Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 18.01.2005

Operative Direction of the Central Bank of Russia No. 2-T of January 17, 2005 on the Transactions Committed with Persons Associated with the Bank and on Assessment of Their Pertinent Risks

Lists the measures recommended for inclusion in internal documents of the credit organisation on organisation of work to reduce the risk of losses and impairment of liquidity because of the transactions with the persons associated with the bank.

Territorial institutions of the Bank of Russia when qualifying the credit organisation according to the normative act of the Bank of Russia on assessment of financial stability of credit organisations will regard as a negative factor the absence or inefficiency of the bank risk management and assessment system when committing transactions with persons associated with the bank. This may affect the bank qualification in the appropriate category and classification group according to the financial standing.

Letter of the Federal Tax Service No. MM-6-26/4@ of January 12, 2005

The Agreement between the Governments of Russia and Belarus on the principles of collection of indirect taxes in the export and import of commodities, carrying out works, rendering services signed on September 15, 2004 is entered into force from January 1, 2005 and applies to commodities dispatched from January 1, 2005.

Letter of the Federal Customs Service No. 01-06/12890 of December 29, 2004 on the Customs Fees

Explains the procedure of application of Chapter 33.1 "Customs Fees" of the Customs Code entering into force from January 1, 2005.

Emphasises that in contrast to the previous regulation, the Federal Tax Service of Russia is not empowered with authority to reduce the rates of the customs fees for the customs registration and exempt from them. Thus, the legal acts of the State Customs Committee of Russia issued earlier (list provided) and pertaining to the rates of the customs fees for the customs registration and exemption from them are actually invalid from January 1, 2005.

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