Windfall tax for major companies to be introduced in Russia

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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 30.05.2003

Customs Code of the Russian Federation (Federal Law No. 61-FZ of May 28, 2003)

The new Customs Code of the Russian Federation regulates more completely and in more detail, as compared to the one being in effect, issues pertaining to the moving of commodities and transport vehicles across the customs border of the Russian Federation. The norms of the customs legislation are being brought in compliance with the norms of the legislation on taxes and fees, legislation on foreign trade activities, norms of international law.
The Code introduces the notions of the main, economic, terminating and special customs regimes. Separate chapters regulate special customs procedures pertaining to individual categories of persons. The Code specifies customs payments procedures, defines the authority of the customs bodies, customs control procedures.
The new Customs Code is entered into force from January 1, 2004.
The terms of the earlier issued licenses and permissions for application of customs regimes of processing on the customs territory, under the customs control, outside the customs territory, temporary import and export preserve until expiry if such terms do not contradict the requirements specified in the given Code. Issued licenses for duty-free shops expire from January 1, 2004.

Information Letter of the Central Bank of Russia No. 23 of May 16, 2003 "Summary of the Practice of Application of the Normative Acts of the Bank of Russia on Currency Regulation and Currency Control"

Explains that the procedure of purchase by resident legal entities of foreign currency for the currency of the Russian Federation at the internal currency market for payments under the contracts of import of commodities being in effect now and envisaging the opening of the bank account (deposit) by these legal entities does not require that 100% of the amount of monetary resources in the currency of the Russian Federation used to purchase foreign currency is entered on the mentioned bank account (deposit).
Also explains that securities issued by residents in foreign currencies may be purchased by resident legal entities without the permission of the Bank of Russia at the expense of the resources of the resident available on its current currency account.
Defines that if a foreign currency transfer is returned to a natural person from abroad because of the impossibility to pay it out to the recipient, the authorised bank must hand out to the sender, at his desire, the returned transfer in foreign currency while drawing up the new Form 0406007 certificate or enter the foreign currency on his current foreign currency account.

Letter of the Ministry of Taxation of the Russian Federation No. RD-6-23/382 of April 1, 2003 on the List of States Whose Diplomatic Representations and Personnel Enjoy the Zero VAT Rate

The mentioned list is sent for official use by foreign diplomatic and similar representations, as well as for personal use by diplomatic and administrative and technical personnel or these representations including their family members living with them. The Letter provides information on the states that do not enjoy the zero rate in the mentioned cases.

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