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Tax Windfall

The Russian magnate Vladimir Logvinenko has the ambition to bring
into St Petersburg again and to other Russian Museums, outstanding
paintings. For a long time, he could not bring this to fruition.
But the removal of Russia’s 30% import tax on arts and antiquities
at the end of last year has coincided, fortuitously, with his importation
of Rubens ‘The Union of Earth and Water’, to hang in the Hermitage.
The painting is worth 15 million or so. By waiting ’til the whistle
blew, Logveninko has saved himself a tidy 5 million.

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