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Putin Calls Luxury Tax Payment for ‘Vanity’ Over Investment

Russia’s plan to tax luxury goods would serve as a levy on “vanity” purchases made at the expense of investment, Prime Minister Vladimir Putin said.

“It should be something like a publicly recognized payment for refusing to invest in development in favor of unrestrained consumption and vanity,” Putin said today at a meeting in Moscow of the Russian Union of Industrialists and Entrepreneurs, a lobby group for big business.