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 20.09.2004

Decision of the Government of the Russian Federation No. 479 of September 17, 2004 on the Endorsement of the Rate of the Import Customs Duty for Malt

The rate of the import customs duty for malt (Foreign-Trade Commodity Nomenclature code 1107) is fixed in the amount of 10% of the customs cost, however, not less than EUR 0.022 per kg (earlier, 10% of the customs cost).

The Decision is entered into force one month after the day of its official publication.

Direction of the Central Bank of Russia No. 1496-U of August 30, 2004 on the Amendments to the Regulation of the Bank of Russia No. 236-P of August 4, 2003 on the Procedure of Granting Credits Secured with Securities Loan (Blocking) by the Bank of Russia to Credit Organisations

Introduces the bank's duty to replace within 5 working days the backing of the credit of the Bank of Russia for another one if the securities available on the bank's custody account where the Bank of Russia acts as operator fail to meet the specified requirements. The mentioned bank's duty is considered to be fulfilled if at the beginning of any of the 5 working days after the day of receiving of the demand of the Bank of Russia to replace the backing there appear securities meeting the specified requirements in the amount necessary for the replacement of the backing of the credit of the Bank of Russia in the appropriate section "Blocked by the Bank of Russia" of the bank's custody account in the depositary. In this connection, the provision is extended to include the new section "Replacement of the Backing of the Credit of the Bank of Russia".

Also changes the procedure of redemption of the credits of the Bank of Russia in cases of failure to execute their duties within specified time limits by the banks.

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 September 15, 2004. Reg. No. 6026.

Order of the Federal Service of Tariff Rates No. 59 of August 26, 2004 on the Endorsement of the Interim Regulation on the Register of Subjects of Natural Monopolies Subject to State Regulation and Control

Defines the rules of building and keeping of the Register of Subjects of Natural Monopolies Subject to State Regulation and Control for the purposes of determination (fixing) of the prices (tariff rates) and implementation of control in issues pertaining to the determination (fixing) and application of prices (tariff rates). The Register is a joint information database containing on paper and in the electronic form information on economic subjects engaged in production (sale) of commodities (services) as a natural monopoly in the fuels and power supply complex, in transportation, communication (name, legal and postal addresses, bank requisites, telephone numbers, codes, information on the volume of the rendered services, receipts etc.).

Lists the areas of operation of economic subjects that must be included in the Register regardless of the organisational and legal form and form of ownership.

Registered in the Ministry of Justice of the Russian Federation on September 15, 2004. Reg. No. 6023.

Direction of the Central Bank of Russia No. 1492-U of August 20, 2004 on the Application of the Requirements of the Legislation of the Russian Federation on the Securities Market to the Heads and Members of the Board of Directors of Credit Organisations - Professional Participants of the Securities Market

Lists the categories of persons that may not execute the functions of the single executive body and may not form the board of directors (supervisory board) and collegiate executive body, as well as execute the functions of the head of the control division (controller) of a professional participant of the securities market.

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 September 14, 2004. Reg. No. 6021.

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