Our Tax Alert dated 6 October 1997 was dedicated to the proposed draft Tax Code. However, it has since then been reported that at the meeting on 20 October 1997 between Yeltzin, Chernomyrdin, Seleznev and Stroev (the latter two being the heads of the two branches of Parliament) it was agreed that the Tax Code will not be implemented in the near future and will possibly be postponed until 1999-2000. Meanwhile amendments will be introduced into individual tax laws in line with the spirit of the Tax Code. The meeting of the Parliament - Governmental commission on 28 October 1997 has nevertheless decided that the Code will need to pass a second hearing in the Duma on 12 November.

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