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Glossary

Withholding tax

Income tax withheld from employees' wages and paid directly to the government by the employer.

World Trade Organization(WTO)

International government organization (with over 120 members) designed to shape an international trade system; it was created in 1994 as the GATT successor. WTO headquaters is in Geneva. Although the Soviet Union was a member of the GATT, Russia is not a member of WTO yet.

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