Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 3.09.2004

Directive of the Central Bank of Russia No. 1491-U of August 18, 2004 On Supply of Information On Accounts Opened To Federal Agencies With Agencies of The Bank of Russia and Credit Institutions (Their Branches) To Keep Record of Operations With the Funds Derived From Entrepreneurial and Other Income Yielding Activity

It lays down a procedure for supply to agencies of the Bank of Russia of information on accounts opened to federal agencies to keep record of operations with the funds derived from entrepreneurial and other income yielding activity and for submission of that information to the Ministry of Finance of Russia.
The Directive shall become effective upon the expiration of 10 (ten) days following the day of its official publication in the Bulletin of the Bank of Russia and shall be in effect till February 1, 2005.
Registered with the Ministry of Justice of the Russian Federation in September 1, 2004. Registration No. 6000.

Letter of the Department of Indirect Taxes of the Ministry of Taxation of the Russian Federation No. 03-1-08/1484/18 of July 5, 2004 On Taxation of Goods To Be Made Available For Publicity Purposes

The goods that were made available at no charge for publicity purposes shall be an object of taxation with a value added tax.

Letter of the Department of Tax and Customs-Tariff Policy of the Ministry of Finance of Russia No. 03-05-13/11 of June 25, 2004 On Impossibility to Combine Special Regimes of Taxation: Imputed Income Single Tax and Single Agricultural Tax

The Tax Code of the Russian Federation provides for strict restrictions disallowing to switch over to payment of a single agricultural tax, in particular, for organizations switched over to the system of taxation as an imputed income single tax in respect of individual lines of activity and also for organizations having branches and (or) representative offices.
When retail outlets opened by an organization are used to realize only one' s own products and those retail outlets lack any elements of a branch (representative office), then such organization is allowed to switch over to the system of taxation meant for agricultural commodity producers. However, when the said retail outlets also carry out retail trade in purchased goods, then such activity shall be viewed as activity entailing a switch over to payment of a single tax on imputed income. In the given case, the organization shall have no right to switch over to the system of taxation meant for agricultural commodity producers and for that reason, other lines of entrepreneurial activities conducted by the organization not entailing a switch over to payment of an imputed income single tax, shall be subject to a general regime of taxation..

Letter of the Department of Taxation of Profits of the Ministry of Taxation of the Russian Federation No. 02-5-10/13 of March 15, 2004 On the Procedure For Accounting In Assessing Tax On Profits of Leave-Of-Absence Reserves

In its accounting policy organization shall determine a method of making reserves and procedure for assessing an ultimate amount of deductions to the reserve and also a valid criterion to be used to update, on the last day of the accounting period, the amount of balance of the reserve carried over to next taxation period (for instance, percentage from profits or amount per employee, etc.). The absence of such criterion implies violation by the organization of the prescribed procedure for acknowledgement, for purposes of taxation, of the amount of reserves to pay out remuneration on the basis of performance results over a year.

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