Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 1.08.2003

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 72 of July 24, 2003 "Review of the Practice of Application by Arbitration Courts of the Measures to Back up the Claims Pertaining to Circulation of Securities"

The review reflects the issues pertaining to the measures taken by arbitration courts to backup the claims pertaining to circulation of securities.
Arrest of stocks imposed by the arbitration court to back up the claim means only the prohibition for the holder of the stocks to dispose of them as an object of civil circulation, but not a prohibition to use them and implement the right to participate in the management of the joint-stock company certified with them.
The voting stocks belonging to a stock-holder prohibited by the arbitration court from voting with these stock at the general meeting of stock-holders on one of the issues of the agenda must be taken into account when determining the quorum of the decision on the appropriate issue.
If the stocks suggested for the arrest by the claimant are not being the subject of the dispute, form the property directly affecting production activities of the company and are subject to third-priority sanctions, the arrest for these securities may only be imposed in the absence with the debtor of other property subject to the first- and second-priority sanctions.

Letter of the Department of the Methodology of Accounting Work and Reporting of the Ministry of Finance of the Russian Federation No. 16-00-14/219 of July 14, 2003

Accounting losses must be recorded in accounting work on the debit of Account 99 "Profits and Losses", with the amount of the tax accrued for the tax losses reducing the profit tax in the future reporting periods, on the debit of Account 09 "Deferred Tax Assets".
If the organisation did not form deferred taxes for the year 2002 in between the reports and did not record them in the balance report as of January 1, 2003, the tax losses as of January 1, 2003 is regarded as a permanent difference participating only in the estimates of the taxable base and does not form accounting profits before its redemption.

Letter of the Department of Methodology of Accounting Work and Reporting of the Ministry of Finance of the Russian Federation No. 16-00-14/220 of July 14, 2003

Explains that PBU 18/02 "Registration of Profit Tax Estimates" applies to only those types of economic activities (and, therefore, the incomes and expenses pertaining to these types of activities) making the organisation, as a result, the payer of the profit tax.

Letter of the Department of Methodology of Accounting Work and Reporting of the Ministry of Finance of the Russian Federation No. 16-00-12/24 of July 14, 2003

Explains the procedure of use of the forms of strict-reporting documents endorsed by the Ministry of Finance of the Russian Federation in coordination with the State Interagency Expert Commission for Cash Registers (slips, accommodations, tickets, tokens etc.) to be used in payments with the population to record available cash. Pursuant to the Federal Law No. 54-FZ of May 22, 2003 on the use of cash registers in cash payments and/or payments using pay cards, the mentioned forms remain in force before the adoption of the appropriate Decision of the Government of the Russian Federation.

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