Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 13.07.2004

Budget Message of the President of the Russian Federation to the Federal Assembly of the Russian Federation of July 12, 2004 on the Budget Policy in 2005

The Message contains the main directions and guidelines of the budget policy for the year 2005. The most important task of the budget policy is still the overall macroeconomy balance. The main parameters of the budget must provide for the guaranteed execution of obligations inherent in the budget, restriction of excessive money liquidity, as well as consistent reduction of expenses pertaining to the servicing of the state debt taking into account the significant volume of payments in the framework of external debt falling on the year 2005.

Resources of the Stabilisation Fund of the Russian Federation accumulated in 2005 in excess of the fixed minimum amount (Rbl 500 billion) should be used exclusively to replace the sources of redemption of the external debt and financing of the deficit of the Pension Fund.

In 2004, new chapters of the Tax Code must be adopted pertaining to the succession and donation tax, local immovable property tax, land and water tax. These taxes should contribute to the civilised turnover of land and other property, become a stable source of incomes for the regional and local budgets.

The Message emphasises that the main priorities of the budget expenses for the year 2005 lay in the sphere of financial support of social reforms, modernisation of the military infrastructure of the state, development of the public infrastructure.

Decision of the Government of the Russian Federation No. 345 of July 9, 2004 on the Endorsement of the General Rules of Keeping of the Creditor Claims Register by Bankruptcy Commissioners

The creditor claims register is a uniform system of records of creditors containing the listed information. The register is kept in the Russian language on paper and electronic media. If there is an inconsistency of information, the paper records should enjoy the priority status. Amount of creditor claims is shown in the currency of the Russian Federation. The register consists of three sections containing information on creditor claims of the first, second and third order priorities. If the creditor claim is redeemed completely, or the creditor refuses his claim, a note is entered in the appropriate record of the register excluding the creditor claim indicating the date and the reason of the exclusion.

Decision of the Government of the Russian Federation No. 344 of July 9, 2004 on the Endorsement of the Interim Regulation on the Placing and Spending of Resources of Compensation Funds of Self-Regulating Organisations of Bankruptcy Commissioners

Resources of the Compensation Fund of a self-regulating organisation of bankruptcy commissioners are built exclusively in the monetary form at the expense of the contributions of its members out of bankruptcy commissioners and at the expense of the incomes obtained from the placing of the resources of the Compensation Fund. The contribution of each of the bankruptcy commissioners must be at least Rbl 50,000. In case of reduction of the amount of the resources of the Compensation Fund below the minimum level, the self-regulating organisation of bankruptcy commissioners must notify of it within 1 day the federal body of executive power in charge of control over the activities of self-regulating organisations of bankruptcy commissioners. Measures to restore the amount of the Compensation Fund must be taken within 2 months from the date of the reduction of resources of the Compensation Fund.

Resources of the Compensation Fund are intended to reimburse to the persons involved in the bankruptcy cases and procedures the losses incurred by the bankruptcy commissioners out of the members of the self-regulating organisation of bankruptcy commissioners because of the failure to execute or improper execution of the duties vested in the bankruptcy commissioners in the Federal Law on insolvency (bankruptcy).

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