Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 21.07.2003

Decision of the Government of the Russian Federation No. 439 of July 17, 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

Reduces the rate of the export customs duty for raw oil and oil products from bituminous materials (code according to the Foreign Trade Commodity Nomenclature of the Russian Federation 2709 00) from USD 26.8 to USD 25.1 per 1,000 kg.
Reduces from USD 24.1 to USD 22.6 per 1,000 kg the export duties for benzene, toluene, xylene, lubricants, propane, butanes, ethylene, propylene, butylene, butadiene, other liquefied gases, as well as xylenes, distillates, gas oils, liquid fuels and for some other commodities.
The Decision is entered into force from August 1, 2003.

Decision of the Government of the Russian Federation No. 434 of July 17, 2003 on the Amendments to the Decision of the Government of the Russian Federation No. 574 of July 27, 2002 and Its Prolongation for the Year 2003

Extends for the year 2003 the procedure of restructuring and writing off of the debts of legal entities, subjects of the Russian Federation and municipal formations in attracted to the Russian Federation tied foreign credits (borrowings) and credits (loans) in foreign currencies granted at the expense of the federal budget.
Sets forth that the restructuring of the debts may be prolonged for the year 2003 for borrowers having applied for the restructuring of the debt in 2002 if they submit the application to the Ministry of Finance according to the attached form within 3 months from the day of the official publication of the Decision.

Decision of the Government of the Russian Federation No. 431 of July 16, 2003 on the Amendments to the Customs Tariff of the Russian Federation

Prolongs the rates of the import customs duties for individual types of glycerol, resorcinol, oxalic acid, as well as pantyhose, tights for varicose veins and sleeves for lymph and vein insufficiency of the upper extremities.
The Decision is entered into force one month after from the day of its official publication.

Decision of the Government of the Russian Federation No. 430 of July 16, 2003 on the Interest-Free Budget Loans for the Complex of Measures to Prepare the Housing and Communal Objects for the Autumn and Winter Season of 2003-04 Granted to the Budgets of the Subjects of the Russian Federation

To implement the complex of measures to prepare the housing and communal objects for the autumn and winter period, Rbl 5,500 million are allocated as interest-free budget loans to the budgets of the subjects of the Russian Federation. The budgets loans are allocated first and foremost to repair and replace the worn out and wrecking networks of heat and water supplies, boiler units, thermal stations and steamshops.

Order of the State Customs Committee of the Russian Federation No. 660 of June 18, 2003 on the Amendments to the Order of the State Customs Committee of Russia No. 911 of October 8, 2000

Changes the procedure of the customs registration of the commodities imported to the Russian Federation as technical aid (assistance).
Exemption from the import customs duty and VAT applies to the imported as technical aid, intended for the state and municipal organisations: ambulance vehicles, as well as mobile diagnostics laboratories outfitted with special medical equipment obtained by medical institutions for own needs; cars for carrying 10 persons and more imported for nurseries, children's homes, nursing homes for the elderly and invalids; cars outfitted with lifting devices for the invalids imported for rehabilitation centres.
The Order is entered into force thirty days after its official publication.
Registered in the Ministry of Justice of the Russian Federation on July 16, 2003. Reg. No. 4903.

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