Windfall tax for major companies to be introduced in Russia

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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 8.02.2002

Letter of the Government of the Russian Federation and the Central Bank of Russia of December 30, 2001 On the Strategy of Development of the Banking Sector of the Russian Federation

It identifies tasks of development of the banking sector and activities of the state policy to solve them for a medium 5(five) years' term. The key instrument of reforms is the introduction in activities of enterprises and credit institutions of international approaches, including international standards of accounting and financial statements which the Russian economy, including the banking sector, is to switch over to as from 2004.
It is expected that the basic result of development of the banking sector will be a significant improvement of its reliability. At the same time, it is planned to enhance a functional role of the banking sector in the economy of Russia, to bring parameters of the Russian banking sector up to match indicators of activities of the banking systems of countries-leaders in terms of the level of economic development, out of the group of countries with the transforming economy.
In the very near future, with a view to improving the taxation of credit institutions, the Government of the Russian Federation is planning to submit to the State Duma a draft law on the cancellation of a tax on the purchase of foreign banknotes and a tax on transactions with securities as a separate tax.

Decision of the Government of the Russian Federation No. 65 of January 28, 2002 On the Federal Directed Program "Electronic Russia (2002-2010)"

The tasks of the program is to ensure the transparency of activities of the bodies of state authority and the availability to the general public of state information resources, to promote independent media of mass information, to develop and create systems of electronic trading, etc. The solution of the said tasks will make it possible to create conditions for the competitive production of goods and services in the sphere of information and communication technologies, to improve the quality of education.
The realization of activities of the Program is to ensure the growth of the number of users of computer networks and volumes of information being transmitted. It is predicted that the number of users of the Internet network will increase by the year 2005 as against 2000 by more than 8-fold. An important prerequisite for extension of Internet network is the reduction of tariffs of connection and use of the network. It is expected that the expansion of the market of services will make it possible to reduce those tariffs by 40 % by the year 2005 and approximately by two-fold by 2010 and also to bring down a monthly tariff for any time of connection to Internet to three minimal wages.

Order of the Ministry of Justice of the Russian Federation No. 18 of January 23, 2002 On the Approval of Instructions On the Procedure of State registration of Contracts On Lease, Uncompensated Use, Concession of Parcels of the Forest Fund (Forest) and Rights to Parcels of the Forest Fund (Forest)

It establishes a single procedure for the conduct by agencies of justice of state registration of contracts on lease of parcels of the forest fund, contracts on uncompensated use of parcels of the forest fund, contracts of concession of parcels of the forest fund and also rights to parcels of the forest fund (forest). It lists documents to be submitted for state registration.
Registered with the Ministry of Justice of the Russian Federation in January 30, 2002. Registration No. 3204.

Agreement On the Termination of the Agreement On the Delimitation of Subjects of Competence and Powers Between Bodies of State Authority of the Russian Federation and Bodies of State Authority of the Ulyanovsk Region (Moscow, December 31, 2001)

As from February 7, 2002 the Agreement signed in October 30, 1997 in Moscow shall cease to operate in view of achievement of its objectives.
The text of the Agreement is published in the Rossiyskaya Gazetta newspaper No. 24 of February 7, 2002.

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