Windfall tax for major companies to be introduced in Russia

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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 25.04.2002

Decision of the Government of the Russian Federation No. 268 of April 22, 2002 on the Amendments to the Decision of the Government of the Russian Federation No. 481 of June 23, 2001

Decision of the Government No. 481 endorsing the rules of reimbursement in 2001 from the federal budget of the part of expenses to cover the interest on credits received by organizations of the fuel and power supply complex in Russian credit organizations is extended to the year 2002 and subsequent years.
If the payment for the use of the bank credit attracted by the organization is less than two thirds of the rate of refinancing (bank rate ) of the Central Bank of Russia as of the date of obtaining the credit, the subsidy is granted in the amount of payment for the use of this credit. Earlier, the subsidy was granted under the condition that the payment for the use of the attracted credit is not less than two thirds of the rate of refinancing.

Order of the State Customs Committee of the Russian Federation No. 204 of February 28, 2002 on the Endorsement of the Regulation on the Customs Control of Commodities Exported from the Russian Federation in the Highway Transfer Points Across the State Border of the Russian Federation

Institutes the procedure of carrying out of the customs control of commodities and transport vehicles exported from the territory of the Russian Federation by the authorized officials of the customs bodies in highway transfer points. The Regulation does not apply in cases of export of commodities moved by natural persons and not intended for industrial or other commercial activities; in cases of export of commodities and transport vehicles across the external border of the Customs Union if the control is abandoned at the border of the Russian Federation with this member-state of the Union; when the main customs registration is carried out in the highway transfer point.
The Order is entered into force thirty days after its official publication.
Registered in the Ministry of Justice of the Russian Federation on April 23, 2002. Reg. No. 3396.

Order of the Federal Border Guard Service of the Russian Federation No. 134 of March 5, 2002 on the Delimitation of Authority of the Bodies of the Border Guard Service of the Russian Federation in Cases of Investigation in the Sphere of Protection and Safeguarding of the State Border of the Russian Federation, Protection of Internal Sea Waters, Exclusive Economic Zone, Continental Shelf of the Russian Federation, Aquatic Animals and Plants

Beginning with July 1, 2002, introduces delimitation of authority between investigators of operative bodies and the bodies of the sea guard in criminal cases pertaining to the smuggling of commodities arrested by the bodies of the Border Guard Service of the Russian Federation in the absence of the customs bodies, as well as to the illegal catching of aquatic animals and production of aquatic plants.
Registered in the Ministry of Justice of the Russian Federation on April 22, 2002. Reg. No. 3392.

Order of the Ministry of Justice of the Russian Federation No. 99 of April 10, 2002 on the Endorsement of the Forms of Registers to Register Notary Acts, Notary Certificates and Endorsements on the Deals and Certified Documents

Endorses 74 forms of registers for registration of notary acts, notary certificates and endorsements on the deals and certified documents.
Registered in the Ministry of Justice of the Russian Federation on April 18, 2002. Reg. No. 3385.

Decision of the State Statistics Committee of the Russian Federation No. 5 of January 28, 2002 on the Endorsement of the Amendments to the Directions for Use and Filling Out of the Unified Forms of Initial Registration Documentation Endorsed by the Decision of the State Statistics Committee of Russia

Amends the Directions on the use and filling out of the unified form of initial registration documentation No. OS-1 "Act (Bill) of Acceptance and Transfer of Fixed Assets", No. MB-2 "Card of Registration of Low-Value and Quick-Depreciation Items", No. MB-4 "Act of Retirement of Low-Value and Quick-Depreciation Items", No. MB-7 "Sheet of Registration of Handing Out of Coveralls, Footwear and Protection Devices", No. MB-8 "Act of Writing Off of Low-Value and Quick-Depreciation Items". In particular, it is permitted to draw up the general form No. OS-1 when accepting similar objects of fixed assets if these objects are of the same value and are accepted in the same calendar month. Forms Nos. MB-2, MB-4, MB-7, MB-8 may be used to register the acceptance and flow of the property transferred from the low-value and quick-depreciation items to the fixed assets.
According to the statement of the Ministry of Justice of the Russian Federation No. 07/3169-YuD of April 4, 2002, the given Decision does not need state registration.

Direction of the Central Bank of Russia No. 1142-U of April 19, 2002 on the Amendments to the Instruction of the Bank of Russia No. 41 of May 22, 1996 on the Fixing of the Limits of the Open Currency Position and Control over Their Observation by the Authorized Banks of the Russian Federation

Specifies that the currency position for the capital may be excluded at the decision of the credit organization from the amount of the balance assets in full amount. If such exclusion resulted in a short open currency position in the amount greater than the fixed limit, the credit organization may reduce the currency position for the capital to eliminate the excess or carry out appropriate operations to observe the fixed limits of the open currency position.
The Direction defines the time limits for inclusion in the currency position for the capital of currency values in cases of augmentation of the registered capital for credit organizations created in the form of joint-stock companies or in the form of limited-liability companies. Provides the new wording for the form of the report of the open currency positions as of the end of the operative day.
The Direction is entered into force one month after publication in the Herald of the Bank of Russia. The text of the Direction is published in the Herald of the Bank of Russia on April 24, 2002, No. 24.

Direction of the Central Bank of Russia No. 1141-U of April 18, 2002 on the Adjustment of the Acts of the Bank of Russia

Changes the procedure of building up by credit organizations of reserves for possible losses endorsed by the Regulation of the Central Bank of Russia No. 137-P of April 12, 2001. Specifies that the requirements of the Regulation do not apply to the balance assets not bearing the risk of possible losses, as well as elements of the estimate base acknowledges as doubtful debts in compliance with Article 266 of Chapter 25 of the Tax Code of the Russian Federation. In this case, the reserve for possible losses for doubtful debts is created in the amount of the excess of its estimated value over the amount of the earlier built reserve for doubtful debts. The Direction provides the new wording for the form of estimate of the reserves for possible losses.
The changes are also introduced in the procedure of calculation of the amount of market risks by credit organizations endorsed by the Regulation of the Central Bank of Russia No. 89-P of September 24, 1999 inasmuch as it pertains to the changing of the determination of the market cost.
The Direction is to be published in the Herald of the Bank of Russia and is entered into force beginning with reports as of May 1, 2002 with exceptions. The text of the Direction is published in the Herald of the Bank of Russia on April 24, No. 24.

Direction of the Central Bank of Russia No. 1140-U of April 16, 2002 on the Amendments to the Direction of the Bank of Russia No. 1051-U of November 15, 2001 on the Published Reports of Credit Organizations and Bank Groups

The amendments pertain to the procedure of registration of the confirmation by the audit organization of the reports of a credit organization if there are changes in the financial result and distribution of profits for the reported year after termination of final turnovers and before the annual meeting of stockholders (participants). Such reports are confirmed with reservations in the analytical part of the audit statement. If the changes in the accounting report and published reports is stipulated by the need to refine the payments of taxes to the budget, the accuracy of the reports is confirmed by the audit organization without reservations.
The Direction is entered into force from the day of publication in the Herald of the Bank of Russia. The text of the Direction is published in the Herald of the Bank of Russia on April 24, 2002, No. 24.

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