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 17.01.2005

Decree of the President of the Russian Federation No. 1603 of December 27, 2004 on the Procedure of Examination of Candidates for the Position of the Higher Official (Head of the Higher Executive Body of State Power) of the Subject of the Russian Federation

The candidates for the position of the higher official (head of the higher executive body of state power) of the subject of the Russian Federation are presented to the President of the Russian Federation by the head of the Administration of the President of the Russian Federation. Candidates for the position of the higher official of the subject of the Russian Federation are suggested to the head of the Administration of the President of the Russian Federation by the plenipotentiary representative of the President of the Russian Federation in the appropriate federal district. When suggesting the candidates, their reputation, experience of public work, as well as the results of preliminary consultations with public associations of the appropriate subject of the Russian Federation are taken into account.

The Decree is entered into force from the day of its official publication.

Decision of the Government of the Russian Federation No. 19 of January 13, 2005 on the Rate of the Import Customs Duty for the Parts and Accessories for Balances

The rate of the import customs duty for the parts and accessories for balances (code according to the Foreign-Trade Commodity Nomenclature of the Russian Federation 9016 00 900 0) earlier endorsed by the Decision of the Government of the Russian Federation No. 138 of March 11, 2004 in the amount of 5% of the customs cost shall apply from January 16, 2005 on the permanent basis.

Order of the Federal Service for Financial Markets No. 04-1245/pz-n of December 15, 2004 on the Endorsement of the Regulation on the Activities in Organisation of Trade at the Securities Market

Endorses the Regulation specifying obligatory requirements to activities of professional participants of the securities market, including the stock exchanges, in organisation of trade at the securities market in the Russian Federation. Defines the procedure of providing access to tenders and their arrangement procedure, regulates the requirements to securities permitted for tenders. Specifies the particulars of the futures transactions committed at the stock exchanges. Trade organisers must control and monitor the committed transactions.

Provides a new procedure of disclosing, providing, storage and protection of information by trade organisers. Lists the requirements obligatory for the inclusion of the stocks and bonds in quotation lists A and B of the stock exchange.

Trade organisers (including the stock exchanges) must bring their activities in compliance with the requirements of the Regulation before July 15, 2005. Securities included in quotation lists as of January 1, 2005 must be excluded from the appropriate quotation lists after July 15, 2005 in cases of incompliance of securities or their issuer (management company of the shared investment fund) with the requirements envisaged in the Regulation.

The Order is entered into force from January 1, 2005 except for individual provisions where other time limits for the entry into force are specified.

Registered in the Ministry of Justice of the Russian Federation on December 30, 2004. Reg. No. 6251.

Order of the Ministry of Finance of the Russian Federation No. 116n of December 16, 2004 on the Endorsement of the Procedure of Registration by the Federal Treasury of Receipts in the Budget System of the Russian Federation and Their Distribution among the Budgets of the Budget System of the Russian Federation

Specifies uniform rules of registration of cash receipts in the budget system of the Russian Federation, as well as their distribution among the budgets of the budget system of the Russian Federation. Registration of receipts in the Russian currency and their distribution among the budgets of the budget system of the Russian Federation is arranged using accounts opened for the territorial bodies of the Treasury of Russia for the incomes distributed among the budgets; registration of receipts in foreign currencies is arranged using other accounts opened for the Treasury of Russia for the resources of the federal budget in foreign currencies.

The Order is entered into force from January 1, 2005.

Registered in the Ministry of Justice of the Russian Federation on December 22, 2004. Reg. No. 6227.

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