Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 20.01.2005

Decision of the Government of the Russian Federation No. 27 of January 18, 2005 on the Endorsement of the Regulation on the Processing of Requests for the Right of Use of Subsoil Resources, When the Mineral Deposits Are Discovered by the User of Subsoil Resources Having Carried out Geological Survey Works to Investigate the Subsoil Reserves in Internal Sea Waters, Territorial Sea and on the Continental Shelf of the Russian Federation at the Expense of Own (Including the Attracted) Resources, for the Purposes of Prospecting and Extraction of the Mineral Resources of Such Deposit

The right of use of the parts of subsoil resources for the purpose of prospecting and extraction of mineral resources, when the mineral deposits are discovered by the user of subsoil resources having carried out geological survey works to investigate the subsoil reserves in internal sea waters, territorial sea and on the continental shelf of the Russian Federation at the expense of own (including the attracted) resources and having redeemed, in case of their presence, the state expenses for the investigation and assessment of the mineral resources at the given location, emerges on the basis of the Decision of the Government of the Russian Federation. The Decision lists the documents submitted by the applicant to the Federal Agency for the Use of Subsoil Resources together with the request. The packet of documents must be processed within 30 days from the day of official reception of the documents. The mentioned time limit may be prolonged however, not more than to 60 days with the applicant being formed of it .

Decision of the Government of the Russian Federation No. 26 of January 18, 2005 on the Endorsement of the Rate of the Export Customs Duty for Raw Oil and Raw Oil Products from Bituminous Materials Exported from the Territory of the Russian Federation outside the Member-States of the Customs Union Agreements

The rate of the export customs duty for raw oil and raw oil products from bituminous materials (code according to the Foreign-Trade Commodity Nomenclature of the Russian Federation 2709 00) is reduced from USD 101 to USD 83 per ton.

The Decision is entered into force from February 1, 2005.

Decision of the Government of the Russian Federation No. 25 of January 18, 2005 on the Rates of the Import Customs Duties for Certain Types of Mountings, Fittings, Hinges and Furniture Wheels

The import rates for certain types of mountings, fittings, hinges and furniture wheels (codes according to the Foreign-Trade Commodity Nomenclature of the Russian Federation 3926 30 000 0, 8302 10 900 0, 8302 20 900 0) earlier endorsed by the Decision of the Government of the Russian Federation No. 147 of March 18, 2004 in the amount of 10% of the customs cost shall apply from January 23, 2005 on the permanent basis.

Decision of the Government of the Russian Federation No. 24 of January 18, 2005 on the Endorsement of the Rate of the Import Customs Duty for Synthetic Organic Products Used as Optical Bleaching Agents

Endorses for 9 months the rate of the import customs duty for synthetic organic products used as optical bleaching agents (code according to the Foreign-Trade Commodity Nomenclature of the Russian Federation 3204 20 000 0) in the amount of 10%, however, not less than EUR 0.2 per kg (earlier, 5% of the customs cost).

The Decision is entered into force one month after the day of its official publication.

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