Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 11.04.2003

Decision of the Constitutional Court of the Russian Federation of April 10, 2003 on the Case of Constitutionality of Item 1 of Article 84 of the Federal Law on Joint-Stock Companies Pursuant to the Appeal of the Open-Type Joint-Stock Company Priargunskoye

According to the challenged Item 1 of Article 84 of the Federal Law on joint-stock companies of December 26, 1995 (in the wording of May 24, 1999) the transaction with interest committed in violation of the requirements envisaged in the mentioned Law may be invalidated by a lawsuit of the company or stock-holder. The challenged norm is recognised by the Constitutional Court of the Russian Federation as not contradicting the Constitution of the Russian Federation since it provides for the protection of the rights of minority stock-holders excluding an opportunity of abusing their rights.
The Decision is entered into force immediately after annunciation.

Decree of the President of the Russian Federation No. 410 of April 8, 2003 on the Amendments to and Invalidation of Some of the Acts of the President of the Russian Federation Pursuant to the Entering into Force of the Code of Administrative Violations of the Russian Federation

A number of the acts of the President of the Russian Federation improving collection of obligatory payments are being brought in compliance with the Code of Administrative Violations of the Russian Federation entered into force from July 1, 2003.
The Decree specifies that resident importers having concluded deals envisaging the transfer of foreign currency from the Russian Federation to purchase commodities must import the commodities for the equivalent amount or provide for the return of these resources in the amount of at least the earlier transferred one within 90 calendar days from the date of payment for the commodities (earlier, 180).
The Decree is entered into force from July 1, 2002.

Order of the Ministry of Agriculture of the Russian Federation No. 381 of March 11, 2003 on the Endorsement of the Veterinary and Sanitary Rules for the Import to the Russian Federation of Fodders for Cats and Dogs

Permits to import to the territory of the Russian Federation animal fodders obtained at enterprises possessing permission of the central state veterinary service of the exporting country for export supplies of products and controlled by it on the permanent basis. The fodders must be obtained from fresh raw materials originating in administrative territories free from contagious animal and bird diseases.
Registered in the Ministry of Justice of the Russian Federation on April 8, 2003. Reg. No. 4389.

Order of the Federal Commission for Securities Market of the Russian Federation No. 03-558/r of March 25, 2003 on the Endorsement of the Qualification Minimum for the Specialised Examination for the Specialists in Corporate Finances

Endorses the minimum list of subjects, legislative and normative documents to be mustered on the obligatory basis for qualified execution of the functions of the specialist in corporate finances.
The Order is entered into force from April 1, 2003.

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