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 30.07.2003

Decree of the President of the Russian Federation No. 841 of July 25,2003 on the New Name of the Subject of the Russian Federation in Article 65 of the Constitution of the Russian Federation

In view of the changing of the name of the Khanty-Mansi Autonomous District, Part 1 of Article 65 of the Constitution of the Russian Federation is changed to include the new name of the subject of the Russian Federation - the Khanty-Mansi Autonomous District of Yugra.

Order of the Ministry of Justice of the Russian Federation No. 176 of July 18, 2003 on the Amendments to the Order of the Ministry of Justice of the Russian Federation No. 84 of April 9, 2003

Changes the procedure of keeping of the Uniform State Register of Self-Regulating Organisations of Bankruptcy Commissioners. Specifies that the document confirming the entry of a non-commercial partnership in the register is the excerpt from the Uniform State Register of Self-Regulating Organisations of Bankruptcy Commissioners issued according to the provided form. Third parties shall get information on the inclusion of a self-regulating organisation in the register in the form of the certificate drawn up according to the form provided in the Order.
Registered in the Ministry of Justice of the Russian Federation on July 24, 2003. Reg. No. 4926.

Regulation of the Central Bank of Russia No. 232-P of July 9, 2003 on the Procedure of Building of Reserves for Possible Losses by Credit Organisations

Specifies the new procedure of building of reserves for possible losses by credit organisations and control over observation of the mentioned procedure by the Bank of Russia.
Possible losses of a credit organisation include the risk of losses in the future because of the following circumstances (one or more):
- failure to fulfil obligations by contracting parties under the deals (carried out operations);
- reduced cost of assets of the credit organisation;
- increased volume of obligations and/or expenses of the credit organisation as compared to the earlier recorded ones in the accounting work.
The reserve for possible losses is built for balance assets implying the risk of losses, for conditional obligations of the credit nature recorded on off-balance accounts, for futures deals to be executed by the parties no sooner than the third working day after the day of conclusion, as well as for other possible losses.
When determining the amount of the reserves for possible losses, credit organisations shall classify individual elements of the estimate base of the reserve as one of the five risk groups. The new Regulation changes the structure of the risk groups and the amount of the reserve.
Information on the reserves as of the 1st of the month following the reported one must be submitted according to the provided form on the monthly basis (earlier, each quarter) no later than the 10th of the month following the reported one.
The Regulation is entered into force from March 1, 2004.
Registered in the Ministry of Justice of the Russian Federation on July 24, 2003. Reg. No. 4922.

Order of the State Customs Committee of the Russian Federation No. 642 of June 9, 2003 on the Endorsement of the Rules of the Customs Registration and Customs Control of Commodities and Transport Vehicles Moved Across the Customs Border of the Russian Federation Using Preliminary Information Presented by the Customs Services of Foreign States

Specifies the particulars of the customs registration and control of commodities and transport vehicles using preliminary information presented by foreign customs bodies. To apply this procedure, it is necessary that transportation and commodity-accompanying documents indicate the identification No. assigned at the dispatch of the transport vehicle from the territory of the foreign state. In this case, the Russia importing organisation must be included in the list built by the State Customs Committee of the Russian Federation and must use automatic accounting and warehouse recording system, as well as provide access to it to the authorised officials of the customs body.
Specifies that when the commodities are placed under the delivery-under-customs-control procedure, as well as during temporary storage of commodities, the measures ensuring observation of the customs legislation do not apply. Temporary storage of commodities is permitted at the recipient warehouses. The declaring of commodities when they are placed under the chosen customs regime may be arranged using preliminary customs declaration.
The rules apply until December 31, 2003.
The Order is entered into force 30 days after its official publication.
Registered in the Ministry of Justice of the Russian Federation on July 24, 2003. Reg. No. 4918.

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