Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 20.05.2003

Decision of the Constitutional Court of the Russian Federation No. 8-P of May 14, 2003 on the Case of Constitutionality of Item 2 of Article 14 of the Federal Law on Tipstaves Pursuant to the Request of the Langepass City Court of the Khanty-Mansiysk Autonomous District

Provisions of the Law on tipstaves stating that tipstaves may, in execution of the court ruling, demand information on bank accounts of citizens are recognised as constitutional. Banks and other credit organisations must provide information on monetary accounts only in the amount to be collected from the depositor under the court ruling.
Earlier, credit organisations could refuse presenting the mentioned information on the basis of the norms on bank secrecy of the Civil Code of the Russian Federation and the Law on banks and banking activities. The tipstaves adopted decisions to fine credit organisations for such refusal. The Constitutional Court of the Russian Federation has ordered the legislators to remove the mentioned legislative conflict.
The Decision is entered into force immediately after annunciation.

Decision of the Government of the Russian Federation No. 289 of May 16, 2003 on the Endorsement of the Rates of Export Customs Duties for Raw Oil and Oil Products from Bituminous Materials and Commodities of Oil Exported from the Territory of the Russian Federation Outside the Member-States of the Customs Union Agreements

Beginning with June 1, reduces significantly the rates of export duty for oil - from USD 40.3 to USD 26.8 per ton.
Introduces the uniform rate of export customs duty for oil products exported from the territory of the Russian Federation outside the member-states of the Customs Union agreements in the amount of USD 24.1 per ton. The given rate applies to light distillates and products, medium distillates, diesel fuels, benzene, toluene, xylene, lubricants, spent oil products, propane, butane, ethylene, propylene, butylene and butadiene, as well other liquefied gases. They also include various types of wax, mineral wax and similar products obtained by synthesis. Earlier, the export duty for the majority of oil products amounted to USD 36.3 per ton.

Decision of the State Standards Committee of the Russian Federation No. 41 of May 12, 2003 on the Amendments to the Nomenclature of Products and Services (Works) Subject to Obligatory Certification in Compliance with Legislative Acts of the Russian Federation

From January 1, 2004, the nomenclature of products subject to obligatory certification includes household vacuum flasks with bulbs of glass and kitchen utensils of special household glass.

Operative Direction of the Central Bank of Russia No. 70-T of May 7, 2003 on the Recommendations on the Content and Organisation of Web-Sites of Credit Organisations

The recommendations contain provisions improving the regulation of the process of creation and organisation of the sites of credit organisations in the Internet. This must reduce the typical bank risks pertaining to application of Internet technologies in banking, improve transparency of credit organisations, build a full and adequate image of credit organisations with the clients (including potential ones) and improve their confidence, as well as improve market discipline in the banking sector of the economy.
The Direction defines information recommended for placing on the web-sites and its description. Specifies the particulars of organisation of operative web-sites offering access to bank data via commonly available information channels (open communication systems).

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