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 6.05.2004

Decision of the Government of the Russian Federation No. 227 of April 30, 2004 on the Invalidation of the Decision of the Government of the Russian Federation No. 190 of February 28, 1995

The invalidated Decision envisaged the minimum level of the import customs duty rate in the amount of 5% for all commodities subject to the import duty. Recognised as expedient the maximum rates of the import customs duties in the amount of 30% of the customs cost of the commodities except for the luxury items, tobacco items, alcoholic drinks and arms.

Decision of the Government of the Russian Federation No. 222 of April 26, 2004 on the Financing in 2004 of Expenses for Social Programs and for the Measures to Eliminate the Consequences of Emergency Situations and Natural Disasters at the Expense of the Pension Fund of the Russian Federation

Sets forth the rules of allocation, spending and control over the use for the designated purposes of the resources of the Pension Fund of the Russian Federation intended to finance in 2004 a number of social programs of the subjects of the Russian Federation and the measures to eliminate the consequences of emergency situations and natural disasters where it pertains to the rendering of the tied material aid to non-working pensioners, as well as construction and restoration of social services institutions.

The decision to finance the expenses mentioned in the social programs (requests) or to refuse the financing is taken by the Fund within 15 days from the day of receiving. The decision to allocate the resources is taken on the basis of presented social programs (requests) in proportion to the number of pensioners living on the territory of the appropriate subject of the Russian Federation.

Letter of the Federal Commission for Securities Market No. 04-SH-09/5118 of March 24, 2004 on the Handing over of the Keeping of the Register of Holders of Registered Securities to the Recorder

Explains that if the number of stock-holders of the issuer is greater than 50, the handing over of the keeping of the register of holders of registered securities to the recorder is obligatory.

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