Windfall tax for major companies to be introduced in Russia
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Monitoring of the Federal Legislation dated 1.10.2002
Decision of the Government of the Russian Federation No. 707 of September 25, 2002 on the Procedure for Implementing the Federal Property Leases with Repurchase Clause Concluded Prior to the Entry into Force of the Federal Law on the Privatisation of State and Municipal Property
A procedure is set up for the sale of federal property under the contracts of lease with repurchase clause concluded before April 27, 2002 (the entry into force of the Law on the Privatisation of State and Municipal Property).
The repurchase application is filed by the lessee with the Ministry of Property Relations of the Russian Federation (a territorial body thereof) together with a notary-attested copy of the contract of lease and a document acknowledging that a repurchase amount has been paid. If the contract of lease does not specify a repurchase rate, a term and procedure for repurchase payment the lessee shall also file his property repurchase offer.
If the market value of leased property as of the date of filing of the repurchase application makes up 10,000-fold minimum wage rate or below the Ministry of Property Relations of the Russian Federation (territorial body thereof) makes a decision to sell this property to the lessee. If the market value of the leased property as of the date of filing of the application exceeds 10,000-fold minimum wage rate an offer is forwarded to the lessee for a joint formation of a public joint-stock company, with the leased property being deemed the state's contribution into its authorised capital.
The repurchase application is filed by the lessee with the Ministry of Property Relations of the Russian Federation (a territorial body thereof) together with a notary-attested copy of the contract of lease and a document acknowledging that a repurchase amount has been paid. If the contract of lease does not specify a repurchase rate, a term and procedure for repurchase payment the lessee shall also file his property repurchase offer.
If the market value of leased property as of the date of filing of the repurchase application makes up 10,000-fold minimum wage rate or below the Ministry of Property Relations of the Russian Federation (territorial body thereof) makes a decision to sell this property to the lessee. If the market value of the leased property as of the date of filing of the application exceeds 10,000-fold minimum wage rate an offer is forwarded to the lessee for a joint formation of a public joint-stock company, with the leased property being deemed the state's contribution into its authorised capital.
Order of the Government of the Russian Federation No. 1361-r of September 25, 2002
Approval is given to the Concept of Developing Insurance Business in the Russian Federation. The Concept is aimed at forming an effective system of insurance protection for individual and corporate proprietary interests in the Russian Federation.
One of the basic guidelines for the development of mandatory insurance is the introduction of mandatory insurance for the objects susceptible to significant risks and damages, the citizens and bodies corporate that can be exposed to a significant loss resulting from natural disasters, accidents and calamities. Firs of all, it is the insurance of liability of owners of vehicles, the insurance of production facilities against man-made accidents, property insurance against fires and natural disasters, the large-scale accident harm insurance relating to hazardous cargo carriage.
The priority guidelines for the development of voluntary personal insurance are life insurance and pension insurance.
In the field of taxation additional privileges are in the pipeline:
- the inclusion in the social tax deductible sum of the citizens' insurance expenses relating to their insuring the most vital proprietary interests (relating to life and health, to possessing, enjoying and disposing of residential premises and household items);
- the extension of the list of organisations' expenses relating to the various types of liability insurance included in the costs accepted as deductible in the corporate profit tax calculations.
One of the basic guidelines for the development of mandatory insurance is the introduction of mandatory insurance for the objects susceptible to significant risks and damages, the citizens and bodies corporate that can be exposed to a significant loss resulting from natural disasters, accidents and calamities. Firs of all, it is the insurance of liability of owners of vehicles, the insurance of production facilities against man-made accidents, property insurance against fires and natural disasters, the large-scale accident harm insurance relating to hazardous cargo carriage.
The priority guidelines for the development of voluntary personal insurance are life insurance and pension insurance.
In the field of taxation additional privileges are in the pipeline:
- the inclusion in the social tax deductible sum of the citizens' insurance expenses relating to their insuring the most vital proprietary interests (relating to life and health, to possessing, enjoying and disposing of residential premises and household items);
- the extension of the list of organisations' expenses relating to the various types of liability insurance included in the costs accepted as deductible in the corporate profit tax calculations.
Information Letter of the Federal Securities Market Commission No. VM-02/10614 of September 20, 2002 on the Peculiarities of Keeping Internal Record Accounts for the Professional Participants in the Securities Market Being Credit Organisations
Explanations are provided on the procedure for applying specific provisions of the Procedure for Keeping Internal Record of Deals, in Particular Time Deals, and Transactions in Securities for the Professional Participants in the Securities Market Pursuing Brokerage, Dealership and Securities Management Activities approved by Joint Decision of the Federal Securities Market Commission and the Ministry of Finance of the Russian Federation No. 32/108n of December 11, 2001.
While organising analytical accounting on internal record accounts the professional participants being credit organisations may take into account their accountancy peculiarities, for instance, they may use information on bookkeeping account balances.
A professional participant being a credit organisation is allowed not to keep an account intended for internal recording of cash as applicable to the amounts of money transferred to another professional participant as performance under a contract concluded with him and also as applicable to the amounts of money earmarked for settlements under deals made in an off-board securities market.
While organising analytical accounting on internal record accounts the professional participants being credit organisations may take into account their accountancy peculiarities, for instance, they may use information on bookkeeping account balances.
A professional participant being a credit organisation is allowed not to keep an account intended for internal recording of cash as applicable to the amounts of money transferred to another professional participant as performance under a contract concluded with him and also as applicable to the amounts of money earmarked for settlements under deals made in an off-board securities market.
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