Russia Duma passes beer tax hike in first reading - News

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Russia Duma passes beer tax hike in first reading

By: AFX | 06 Nov 2009 | 10:12 AM ET

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MOSCOW, Nov 6 (Reuters) - Russia's lower house of parliament on Friday cleared in the first reading a bill to triple duties on beer, which the government hopes will help plug a budget deficit but beer majors fear could lead to factory shutdowns. The bill was approved by a majority of 315 votes to include amendments to the tax code to triple the duty on beer to 9 roubles from the current 3 roubles. Government officials have said the bill will bring in an extra 65 billion roubles ($2.24 billion) of budget revenues in 2010. It was not immediately clear when the Duma will hear the bill in the key second reading, when most draft bills can be amended. (Reporting by Maria Plis) ($1=29.01 Rouble) Keywords: RUSSIA BEER/ (Moscow Newsroom, + 7 495 775 12 42) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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