Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 26.12.2003

Federal Law No. 186-FZ of December 23, 2003 on the Federal Budget for the Year 2004

Endorses the federal budget for the year 2004 with expenses amounting to Rbl 2,659,447.0 million and incomes amounting to Rbl 2,742,850.4 million. The forecasted GDP volume is Rbl 15,300 billion. The level of inflation is 10% (December 2004 against December 2003). The surplus of incomes over expenses in the amount of Rbl 83,403.4 million is allocated to form the Stabilisation Fund of the Russian Federation in 2004.
Endorses the expenses of the federal budget for the year 2004 according to the sections of the functional classification of expenses of the budgets of the Russian Federation.
The normatives of payment for the adverse interference in the environment that were in effect in 2003 apply in 2004 with the factor 1.1.
In 2004, after the endorsement of the annual financial reports, the Bank of Russia shall transfer to the federal budget 80% of the actually received profits as a result of the year. Article 26 of the Law on the Bank of Russia stating that the Bank of Russia transfers 50% of the profits is suspended.
In 2004, the issue of the passports to the citizens of the Russian Federation , including the foreign ones, by the bodies of internal affairs of the Russian Federation, documents of invitation of persons from other states to the Russian Federation, as well as issue of the residence permit to foreign citizens and stateless persons is charged in the amount of Rbl 50.
From September 1, 2004, the amount of resources allocated to render aid to intramural students of the federal institutions of the secondary and higher professional education is increased to 25% of the stipends fund envisaged in the expenses of the federal budget in section "Education" of the functional classification of expenses.
In 2004, when a legal entity is removed from records, the applicant is not charged with the state fee for the state registration at liquidation of the legal entity according to the bankruptcy procedure.
The Federal Law is entered into force from the day of its official publication.

Order of the State Customs Committee of the Russian Federation No. 1370 of December 1, 2003 on the Endorsement of the Form of the Act of Expiry of the Storage Period of Commodities in the Customs Warehouse

Endorses the form of the act of expiry of the storage period of commodities in the customs warehouse. The act provides information on the name of the commodity, its code according to the Foreign Trade Commodity Nomenclature of the Russian Federation, quantity, identification signs, date of placing of the commodity for storage and the date of the end of storage.
The Order is entered into force from January 1, 2004.
Registered in the Ministry of Justice of the Russian Federation on December 22, 2003. Reg. No. 5352.

Telegram of the Central Bank of Russia No. 177-T of December 18, 2003

The drawing up and submission of the reports according to Forms 902, 922, 924 and 912 as of January 5, 2004 is abandoned. The Telegram defines the particulars of submission of reports according to Forms 913 and 933 as of January 1, 2004.

Letter of the Department of Taxation Policy of the Ministry of Finance of the Russian Federation No. 04-04-04/131 of November 12, 2003 on the Taxation of the Monetary Compensation Paid out by the Employer to the Employee in Cases of Violation of the Time Limits of Payment of the Earnings

According to Article 255 of the Tax Code of the Russian Federation, the labour remuneration expenses for the purposes of profit taxation include accrued compensations pertaining to the working regime or working conditions. The monetary compensation for the untimely payment of the earnings does not meet the mentioned requirements and, therefore, expenses for the given compensation do not reduce the taxable base for the profit tax. Since the monetary compensation paid out by the employer for the violation of the fixed time of payment of the earnings is not included in the labour remuneration expenses with the taxpayer in the determination of the taxable base for the profit tax, the mentioned compensation is exempted from the uniform social tax.

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