Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 22.07.2003

Decision of the Government of the Russian Federation No. 442 of July 17, 2003 on the Trans-Border Cargo Transportation

Introduces the procedure of import and export of hazardous and other waste for the purposes of their ecologically safe use, as well as transit transportation.
Lists the types of hazardous waste permitted for moving through the Russian Federation under the license issued by the Ministry of Economic Development of the Russian Federation on the basis of the permission of the Ministry of Natural Resources of the Russian Federation. Transit transportation of hazardous waste over the territory of the Russian Federation is permitted on the basis of the Decision of the Ministry of Natural Resources of the Russian Federation.
The Decision is entered into force 3 months after the day of its official publication.

Decision of the Government of the Russian Federation No. 435 of July 17, 2003 on the Procedure and Terms of the Restructuring and Writing off of the Debts of Legal Entities, Subjects of the Russian Federation and Municipal Formations in 2003 under Attracted by the Russian Federation Tied Foreign Credits (Borrowings) and Credits (Loans) in Foreign Currency Granted at the Expense of the Resources of the Federal Budget

Defines the rules of the restructuring and writing off of the debts under attracted credits granted at the expense of the resources of the federal budget under the contracts (agreements) concluded before August 1, 1998 inclusive. The restructuring of the debts of the borrowers is arranged on the voluntary basis and only in cases if the financing (use of resources) under the credit is over and the schedule of redemption of the debt has been endorsed. The decisions on the restructuring are taken by the Ministry of Finance of the Russian Federation.
The rules do not apply to the borrowers having undergone the restructuring in 2002.

Decision of the Government of the Russian Federation No. 432 of July 16, 2003 on the Amendments to the Decision of the Government of the Russian Federation No. 602 of August 21, 2001 and Application of Its Individual Provisions

Changes the procedure of determination of the taxable base when calculating the value added tax for advance or other payments obtained by exporter organisations for the anticipated supplies of commodities subject to the 0% rate tax with the length of production cycle being greater than 6 months. The procedure applies from January 1, 2002 to the determination of the taxable base when calculating the value added tax for advance and other payments obtained by the Russian legal entities when fulfilling works (services) according to the endorsed list under the contracts concluded with foreign or Russian parties.
Endorses the list of works (services) fulfilled (rendered) directly in the outer space, as well as when carrying out a complex of preparatory works (services) on the ground stipulated technologically by and directly associated with the works (rendered services) carried out directly in the outer space with the length of production cycle being greater than 6 months. The given list is entered into force one month after the day of the official publication of the Decision, however, no sooner than the 1st of the subsequent tax period for the value added tax.
The Decision is entered into force from the day of its official publication.

Decision of the State Standards Committee of the Russian Federation No. 63 of June 27, 2003 on the National Standards of the Russian Federation

Beginning with July 1, 2003 (day of entry into force of the Federal Law on the technical regulation), the state and interstate standards introduced earlier and being in effect are recognised as national standards for application in the Russian Federation. They are applied on the voluntary basis except for the obligatory requirements permitting to achieve the goals of the legislation of the Russian Federation on technical regulation before the appropriate technical regulations are entered into force.

Letter of the Ministry of Taxation of the Russian Federation No. 05-2-12/224-U386 of May 27, 2003

Examines the issues of taxation of incomes of attorneys and attorney bureaus. Explains, in particular, that deductions from attorneys having founded an attorney bureau are regarded as tied receipts. According to Item 14 of Article 250 of the Tax Code of the Russian Federation, tied receipts used by non-commercial organisations for other than specified purposes are regarded as non-sale incomes to be recorded appropriately by the mentioned organisations when determining the taxable base for the profit tax from organisations. The taxpayers having received tied receipts shall present at the place of registration the report of the use of the received resources for the specified purposes in the tax declaration for the profit tax from organisations (Sheet 14).

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