Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 8.10.2002

Decision of the Government of the Russian Federation No. 737 of October 4, 2002 On the Contests Among Insurers To Effect Insurance By Using the Funds of Respective Budget

The open contest to select insurers to effect insurance by using the funds of a respective budget shall be held subject to the basic requirements prescribed by the decision. It specifies time intervals for holding contests, procedure of review of documents for availability therein of requisite data, etc.

Decision of the Government of the Russian Federation No. 731 of October 3, 2002 On Amending and Invalidation of Some Decisions of the RSFSR Council of Ministers, RSFSR Government and the Government of the Russian Federation Concerning the State Registration of Legal Entities

In view of putting into effect the federal law On the State Registration of Legal Entities, the Government of the Russian Federation shall bring 106 acts of the RSFSR Council of Ministers, RSFSR Government and the Government of the Russian Federation into line with that law and also invalidate 3 (three) acts. In particular, invalidated is Decision of the RSFSR Council of Ministers No. 327 of June 14, 1991 On the Procedure For Collection of State Duty For the Registration of Enterprises in RSFSR, Decision of the RSFSR Government No. 26 of November 28, 1991 On the Registration of Enterprises With Foreign Investments.

Order of the Ministry of Taxes and Fees of the Russian Federation No. BG-3-04/434 of August 14, 2002 On Introduction of Changes and Amendments in the Instructions of the State Tax Service of Russia No. 32 of May 30, 1995 On the Procedure For Assessment and Payment of Tax On Property Transferred As Inheritance Or Gift

Land parcels are to be canceled from a list of objects liable to a tax on property to be transferred as inheritance (both by law and under the will) or as a gift.
It establishes that the tax shall not be levied on the value of apartments transferred as inheritance to 1st and 2nd group invalids.
Registered with the Ministry of Justice of the Russian Federation in October 3, 2002. Registration No. 3835.

Directive of the Central Bank of Russia No. 1196-U of October 1, 2002 On Invalidation of Directive of the Bank of Russia No. 240-U of May 27, 1998 On the Procedure of Formation of the Reserve Under Transactions of Credit Institutions-Residents of the Russian Federation With Legal and Natural Persons-Residents of Latvia

It invalidates Directive of the Bank of Russia containing a requirement to form an increased amount of the reserves under transactions made by Russian credit institutions with Latvia's legal and natural persons.
The Directive shall take effect upon the expiration of 10 days after its official publication in the Bulletin of the Bank of Russia.

Cable of the Central Bank of Russia No. 133-The of October 2, 2002

In the 4th quarter of 2002 the amount of the Ruble equivalent of the charter capital of newly-created credit institutions shall be reduced by approx. 0,11% as against the 3rd quarter of 2002.

Letter of the Ministry of Taxes and Fees of the Russian Federation No. CA-6-22/1497@ of October 2, 2002 On the Application of Paragraph 2 of Article 5 of Federal Law No. 104-FZ of July 24, 2002

Under Paragraph 2 of Article 5 of the Federal Law the amount of the single tax on imputed income calculated over a respective tax (accounting) period in 2002 shall be reduced by the taxpayers by the amount of insurance contributions towards obligatory pension insurance paid in 2002. Moreover, the amount of the single tax may not be reduced by more than 35%.
With the objective to comply with this provision the taxpayers shall present to the tax authorities updated calculations of the single tax for 1st through 3rd quarters of the current year showing the amounts of contributions towards obligatory pension insurance which were paid over those periods.
The tax obligations with respect to the single tax on imputed income for the 4the quarter shall be updated by the taxpayers following the actual payment over the said accounting (tax) periods of calculated amounts of contributions towards obligatory pension insurance.

Letter of the Ministry of Taxes and Fees of the Russian Federation No. ShS-6-21/1377 of September 6, 2002 On the Tax On Property of Enterprises

It clarifies how to calculate a residual value of capital assets for purposes of taxation with a tax on property of enterprises. For purposes of taxation with that tax, the residual value of capital assets shall be such as prescribed under the rules of business accounting.

Letter of the Ministry of Finance of the Russian Federation No. 04-05-06/34 of August 29, 2002

The entities of small business shall, for purposes of business accounting, have the right , when calculating the depreciation of objects of capital assets by declining balance method, to use No. 2 acceleration rate and also to write off as depreciation charges up to 50% of the initial value of capital assets with a service life of over three years.
The depreciation for objects of capital assets taken for accounting prior to January 1, 2002 shall, for purposes of business accounting, continue to be calculated proceeding from the useful life determined upon registration of the object and from a depreciation method chosen by an organization with respect to a group of objects of the same kind.

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