWBACKS IN RUSSIA'S TAX LEGISLATION

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MOSCOW, May 24 (RIA Novosti) - Russia's President Vladimir Putin pointed to drawbacks in the tax legislation in his Budgetary Address to the Federal Assembly (parliament).

"The current tax legislation does not ensure all of the requisite conditions for an effective development of the Russian business and the implementation of long-term investment projects," the presidential address says.

Putin pointed out that tax accounting and reports remain unjustifiably complicated. This is "especially painful for small and medium-sized businesses," the address runs. "There are elements in the tax system that distort the economically substantiated business incentive and hinder the emergence of business from the shadows."

He set the task of implementing certain measures in tax administration to ensure strict regulation of powers and actions of the tax agencies.

"These measures should be applied already in 2005. Procrastination with the introduction of standards in the operation of tax inspectors is inadmissible," President Putin said in his Budgetary Address.

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