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 23.07.2004

Order of the Ministry of Internal Affairs of the Russian Federation No. 415 of July 6, 2004 on the Invalidation of the Normative Legal Acts of the Ministry of Internal Affairs of Russia

Invalidates the Order of the Ministry of Internal Affairs of Russia No. 347 of May 24, 2003 pertaining to the procedure of replacement of the passport of the citizen of the USSR for the passport of the citizen of the Russian Federation to the citizens registered at the place of residence in one subject of the Russian Federation but actually living or registered at the place of stay in another subject of the Russian Federation.

Registered in the Ministry of Justice of the Russian Federation on July 21, 2004. Reg. No. 5935.

Direction of the Central Bank of Russia No. 1465-U of June 29, 2004 on the Reservation Requirements When Entering Money on the Special Bank Accounts and Writing off from the Special Bank Accounts

Lists operations on the special bank accounts implying requirements of reservation in the specified amounts and within the specified time limits.

In particular, when writing off from the special bank account R2 of a resident in a foreign currency (except for the writing off of money transferred to the special bank account R2 of a resident in a foreign currency or on the bank account of a resident in an authorised bank not being a special bank account) sets froth a reservation requirement in the amount of 50% of the written off monetary resources for the period of 15 calendar days.

The Direction is entered into force from August 1, 2004.

Registered in the Ministry of Justice of the Russian Federation on July 21, 2004. Reg. No. 5931.

Direction of the Central Bank of Russia No. 1471-U of July 6, 2004 on the Particulars of Depositing of Obligatory Reserves by Credit Organisations in the Bank of Russia Pursuant to the Entry into Force of the Regulation of the Bank of Russia No. 255-P of March 29, 2004 on the Obligatory Reserves of Credit Organisations

Beginning with the regulation of the amount of obligatory reserves for the reported period from July 1 to August 1, 2004 if there is an underpaid contribution due for transfer to the accounts for obligatory reserves because of the inclusion of obligations to non-resident banks in the reserved obligations and/or change of the procedure of reservation of obligations under issued securities, credit organisations are provided with an opportunity of stepwise transfer. Redemption of the underpaid contribution is arranged according to the schedule drawn up by the credit organisation in a free form. The period of the schedule may not be greater than 6 months. If the schedules are fulfilled within their specified periods of validity, the fines for the violation of the normatives of obligatory reserves do not apply to credit organisations. Also in this period, credit organisations may not enjoy the equalisation right.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.

Registered in the Ministry of Justice of the Russian Federation on July 21, 2004. Reg. No. 5930.

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