Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 19.01.2005

Decision of the Government of the Russian Federation No. 908 of December 31, 2004 on the Endorsement of the List of Codes of the Types of Foodstuffs and Commodities for Children Subject to the Value Added Tax at the Rate of 10%

Lists the codes of the types of foodstuffs according to the All-Russia Classifier of Products subject to the valued added tax at the rate of 10% at sale, as well as imported foodstuffs according to the Foreign-Trade Commodity Nomenclature of the Russian Federation subject to the value added tax at the rate of 10%.

Also lists the codes of the types of commodities for children subject to the value added tax at the mentioned rate at sale and import.

The Decision is entered into force one month after the day of its official publication, however, no sooner than the 1st of the subsequent tax period.

Direction of the Central Bank of Russia No. 1533-U of December 22, 2004 on the Determination of the Cost of Property (Assets) and Liabilities of the Credit Organisation

Specifies the rules of estimation of the cost of property (assets) and liabilities of the credit organisation.

The Direction is entered into force 10 days after the day of its publication in the Herald of the Bank of Russia.

Registered in the Ministry of Justice of the Russian Federation on January 17, 2005. Reg. No. 6259.

Direction of the Central Bank of Russia No. 1529-U of December 16, 2004 on the Amendments to the Instruction of the Bank of Russia No. 116-I of June 7, 2004 on the Types of Special Accounts of Residents and Non-Residents

Specifies that the residents can make payments and transfers without the use of special accounts when they get credits and loans in foreign currencies from non-residents if the period of return of the main amount of the debt under the appropriate credit or loan contract makes more than three years. There is no need to open special accounts also when the similar credits and loans are granted by residents to non-residents.

The special sections of the custody accounts of the residents are used to enter and write off external securities if they are transferred from the account other than the special section of the custody account of the resident opened in the same or another depository. The mentioned sections of the custody accounts are also used to enter and write off external securities when they are returned to the resident under unfulfilled (inappropriately fulfilled), discontinued contracts, as well as the external securities erroneously written off from the special section of the custody account of the resident of the same type. Similar rules are envisaged for non-residents.

There is a new provision stating that non-residents commit operations using pay cards and credit cards on the bank accounts in the currency of the Russian Federation according to the procedure specified by the Bank of Russia.

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 January 17, 2005. Reg. No. 6258.

Decision of the Plenum of the Higher Arbitration Court of the Russian Federation No. 29 of December 15, 2004 on Some Issues of the Practice of Application of the Federal Law on Insolvency (Bankruptcy)

The review of the judicial practice pertains to application by arbitration courts of individual provisions of the Federal Law No. 127-FZ of October 26, 2002 on insolvency (bankruptcy). Explains, in particular, that arrest of the debtor property, as well as other debtor restrictions of the disposal of his property may only be applied under the ruling of the arbitration court processing the debtor bankruptcy case.

The claims of the tax, customs and other bodies authorised to collect appropriate amounts of payments pertaining to obligatory payments emerging after the adoption of the application to recognise the debtor bankrupt and before the opening of the bankruptcy proceedings, as well as to obligatory payments with the deadline of execution occurring after the introduction of the appropriate bankruptcy proceedings (current payments) shall be satisfied outside the framework of the bankruptcy proceedings.

The Decision also explains the particulars of application by the courts of the law norms pertaining to the legal status of the mortgage creditors in cases of debtor bankruptcy, as well as to the monitoring, financial rehabilitation, external management, bankruptcy proceedings, accord and satisfaction and the simplified bankruptcy proceedings.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 88 of December 30, 2004 on Some Issues Pertaining to Endorsement and Dismissal of Bankruptcy Commissioners

The general reason of dismissal of bankruptcy commissioners is the failure to execute or improper execution of the duties vested in the bankruptcy commissioner in compliance with the Law on bankruptcy, as well as the rules of processional activities of the bankruptcy commissioner specified by the Government of the Russian Federation.

Before the self-regulating organisation of bankruptcy commissioners is on the Register of Self-Regulating Organisations of Bankruptcy Commissions, its members may be endorsed for the bankruptcy proceedings.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 87 of December 30, 2004 on Some Issues of Examination by Arbitration Courts of Cases of Transfer of the Amounts of Trade-Union Member Fees to Trade-Unions by Employers from the Employee Earnings

Disputes between the trade-union organisations and employers pertaining to the transfer on the account of trade-union organisations of the amounts of trade-union member fees from the employee earnings must be processed according to the common rules of claims proceedings including the cases of initiation of the insolvency (bankruptcy) proceedings against the employer.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 86 of December 30, 2004 on the Legal Status of the Bankruptcy Creditors and Authorised Bodies Having Presented Their Claims after the Closing of the Creditor Claims Register

Explains the particulars of processing by the arbitration court of the application of the bankruptcy creditor or authorised body having presented their claims after the closing of the creditor claims register on the ineligibility of the meeting of creditors and invalidation of the decision of this meeting. Emphasises that the meeting of creditors is eligible if the bankruptcy creditors and authorised bodies included in the creditor claims register were present and possessed more than half of the total votes. The bankruptcy creditors and authorised bodies having presented their claims after the closing of the creditor claims register may not vote at the meeting of creditors. However, if the claims are presented by all bankruptcy creditors and authorised bodies after the closing of the creditor claims register, the mentioned persons may take decisions in the sphere of reference of the meeting of creditors.

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