Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 26.02.2002

Decision of the Government of the Russian Federation No. 124 of February 21, 2002 On the Declaring of Safety of Underwater Potentially Hazardous Facilities Located in the Internal Waters and Territorial Sea of the Russian Federation

The declaring of safety shall be obligatory to all owners of underwater facilities and shall be carried out with the aim to ensure control over the compliance with safety measures and to assess the sufficiency and effectiveness of activities to prevent and liquidate emergency situations in the area of location of underwater facilities. The declaration shall be prepared and approved by the owner of an underwater facility who is held responsible for the completeness and accuracy of the information submitted. It lists data which shall be incorporated in the declaration and bodies of state power to whom the declaration shall be presented.

Decision of the Government of the Russian Federation No. 121 of February 20, 2002 On the Amendment and Invalidation of Some Acts of the Government of the Russian Federation On Issues of Taxation of Corporate Profits

The acts of the government of the Russian Federation are brought into line with Federal Law No. 110-FZ of August 6, 2001 which introduces Chapter 25 "Tax on Profits of Organizations " of the Tax Code of the Russian Federation. It invalidates Decision of the Government of the Russian Federation No. 552 of August 5, 1992 endorsing The Regulations on the Make-up of Expenses of Production and Realization of Products (Work, Services) to Be Included in the Prime Cost and Decision of the Government of the Russian Federation No. 967 of August 19, 1994 On the Application of a Mechanism of Accelerated Depreciation and Re-evaluation of Fixed Assets and also some others.

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