Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 29.11.2001

Federal Law No. 148-FZ of November 27, 2001 on the Amendments to Part 2 of the Tax Code of the Russian Federation and Article 20 of the Law of the Russian Federation on the Fundamentals of the Tax System in the Russian Federation

Part 2 of the Tax Code of the Russian Federation is extended to include Section IX "Regional Taxes and Revenues", Chapter 27 "Sales Tax".
The amendments are introduced pursuant to the recognition by the Constitutional Court of the Russian Federation (Decision No. 2-P of January 30, 2001) of some of the provisions of the Law of the Russian Federation on the fundamentals of the tax system of the Russian Federation as not complying with the Constitution of the Russian Federation, i.e. "not providing for the necessary completeness and definiteness of the regulation of the sales tax".
The Law introduces the definition of the object of taxation as operations in selling to natural persons of commodities (works, services) on the territory of the subject of the Russian Federation for cash and also using payment or credit bank cards. Excludes the right of the subjects of the Russian Federation to extend the list of commodities (works, services) subject to the sales tax. Excludes ambiguous notions without judicial meaning and permitting to be interpreted differently in the judicial practice, such as "wholesale trade of commodities (works, services)", "expensive commodities", "services and commodities not being essential" etc. Provides for the opportunity to fix the tax rate not greater than 5% - not up to 5% as was formulated earlier. Defines more specifically such essential elements of taxation as the taxable base and the procedure of calculation of the tax. The tax period is fixed to amount to the calendar month. Exemption from taxation of a number of commodities (works, services) does not dep end on the form of ownership of organizations producing or selling them.
Chapter 27 of the Tax Code of the Russian Federation is entered into force from January 1, 2002 and losses its power from January 1, 2004. The rest of the norms are entered into force one month after the day of official publication of the Federal Law. The text of the Federal Law is published in Rossiyskaya Gazeta on November 29, 2001, No. 234.

Direction of the Central Bank of Russia No. 1055-U of November 26, 2001 on the Amendments to the Direction of the Bank of Russia No. 1024-U of August 27, 2001 on the Procedure of Bringing in Compliance of the Amount of Registered Capital and the Amount of Own Resources (Capital) of Credit Organizations

Specifies the procedure of preparation and sending by the territorial institution of the Bank of Russia of the request to revoke the license for bank operations from a credit organization. Pursuant to the Direction of the Bank of Russia No. 1035-U of August 27, 2001, such time period is fixed to within 10 days from the moment of revealing of the grounds for the revocation of the license.
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 November 28, 2001, No. 72.

Direction of the Central Bank of Russia No. 1054-U of November 20, 2001 on the Amendments to the Rules of Accounting Work in Credit Organizations Located on the Territory of the Russian Federation No. 61 of June 18, 1997

The amendments are introduced in the procedure of keeping of accounting records for investments into securities and bills. In this connection, the Rules are extended to include the new Appendix 15 "Procedure of Accounting Work for Investments into Securities and Operations with Securities". The residues of personal accounts of subsections "Investments into Bills" and "Investments into Stocks" of Section 5 "Operations with Securities" are transferred to the newly opened personal accounts of the second order balance accounts proceeding from the characteristics of the security in compliance with the mentioned Appendix 15, turnovers for the April of 2002 and no later than April 30, 2002.
There may be no residues on the closed accounts as of May 1, 2002.
The Direction is entered into force from April 1, 2002. The balance as of April 1, 2002 is drawn up regardless of the Direction.

Federal Law No. 152-FZ of November 27, 2001 on the Amendments to the Federal Law on the Federal Messenger Service and the Federal Law on Armaments

The changes are introduced pursuant to the changing of the status of the State Messenger Service of the Government of the Russian Federation (Decree of the President of the Russian Federation No. 867 of May 17, 2000 transformed the mentioned service into the State Messenger Service of the Russian Federation and included it in the structure of the federal bodies of executive power to be managed by the President of the Russian Federation).
The Federal Law is entered into force from the day of its official publication. The text of the Federal Law is published in Rossiyskaya Gazeta on November 29, 2001, No. 234.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. VT-6-21/833 of October 31, 2001 on the Payment for the Pollution of the Natural Environment

Explains the issues pertaining to the procedure of transfer of payments and their distribution between the budgets of various level, control of the tax bodies over the reception of payments, procedure of transfer of payments in cases of leasing of equipment being the source of pollution of the natural environment and other.
In particular, it is not legitimate for the executive bodies of the subjects of the Russian Federation to introduce exemptions for payments for the use of natural resources, including the amounts due to the budget of the subject of the Russian Federation.

Federal Law No. 154-FZ of November 27, 2001 on the Execution of the Budget of the Federal Fund of Obligatory Medical Insurance for the Year 2000

Endorses the report of execution of the budget of the federal fund of obligatory medical insurance of the Russian Federation for the year 2000 with incomes (Rbl 2,914.0 million) exceeding the expenses (Rbl 2,872.1 million) by Rbl 41.9 million.
The Federal Law is entered into force from the day of its official publication. The text of the Federal Law is published in Rossiyskaya Gazeta on November 29, 2001, No. 234.

Federal Law No. 153-FZ of November 27, 2001 on the Execution of the Budget of the Social Insurance Fund of the Russian Federation for the Year 2000

Endorses the report of execution of the budget of the Social Insurance Fund of the Russian Federation for the year 2000 with incomes (Rbl 86,580.5 million) exceeding the expenses (Rbl 69,994.8 million) by Rbl 28,680.6 million as of January 1, 2001.
The Federal Law is entered into force from the day of its official publication. The text of the Federal Law is published in Rossiyskaya Gazeta on November 29, 2001. No. 234.

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