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 12.10.2004

Decision of the Government of the Russian Federation No. 523 of October 7, 2004 on the Endorsement of the Regulation on the Handing over of Property Forming the Mortgage Coverage to the State Management Company Defined in Compliance with the Legislation of the Russian Federation on the Investing of Resources of Accumulated Pensions

Specifies the rules of handing over of the property forming the mortgage coverage in trust control of the state management company in cases of insolvency (bankruptcy) of the mortgage coverage manager or revocation of the license of the mortgage coverage manager for activities in the management of investment funds, shared investment funds and non-state pension funds.

Recommendations on the Procedure of Informing of Depositors by the Banks of the Deposit Issuance Issues (Adopted by the Decision of the Management Board of the State Corporation "Deposit Insurance Agency" on September 17, 2004 (Protocol 37))

Lists the recommended organisational and technical measures to inform the depositors of the deposit insurance issues. It is recommended to place in the rooms of the banks participating in the deposit insurance system a colour copy of the certificate of inclusion of the bank in the Register of the Member-Banks of the System of Obligatory Deposit Insurance, the full text of the Federal Law No. 177-FZ of December 23, 2003 on the insurance of the deposits of natural persons in the banks of the Russian Federation, announcement (booklet) of the procedure and amounts of compensation for the deposits, registered mark "Deposits Insured. Deposit Insurance System" and the requisites of the Deposit Insurance Agency.

The mentioned materials are suggested for placing on separate information boards, in special folders or in another way according to the rules of informing of clients adopted in the bank.

Letter of the Department of Taxation and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-07/39 of September 21, 2004 on the Authority of the Customs Bodies in the Work in Explaining of the Taxation Legislation

Explains that in particular economic situations pertaining to the procedure of calculation and payment of taxes, the taxpayer should apply to the tax body at the place of registration. The taxpayer may apply for explanations of the issues of application of the legislation on taxes and fees to the Ministry of Finance of Russia and other financial bodies in the subjects of the Russian Federation and the bodies of local government.

Emphasises that one of the circumstances ruling out the blame of the taxpayer or tax agent is the fulfilling by them of the written explanations on issues of application of the legislation on taxes and fees provided by a financial body or another authorised state body or their officials within their sphere of reference. Such explanations may include written explanations of the heads of the appropriate federal ministries and agencies, as well as other authorised officials. In this case, it is not important if the explanation is addressed directly to the taxpayer involved in the dispute or to an indefinite circle of entities.

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