Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 31.05.2002

Federal Law No. 57-FZ of May 29, 2002 on the Amendments to Part 2 of the Tax Code of the Russian Federation and Individual Legislative Acts of the Russian Federation

Amends significantly Chapter 25 of the Tax Code of the Russian Federation regulating the procedure of calculation and payment of the profit tax from organizations. The changes are both of technical and conceptual nature. The Law provides the new wording for Article 10 of the Federal Law No. 110-FZ of August 6, 2001 defining the procedure of calculation of the taxable base of the transient period for the profit tax.
Amends also other Chapters of Part 2 of the Tax Code of the Russian Federation. As to the value added tax, it changes the norms on the procedure of application of the tax in cases of export, on the amounts of the tax qualified as production and sales expenses and other. The changes in excise duty tax pertain to the tax warehouse regime, time periods for paying the tax and other. Changes the rates of the income tax from natural persons (lotteries) and the uniform social tax (entrepreneurs, lawyers).
Most of the provisions of the Law apply to relations emerging from January 1, 2002.
The text of the Federal Law is published in Rossiyskaya Gazeta No. 97 of May 31, 2002.

Decision of the Government of the Russian Federation No. 360 of May 28, 2002 on the Licensing of Activities in the Sphere of Geodesy and Cartography

Defines the procedure of licensing of activities in the sphere of geodesy and cartography carried out by legal entities and independent entrepreneurs. The licensing is vested in the Federal Service of the Russian Federation for Geodesy and Cartography and its territorial bodies (in some cases, in coordination with the Ministry of Defence). The license is issued for 5 years. The earlier issued licenses preserve their force until expiry.

Decision of the Government of the Russian Federation No. 357 of May 28, 2002 on the Endorsement of the Rules of Exemption of Legal Entities Having Redeemed before October 1, 2002 Overdue Debt in the Resources of the Federal Budget Provided on Payback Basis and Accrued Interest from Accrued and Uncollected Fines and Penalties for the Untimely Return of the Mentioned Resources

Defines the procedure and terms of exemption of legal entities having redeemed before October 1, 2002 overdue debt in the resources of the federal budget provided on the payback basis in the currency of the Russian Federation (except for the tax credit and investment tax credit provided after January 1, 1999) and accrued interest from accrued and uncollected fines and penalties for the untimely return of these resources.
The debt does not include the debt in penalties and fines collected earlier in favour of the federal budget or due for collection on the basis of the court act, as well as the debt of legal entities undergoing bankruptcy proceedings. The Decision indicates the types of documents sent by the legal entity to the Ministry of Finance of the Russian Federation for exemption purposes.

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