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Meeting with representatives of Russian business community organisations, President Vladimir Putin said the authorities realise the need to create a predictable environment for business.

The government has been instructed to draw up measures that will considerably simplify conditions for start-up businesses’ operations. A new draft law on protecting competition has also been prepared as a genuinely competitive environment is needed to encourage new and effective companies to enter the market.

Mr Putin spoke in favour of targeted support for Russian businesses on foreign markets, including providing concrete assistance to big Russian companies seeking to expand and become trans-national groups.

A competitive tax system is an important incentive for business development, the President said. Businesses have a good number of justified complaints about the tax authorities and the state is taking this into account. The government is currently working on proposals regarding regulation of a number of tax control and administration procedures.

In the interests of stabilisation of property relations and preventing a return to any talk of redistribution of property, Mr Putin expressed his support for a proposal to lower the legal prescription for privatisation deals from 10 to three years.