Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 15.01.2002

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. VG-6-02/1@ of January 3, 2002

Explains the procedure of determination of the amount of the profit tax for the III quarter of 2001 used as the basis to calculate the amount of the monthly advance payments for the tax in the I quarter of 2002.
Defines the grounds for exemption from the monthly advance payments and application of the cash method of determination of incomes and expenses in 2002. Sets forth the procedure of transfer of the taxes by organizations in the presence of separate divisions.

Direction of the Central Bank of Russia No. 1086-U of December 29, 2001 on the Investigation of Investments of Authorized Banks and Their Resident Clients (Other Than Credit Organizations) into Securities Issued by Non-Residents

Sets forth the procedure of filling out and submission of the form of investigation No. 404 "Information on Investments of the Authorized Banks and Their Resident Clients (Other Than Credit Organizations) into Securities Issued by Non-Residents as of January 1, 2002". The given form must be submitted by the authorized banks no later than on February 25, 2002 to the territorial institutions of the Bank of Russia.
The Direction is entered into force from January 1, 2002.

Direction of the Central Bank of Russia No. 1082-U of December 28, 2001 on the Amendments to the Regulation of the Bank of Russia No. 122-P of October 3, 2000 on the Procedure of Granting Credits by the Bank of Russia to Banks Backed with Collateral and Guarantees

Changes the criteria to be met by the borrowing bank and each of the guarantor banks as of the day of granting the credit. Specifies that the bank must not have the shortage of payments to obligatory reserves, unpaid fines for the violation of the procedure of reservation, as well as it must not have the facts of failure to present the estimate of regulation of the amount of obligatory reserves within specified time limits and/or submission of the estimate violating the time limits within the most recent three reporting dates.
Omits the requirement on the absence of respites or extension schedules in the payment of taxes and revenues, as well as the tax credits.
Specifies that the territorial institutions of the Bank of Russia carry out the checks of the property and property rights suggested as the backing for the credit of the Bank of Russia. Provides the new list of information on the organizations whose obligations may be accepted as the backing of the credits and the procedure of its submission to the territorial institution of the Bank of Russia.

Direction of the Central Bank of Russia No. 1080-U of December 28, 2001 on the Amendments to the Regulation of the Bank of Russia No. 67-P of January 13, 1999 on the Procedure of Deposit Operations Carried Out by the Central Bank of the Russian Federation with the Resident Banks in the Currency of the Russian Federation

Changes the procedure of accounting work for the deposit operations of the Bank of Russia in the banks. The Regulation is extended to include Appendix 5/1 "Procedure of Accounting Work for the Deposit Operations of the Bank of Russia in the Banks Using the Method of "Accrued Payments'" that is entered into force on the basis of the separate normative act of the Bank of Russia.
The Direction is entered into force from February 1, 2002.

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