Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 21.11.2001

Direction of the Central Bank of Russia No. 1050-U of November 14, 2001 on the Fixing of the Maximum Amount of Payments in Cash in the Russian Federation between Legal Entities in a Single Deal

The maximum amount of payments in cash between legal entities in a single deal is fixed to amount to Rbl 60,000 (earlier, Rbl 10,000).
The given norm is entered into force from the moment of publication of the Direction in the Herald of the Bank of Russia. The text of the Direction is published in the Herald of the Bank of Russia on November 21, 2001, No. 69.

Direction of the Central Bank of Russia No. 1053-U of November 16, 2001 on the Amendments to the Direction of the Bank of Russia No. 586-U of June 24, 1999 on the Minimum Amount of the Registered Capital for the Newly Created Credit Organizations and the Minimum Amount of Own Resources (Capital) of the Banks Requesting the General License for Banking Operations

Fixes the requirements of the Bank of Russia to the amount of own resources (capital) of a credit organization requesting the change of the type - from a non-banking credit organization to a bank - at least euro 5 million equivalent.
The minimum registered capital of a created branch credit organization of a foreign bank is fixed to amount to euro 5 million equivalent (earlier, at least euro 10 million equivalent). The given rule is entered into force 90 days after, and the rest of the provisions, from the day of publication of the Direction in the Herald of the Bank of Russia. The text of the Direction is published in the Herald of the Bank of Russia on November 21, 2001, No. 69.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. SA-6-05/831@ of October 31, 2001 on the Endorsement of the Schedules of Redemption of Debts to Non-Budgetary Funds

The tax bodies may draw up independently the schedules of redemption of 15% of the debts in accrued penalties and fines if the right to endorse such schedules was delegated to them by the state social non-budgetary funds. If the funds protract the time limits of endorsement of these schedules, it is permitted that the tax bodies draw them up for 5 years followed by subsequent correction to comply with the schedules endorsed by the mentioned funds.

Letter of the Ministry of Finance of the Russian Federation No. 16-00-14/478 of October 22, 2001 on the Abrogation of the Low-Value and Quick-Depreciation Category and the Procedure of Writing Off of the Cost of Special Auxiliaries

Explains the consequences of abrogation of the category of low-value and quick-depreciation items. The given category, according to the requirements of PBU 6/01, is transferred to resources in circulation and is taken into account in item "Materials" or "Unfinished Production" depending on the place of storage and use, or to the main assets - items with the time of use greater than 12 months.

Letter of the Ministry of Finance of the Russian Federation No. 16-00-14/464 of October 15, 2001 on the Abrogation of the Provision on the Composition of Costs

Pursuant to the entering into force from January 1, 2002 of Chapter 25 of the Tax Code of the Russian Federation "Profit Tax for Organizations", abandons the Regulation on the composition of costs endorsed by the Decision of the Government of the Russian Federation No. 552 of August 5, 1992. However, the working out of the sectoral recommendations pertaining to the planning and registration of the costs of production of products (works, services), to the calculation for the purposes of production record keeping preserves its significance.

Letter of the Pension Fund of Russia No. SD-15-26/8003 of October 2, 2001 on Some Issues of Implementation of the Decision of the Government of the Russian Federation No. 699 of October 1, 2001

Explains the issues pertaining to the endorsement by the Pension Fund of the Russian Federation of the schedules of redemption of 15% of the debts in accrued penalties and fines with organizations as of January 1, 2001. The schedules are endorsed by different divisions of the Pension Fund of the Russian Federation depending on the amount of the debt. The time limit for endorsement of the schedule is fixed to within 5 working days from the day of registration in the bodies of the Pension Fund of Russia of the appeal of the organization. The appeal must indicate the amount of the debt to the Pension Fund of Russia in insurance contributions, as well as in accrued penalties and fines as of January 1, 2001, handed over to the tax bodies under the acts of verification less the amounts paid out (collected) in the period from January 1, 2001 through the 1st of the month of submission of the application for the restructuring.

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