Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 11.01.2002

Order of the Ministry of Finance of the Russian Federation No. 96n of November 28, 2001 on the Endorsement of the Regulation on Accounting Work "Conditional Facts of Economic Activities" (PBU 8/01)

Sets forth the procedure of registration of conditional facts of economic activities and their consequences in accounting reports of commercial organizations (other than credit organizations) being legal entities. The Regulation may be ignored by the subjects of small business except for the those issuing publicly distributed securities.
A conditional fact of economic activities is a fact of economic activities available as of the reporting date, with the consequences and opportunities of occurring in the future being indefinite, i.e. the consequences being dependent on whether or not there would occur one or several indefinite conditions.
The Order invalidates the Order of the Ministry of Finance of the Russian Federation No. 57n of November 25, 1998 on the endorsement of the Regulation on accounting work "Conditional Facts of Economic Activities" PBU 8/98.
The Order is entered into force beginning with accounting reports for the year 2002.
Registered in the Ministry of Justice of the Russian Federation on December 28, 2001. Reg. No. 3138.

Order of the State Customs Committee of the Russian Federation No. 1242 of December 26, 2001 on the Excise Duty for Oil

Beginning with January 1, 2002, when clearing oil moved over the pipelines, the documents on the payment of the excise duty tax and the customs declarations must not show the accrued excise duty tax if it is actually exported after December 31, 2001.
Issue of confirmations of the payment of the excise duty tax to taxpayers for submission to the tax bodies shall be arranged by the chiefs of the customs bodies clearing the exported oil, including gas condensate, no later than on February 15, 2002.
Registered in the Ministry of Justice of the Russian Federation on December 28, 2001. Reg. No. 3137.

Order of the State Customs Committee of the Russian Federation No. 1162 of December 7, 2002 on the Implementation of the Provisions of the Tax Code of the Russian Federation Pertaining to Commodities Placed under the Transit Customs Regime

Specifies the particulars of the customs registration of commodities placed under the transit customs regime, except for commodities moved over the pipelines or by electric power lines. For commodities shipped in large containers by the railway transport, the registration is arranged using additional copies of the cargo list, and for other commodities - commodity delivery control documents.
The Order applies to legal relations emerging from the day of entering into force of Part 2 of the Tax Code of the Russian Federation (from January 1, 2001).
Registered in the Ministry of Justice of the Russian Federation on December 28, 2001. Reg. No. 3136.

Decision of the Federal Commission for Securities Market No. 27 of October 19, 2001 on the Endorsement of the Standards of Issue of the Bonds and Their Emission Prospectuses

Sets forth the terms and procedure of issue of the bonds carried out by Russian obligors. The placing of the bonds shall be arranged by way of subscription or conversion. Defines the issue and placement procedure for the bonds, lists the documents submitted for the state registration of the issue of the bonds. Provides the forms of the application for the state registration of the issue of the bonds, issuer questionnaire, permission sheet for the issue of the bonds and other.
Registered in the Ministry of Justice of the Russian Federation on December 25, 2001. Reg. No. 3121.

Letter of the Ministry of Taxes and Revenues of Russia No. ShS-6-03/6@ of January 8, 2002 on the Application of the Value Added Tax for Medical Products, Periodicals and Books

Explains that the 10% VAT rate shall apply to medical products, periodicals, scientific and educational books from January 1, 2002. Specifies the procedure of VAT application for the mentioned products in the transitional period.

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