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 14.01.2005

Decision of the Government of the Russian Federation No. 904 of December 31, 2004 on the Federal Agency for Physical Culture and Sports

The Federal Agency for Physical Culture and Sports is a federal body of executive power in charge of the state policy, normative and legal regulation, rendering of state services (including the anti-doping measures) and the state property management in the sphere of physical culture and sports. The management of the Federal Agency for Physical Culture and Sports is vested in the Government of the Russian Federation.

The Decision lists the authority of the Federal Agency for Physical Culture and Sports, including the interim ones implemented before the adoption of the appropriate decisions of the Government of the Russian Federation.

The Federal Agency for Physical Culture and Sports may not implement control and enforcement functions except for the cases specified by the President of the Russian Federation and the Government of the Russian Federation. The Federal Agency for Physical Culture and Sports may not impose restrictions pertaining to the rights and freedoms of citizens, rights of non-state commercial and non-commercial organisations except for the cases when opportunities of introduction of such restrictions are directly envisaged in the legislation.

Decision of the Government of the Russian Federation No. 903 of December 31, 2004 on the Endorsement of the Rules of Delimitation of Obligations of Municipal Formations and the Drawing up of the Act of Transfer (Delimitation)

Specifies the grounds for the delimitation of obligations of municipal formations, procedure and time limits for the drawing up by the bodies of local government of the act of transfer (delimitation) for obligations of municipal formations emerging because of succession. The obligations of municipal formations emerging because of succession are implied to be the multitude of obligations included in the municipal debts in compliance with the budget legislation, as well as the payables of the budget-supported municipal institutions.

Decision of the Government of the Russian Federation No. 902 of December 31, 2004 on the Raising of the Tariff Rates (Salaries) of the Employees of the Federal State Institutions

From January 1, 2005, increases 1.2 times the amounts of tariff rates (salaries) of the employees of the federal state institutions. The increase does not apply to the employees of the military units and institutions subordinate to the federal bodies of executive power with the military or similar service (except for the Federal Customs Service of Russia and the Federal Migration Service of Russia).

Decision of the Government of the Russian Federation No. 901 of December 31, 2004 on the Endorsement of the Regulation on the Federal Agency for Tourism

The Federal Agency for Tourism is an authorised federal body of executive power in charge of the state policy, normative and legal regulation, rendering of state services and state property management in the sphere of tourism. The management of the Federal Agency for Tourism is vested in the Government of the Russian Federation.

Before the adoption of the special normative legal act, the Federal Agency for Tourism shall license tourist operator and tourist agency activities, as well as activities in the sale of the rights for club tourism.

Order of the Central Bank of Russia No. OD-906 of December 31, 204 on the Adjustment Coefficients of the Bank of Russia

In the calculation of the cost of the backing for the credits of the Bank of Russia, adjustment of the market cost of the bonds of the bond loans of the city of Moscow with the state registration numbers of issues RU27039MOS, RU25040MOS is done using the correction coefficient 0.8.

Letter of the Central Bank of Russia No. 158-T of December 31, 2004 on the Non-Application to the Authorised Banks of Enforcement Measures for the Violation of the Procedure of Drawing up and Submission of Reports

Only preventive measures shall apply to the authorised banks for the violation of the procedure of drawing up and submission of the reports for November, December 2004 and January 2005 according to Forms 0409664 "Report of the Currency Operations on the Bank Accounts of Clients in the Authorised Banks", 0409665 "Report of the Currency Operations Carried out with the Transaction Certificate", 0409667 "Report of the Entry and Return of the Reserved Amounts", as well as transaction certificates, bank control sheets, excerpts from the Register of Operations with Foreign Currencies in Cash and Cheques with amounts equal to or greater than Rbl 600,000 and information from the database on currency operations.

Telegram of the Central Bank of Russia No. 156-T of December 31, 2004

Specifies for the I quarter of 2005 the rouble equivalents of the registered capital for the created banks and non-bank credit organisations, as well as the rouble equivalents of own resources (capital) for the credit organisations requesting the general license and non-bank credit organisations requesting the status of a bank.

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