Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 30.01.2002

Ruling of the Constitutional Court of the Russian Federation No. 225 of November 13, 2001 On the Refusal to Accept for Consideration Complaints of State Unitary Enterprises "Arktikmorneftegazrazvedka" and "123 Aviatsionny remontny zavod" (Aviation repairs plant), open joint stock companies "Gorno-metallurgitchesky combinat "Petchenganikel"(Mining and metallurgical works), "Salavatnefteorgsyntez" and "Taimyrenergo" Against the Violation of Constitutional Rights and Freedoms by Provisions of Item 2 of Article 8 of the Law of the Russian Federation On the Profit Tax of Enterprises and Organizations

The claimants challenged the constitutionality of payment to the budget within a quarter of advance installments of the profit assessed on the basis of the expected amount of profits over a taxable period, of a tax rate and also of the provision under which the difference between the amount payable to the budget on the profit actually earned and advance installments of the tax over the expired quarter shall be adjusted by an amount computed on the basis of the rate of refinancing of the Bank of Russia prevailing in the quarter expired. According to the claimants, such procedure does not make it possible to accurately assess the profit tax for reasons beyond the control of the taxpayer, since quarterly adjustment of the difference on the basis of an average rate of refinancing is a measure of responsibility for the inaccurate computation of the expected profit and tax thereupon which goes beyond the framework of the tax obligation.
The Constitutional Court of the Russian Federation ruled that the procedure for assessment and payment of the profit tax is not arbitrary nor does it prevent the exercise by citizens and their associations of their constitutional rights nor does it provide grounds to question the compliance of the provisions being challenged with the Constitution of the Russian Federation. Proceeding from the above, the complaints of the claimants were not accepted for consideration.

Decree of the President of the Russian Federation No. 1514 of December 21, 2001 On the Interaction between the President of the Russian Federation and the Government of the Russian Federation On Issues of Privatization of State and Municipal Property

The government of the Russian Federation is required, prior to March 1, 2002, to submit for approval of the President of the Russian Federation lists of strategic enterprises and strategic joint stock companies.
Prior to approval by the President of the Russian Federation of those lists, changes and amendments to the list of joint stock companies manufacturing products (commodities, services) which are of strategic significance for the national security of the state, the shares of which companies held in the federal ownership are not subject to early sale, shall be made by decisions of the Government of the Russian Federation in pursuance of decrees of the President of the Russian Federation.
The decree took effect from its signature date.

Order of the Ministry of Taxes and Fees of the Russian Federation No. BG-3-03/25 of January 21, 2002 On the Approval of Instructions On Filling In Declarations on the Value Added Tax

The Instructions prescribe a procedure for filling-in forms of the declaration on the value added tax and declaration on the value added tax under transactions taxable at the 0 ( zero) per cent tax rate approved by Order of the Ministry of Taxes and Fees of the Russian Federation No. BG-3-03/572 of December 26, 2001. The Instructions regulate a procedure for filling in sections and columns of the declaration, offer an interpretation of codes of transactions used when filling in the Declaration, clarify the procedure of its submission to taxation agencies.
Registered with the Ministry of Justice of the Russian Federation on January 25, 2002. Registration No. 3187.

Order of the Ministry of Defense of the Russian Federation No. 11 of January 6, 2002 On the Introduction of Changes Into Order of the Minister of Defense of the Russian Federation No. 275 of June 18, 2001

The Order of the Ministry of Defense is brought into line with Decision of the Supreme Court of the Russian Federation No. VKPI 01-70 of August 29, 2001 under which the directive to the effect that when paying a monthly allowance to military service personnel entitled to a long service pension, a rated increase in percentage is not applicable, is declared to be invalid and not entailing legal consequences as from the day of its publication.
Registered with the Ministry of Justice on January 25, 2002. Registration No. 3189

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 65 of December 29, 2001 On the Review of Practice of Settlement of Disputes Associated with the Termination of Obligations by an Offset of Counter Claims of the Same Kind

The review deals with issues of termination of obligations by an offset of counter claims of the same kind. In particular, an obligation may not be terminated by an offset of a counter claim of the same kind whose term has become due after the lodging of a claim against a person who is entitled to claim an offset. The obligations shall be regarded as terminated by an offset as from the due time of performance of the obligation whose time of performance has become due later. The obligation to pay a purchase price for goods and the obligation to grant a credit may not be terminated through an offset.

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