Russia’s Yandex says Putin-proposed tax benefits not ‘revolutionary’

MOSCOW, June 24 (Reuters) – A tax cut for IT companies in Russia, proposed by President Vladimir Putin, would not have a revolutionary benefit on internet giant Yandex, Chief Financial Officer Greg Abovsky said on Wednesday.

Putin on Tuesday proposed cutting tax on IT companies’ profit to 3% from 20%, alongside an income tax increase for wealthy Russians, sending Yandex shares up more than 3%. (Reporting by Alexander Marrow Editing by David Goodman )