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New Law Raises Transport Tax

The federation council has approved a law raising the transport tax on vehicles with a value of over 3 million rubles ($90,000), Interfax reported.

The law establishes a set of coefficients that will be applied to the base tax to calculate the new rates. For vehicles worth between 3 and 5 million rubles, and between two and three years from their production date, a coefficient of 1.1 will be applied. The coefficient rises according to the value and age of the vehicle, reaching three for vehicles worth of over 15 million rubles that are less than 20 years old.

The new rules will go into force on Jan. 1, 2014.

The list of coefficients will be publicized annually on the Transport Ministry's website.

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