Russia adjusts taxes

The axiom is repeated often: When a government increases taxation of an activity, less of the activity occurs; when it lowers taxation, activity increases. The logic here is clear and compelling. Yet governments occasionally yield to less sound influences and need to be reminded. Russia has just provided a reminder. To stimulate investment, it recently proposed to lower taxation of offshore oil and gas production. Presto! Big projects are advancing. The country could do more to boost activity. But lower taxation certainly encourages investment. Sliding scale The Centre for Global Energy Studies, London, analyzed the Russian initiative in an Apr. 25 report. Under the current tax system, CG...

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