Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 1.08.2002

Decision of the Government of the Russian Federation No. 574 of July 27, 2002 on the Procedure and Terms of Carrying Out in 2002 of the Restructuring and Writing Off of the Debts of Legal Entities, Subjects of the Russian Federation and Municipal Formations in Tied Foreign Credits (Borrowings) Attracted by the Russian Federation and Credits (Loans) in Foreign Currencies Provided at the Expense of the Resources of the Federal Budget

The restructuring applies to all unfulfilled obligations of borrowers under the contracts concluded to attract foreign credits (borrowings) by Russia financed before August 1, 1998 inclusive, as well as obligations under credits (loans) in foreign currencies provided at the expense of the resources of the federal budget under the contracts concluded before August 1, 1998 inclusive. The restructuring applies to the whole of the amount of the debt of the borrower to the federal budget including the return of the main debt, interest for the use of the credit accrued for the whole of the credit period, penalties, fines and other payments as of the first of the month when the agreement on the restructuring has been concluded.
Decisions on the restructuring and writing off of debts are taken by the Ministry of Finance of the Russian Federation. The Decision provides the form of the application for the restructuring, as well as lists the documents attached by the borrowers to the application.

Order of the Ministry of Taxation of the Russian Federation No. BG-3-02/336 of July 3, 2002 on the Invalidation of Individual Normative Legal Acts of the State Tax Service of the Russian Federation and the Ministry of Taxation of the Russian Federation

Pursuant to the entering into force of Chapter 25 "Profit Tax from Organizations" of the Tax Code of the Russian Federation, invalidates from January 1, 2002 22 normative legal acts of the Ministry of Taxation of the Russian Federation (State Tax Service of the Russian Federation). Invalidates, in particular, Instruction of the State Tax Service of the Russian Federation No. 48 of August 20, 1998 and the Order of the Ministry of Taxation of the Russian Federation No. BG-3-02/231 of June 15, 2000 pertaining to the procedure of calculation and payment to the budget of the profit tax by budget-supported organizations (institutions).
Registered in the Ministry of Justice of the Russian Federation on June 30, 2002. Reg. No. 3630.

Order of the Ministry of Finance of the Russian Federation No. 64n of June 28, 2002 on the Endorsement of the Interim Regulation on the Keeping of the State Registers in the Sphere of Audit Activities

Defines the interim procedure of keeping by the Ministry of Finance of the Russian Federation of the registers of certified auditors of audit organizations, independent auditors, professional audit associations and study and methodology centres. Lists information indicated in the registers.
Registered in the Ministry of Justice of the Russian Federation on July 26, 2002. Reg. No. 3625.

Order of the State Customs Committee of the Russian Federation No. 419-r of June 25, 2002 on the Customs Registration of the Merchant Vessels Placed under the Temporary Import (Export) Customs Regime

Sets forth the particulars of the customs registration at return of the temporarily exported Russian vessels used in merchant seafaring that undergone processing while being placed under the temporary import (export) customs regime outside the customs territory of the Russian Federation.
The customs registration is carried out in two stages. At the first stage, the vessel captain submits in the port of arrival in addition to the customs body notification in triplicate on the carried out processing operations together with attached copies of available documents confirming the processing operations. The form of the notification is provided in the Appendix.
At the second stage, the party which runs the vessel on its balance submits within 15 days of the arrival of this vessel to the Russian port to the customs body written application drawn up according to free form. The application must contain information on the volume and cost of the processing operations carried out on the vessel, balance cost of the vessel before and after the processing together with attached certified copies of documents. The given application is regarded as the customs declaration confirming the processing operations carried out on the vessel.
The Order also specifies the particulars of issue of the license for commodity processing under the customs control or for the purposes of repair of foreign vessels having crossed the customs border of the Russian Federation as transport vehicles.
Registered in the Ministry of Justice of the Russian Federation on July 26, 2002. Reg. No. 3623.

Direction of the Central Bank of Russia No. 1181-U of July 25, 2002 on the Invalidation of the Regulation of the Bank of Russia No. 112-P of April 24, 2000 on the Procedure of Building and Use of the Reserve Fund by the Credit Organization

Regulation of the Bank of Russia No. 112-P of April 24, 2000 is abandoned because the issues of distribution of profits of credit organizations after taxation are regulated by civil legislation or are the sphere of reference of the management bodies of the credit organization. The issues of creation of funds out of profits are now solved by credit organizations independently.
The Direction is entered into force 10 days after the official publication in the Herald of the Bank of Russia.

Letter of the Central Bank of Russia No. 98-T of July 17, 2002 on the Application of the Federal Law on Insolvency (Bankruptcy) of Credit Organizations

Explains that when the temporary administration is assigned to the credit organization after the revocation of the license for banking operations, the authority of the executive bodies of management of the credit organization (personal and collegiate) are considered to be suspended.

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