Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 1.03.2002

Order of the Ministry of Taxation of Russia No. BG-3-02/98 of February 26, 2002 On the Approval of Methodological Recommendations On the Application of Chapter 25 "Profit Tax Of Organizations" of Part Two of the Tax Code of the Russian Federation

The Methodological recommendations have been issued with the objective to ensure a uniform application of the norms of Chapter 25 of the Tax Code and to exercise control over the compliance with the legislation on taxes and fees. The Order clarifies a procedure of application of a number of articles of the given chapter of the Code, providing examples of how to assess a profit tax under various transactions.

Directive of the Central Bank of Russia No. 1114-U of February 21, 2002 On the Introduction of Changes and Amendments In Regulations on the Bank of Russia No. 85-II of August 5, 1999 On the Procedure for Using the Reporting Data of Members of the Group of Non-Credit Institutions In the Preparation By Credit Institutions of the Consolidated Financial Statements

Regulations on the Bank of Russia No. 850II are given in its latest version with due account taken of the amendments introduced in the regulations on the Bank of Russia on the consolidated financial statements of credit institutions and on the procedure for using the reporting data of credit institutions in the preparation of the consolidated financial statements of the banking group. The regulations specify peculiarities of incorporation in the consolidated statements of the reporting data of non-credit institutions and also a procedure for submission by them of data both under the latest Chart of accounts and the former Chart of accounts. It offers fresh examples of how to use the data of non-credit institutions in the preparation of consolidated financial statements.
The Directive shall apply to the consolidated financial statements for the year 2001.
The Directive shall take effect as from its publication in "the Bulletin of the Bank of Russia". The text of the Directive was published in "Bulletin of the Bank of Russia" No. 11 of February 28, 2002.

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