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 18.05.2002

Federal Law No. 51 of May 7, 2002 on the Amendments to the Federal Law on the Budget Classification of the Russian Federation

The budget classification of the Russian Federation is extended to include the new section - "Structure of Expenses of the Subjects of the Russian Federation and Municipal Formations". In view of the changes in the tax legislation, the new wording is provided for the classification of incomes of the budgets of the Russian Federation. The changes are also introduced to other sections of the budget classification.
The Federal Law is entered into force from the day of its official publication. The Law applies to relations emerging in the drawing up and execution of the budgets of all levels beginning with January 1, 2002.

Order of the Ministry of Finance of the Russian Federation No. 37n of April 27, 2002 on the Endorsement of the Terms of Issue and Circulation of the Bonds of the Federal Loan with Debt Amortization

The interest rate for the coupon income for the given bonds is fixed for each coupon of the separate emission. The amount of the coupon income for all coupons of the separate emission of the bonds is determined proceeding from the interest rate of the coupon income specified in the decision on the issue of the separate emission of the bonds and is accrued for the unredeemed portion of the nominal cost. The redemption of the nominal cost in portions (debt amortization) shall be carried out within the time limits specified in the decision on the issue of the separate emission of the bonds coinciding with the dates of paying out the coupon income for them. In the debt amortization, the amount of the redeemed portion of the nominal cost is determined for each date of its paying out. The date of the redemption of the bonds is the date of payment of the last unredeemed portion of the nominal cost.
Registered in the Ministry of Justice of the Russian Federation on May 13, 2002. Reg. No. 3427.

Order of the Ministry of Finance of the Russian Federation No. 35n of April 25, 2002 on the Amendments to the Directions on the Procedure of Application of the Budget Classification of the Russian Federation Endorsed by the Order of the Ministry of Finance of the Russian Federation

Amends the list of the tied items of the functional classification of expenses of the budgets of the Russian Federation and the procedure of distribution of expenses according to subject items and subitems of the economic classification of expenses of the budgets of the Russian Federation.

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