Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 10.09.2002

Decision of the Government of the Russian Federation No. 661 of September 6, 2002 on the Amendments to the Decision of the Government of the Russian Federation No. 251 of March 31, 2001

The list of items of religious destination produced and sold by religious organizations in the framework of religious activities the sale (handing over for own needs) of which is exempted from the value added tax includes religious literature.
Besides, the Decision extends the list of subjects producing and selling items of religious destination. Now, they include organizations owned by religious organizations (associations) and economic companies with the registered (shared) capital consisting fully of shares of religious organizations (associations).

Order of the Ministry of Taxation of the Russian Federation No. VG-3-21/475 of September 3, 2002 on the Amendments to the Methodology Recommendations on the Application of Chapter 26 "Tax on Extraction of Mineral Resources" of the Tax Code of the Russian Federation

The amendments are introduced pursuant to the entering into force of the Federal Law No. 57-FZ of May 29, 2002. Not recognized as the object of taxation are drainage underground waters recovered when developing deposits of mineral resources or when building or operating underground structures under the condition that these waters are qualified as mineral resources not registered on the state balance of reserves of mineral resources.
The Order refines the procedure of determination of the extracted mineral resources, as well as the procedure of determination of the taxable base. Specifies, in particular, that the cost of the recovered unique precious stones and unique nuggets of precious metals other than for processing is determined as the product of the amount of sold mineral resources and their selling prices (without the VAT less than the amount of taxpayer expenses to deliver (transport) them to the recipient).
The procedure of assessment of the cost of extracted mineral resources is extended to include new examples.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 68 of July 30, 2002 on the Practice of Application of Part 2 of Article 1002 of the Civil Code of the Russian Federation

Conveys recommendations on application of the norm of Part 2 of Article 1002 of the Civil Code of the Russian Federation stating that if the commission agent is declared insolvent (bankrupt), his rights and duties under the deals concluded for the client in execution of the directions of the latter transfer to the client.
In particular, the transfer to the client of the duty to reimburse the losses or bear other measures of responsibility under the deal with a third party occurs regardless of who was to execute responsibilities to the third party under the contract of commission and whose fault was it to fail to execute or execute it improperly.

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