Russia Announces Plan to End Capital Gains Tax on Long-Term Direct Investment

In an attempt to strengthen Russia’s investment climate President Dmitry Medvedev has announced a plan to end capital gains tax on long-term direct investment.

The move, set to begin in 2011, was made by Medvedev in large part to attract foreign investment into the country, saying that ending capital gains tax to attract long-term direct investment was “necessary for modernization.”

That modernization will also include the opportunity for foreign investors to invest in more “strategic” firms that currently restrict foreign investment. Medvedev revealed that the number of restricted firms would drop from 280 to 41.

Medvedev has been pushing to diversify the Russian economy, recognizing a reliance a reliance on oil and gas revenues could put the country in economic danger of there were to be a collapse.

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