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Russia: U.S. Official Urges Tax Reform

Washington, 1 April 1997 (RFE/RL) - Deputy U.S. Treasury Secretary Lawrence Summers says Russia must act quickly to fix its tax system if it is to realize the potential of strong foreign investment.

Summers told a meeting of the U.S.-Russian Business Council in Washington today that making the tax system not only more efficient but fairer and more reasonable must be Moscow's number-one priority.

He said Russia must also wage a war against corruption and must make its government more effective and efficient and more attractive to domestic investors. Summers says that if the system can be made to work the potential for economic success in Russia is staggering.

Russia's ambassador to the U.S., Yuli Vorontsov told the council that he expects new tax reform legislation to be approved later this year.