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    Capital gains tax to be scrapped for long-term direct investment - Medvedev

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    Russian President Dmitry Medvedev on Friday promised to free long-term investors from the capital gains tax

    Russian President Dmitry Medvedev on Friday promised to free long-term investors from the capital gains tax.

    "Today I am ready to announce that in 2011 the Capital Gains Tax on the long-term direct investment will be scrapped in Russia, the president told an International Economic Forum in St Petersburg, adding that "Russia needs an investment boom."

    He said Russia was trying to create comfortable conditions for the investors since the development of the innovation sector was Russia's top priority.

    ST. PETERSBURG, June 18 (RIA Novosti)

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