Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 17.09.2004

Decision of the Social Insurance Fund of the Russian Federation No. 74 of September 3, 2004 on the Invalidation of the Decision of the Social Insurance Fund of the Russian Federation No. 28 of March 19, 2002 on the Procedure of Organisation of Work to Grant Respites and Extension Schedules for the Advance Payment of the Uniform Social Tax Pertaining to the Amount Transferred to the Social Insurance Fund of the Russian Federation

The mentioned Decision is invalidated from August 1, 2004, since the sphere of reference of the Social Insurance Fund of Russia now does not include the changing of the time limit of payment of the uniform social tax pertaining to the amount transferred to the Fund. The changes are stipulated by the entry into force from August 1, 2004 of the Federal Law No. 58-FZ of June 29, 2004 on the amendments to some of the legislative acts of the Russian Federation pertaining to measures to improve state management.

Registered in the Ministry of Justice of the Russian Federation on September 15, 2004. Reg. No. 6027.

Direction of the Central Bank of Russia, Ministry of Economic Development of Russia No. 1495-U, 15702-GG/D12 of September 10, 2004 on the Revocation of the Letter of the Bank of Russia and the State Customs Committee of Russia No. 266-T and No. 01-23/20506 of October 1, 1998 on the Additional Measures to Enhance Control over the Repatriation of the Currency Receipts from the Export of Commodities

The revoked document introduced additional measures of enhancing of control over the repatriation of the currency receipts from the export of natural gas, raw oil, oil products, ferrous, non-ferrous and rear-earth metals and timber.

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

Operative Direction of the Central Bank of Russia No. 106-T of September 2004 on the Estimate of the Normative of the Maximum Risk per Borrower or Group of Related Borrowers (N6)

As related borrowers in the estimate of the normative of the maximum risk per borrower or group of related borrowers (N6) may act legal entities and natural persons interconnected economically in such a way that an impairment of the financial standing of one of the them implies or makes possible an impairment of the financial standing of another borrower (other borrowers), which may result in a failure to execute (improper execution) by him (them) of the obligations to the bank under its credit claims.

If the borrowers are legal entities, the conclusion qualifying them as related borrowers may be made on the basis of comparison of the amount of obligations under a guarantee granted by one borrower to secure the obligations of the principal (another borrower) to the bank and/or the amount of obligations of one borrower of the bank to another borrower with the amount of net assets of the guarantor, borrower possessing obligations to another borrower. If the total amount of the mentioned obligations of the borrower makes 10% of his net assets and more, they may be qualified as related borrowers.

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