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 23.03.2005

Federal Law No. 24-FZ of March 21, 2005 on the Ratification of the Agreement between the Government of the Russian Federation and the Collective Security Treaty Organisation on the Terms of Stay of the Secretariat of the Collective Security Treaty Organisation on the Territory of the Russian Federation

Ratifies the Agreement signed in Moscow on December 19, 2003.

Federal Law No. 23-FZ of March 21, 2005 on the Ratification of the Vienna Convention on Civil Liability for Nuclear Damage

Ratifies the Convention signed in Vienna on May 8, 1996.

Federal Law No. 22-FZ of March 21, 2005 on the Amendment to Article 839 of Part 2 of the Civil Code of the Russian Federation

According to the amendments, the interest on the amount of the bank deposit shall accrue until the day of its return to the depositor inclusive, and if it is written off from the depositor account for other reasons, until the day of writing off inclusive. Earlier, the interest was accrued until the day preceding the return of the amount of the deposit or its writing off from the account for other reasons. Thus, the period of accruing of interest to depositors is increased by one day.

Federal Law No. 20-FZ of March 21, 2005 on the Amendments to Some of the Legislative Acts of the Russian Federation Pursuant to Implementation of the Aviation Safety Measures on the Air Transport

The amendments create fundamentals for interaction of the bodies of internal affairs and aviation safety services to provide for the aviation safety in the Russian airports. According to the amendments, the work of the aviation safety services operating independently in issues of airport security and personal examination shall involve employees of the bodies of internal affairs on the transport.

The Law specifies, in particular, that obligatory certification of legal entities directly engaged in aviation safety work, as well as certification of their employees, shall involve representatives of the authorised federal body of executive power in the sphere of internal affairs.

To provide for the aviation safety, the carriers shall hand over to the law enforcement bodies personal information on the passengers of air vessels contained in transportation documents.

Federal Law No. 19-FZ of March 21, 2005 on the Amendments to the Code of Administrative Violations of the Russian Federation

Enhances administrative liability for the driver refusal to pass medical examination to test drunken driving. Such violation shall imply the driver's license suspension for one and half to two years (earlier, implied an administrative fine of 10 to 20 minimum amount of labour remuneration or license suspension for one year).

The Federal Law is entered into force 30 days after the day of its official publication.

Federal Law No. 18-FZ of March 21, 2005 on the Resources of the Federal Budget Allocated to the Pension Fund of the Russian Federation to Reimburse the Payment of Insurance Contributions for the Child Care Period before He Reaches One and a Half Years of Age and the Period of the Draft Military Service

Defines the procedure of allocation to the Pension Fund of resources of the federal budget to reimburse the payment of insurance contributions for the child care period before he reaches one and a half years of age and the period of the draft military service, as well as the procedure of calculation of these resources. The amount of allocated resources is determined by multiplying the cost of insurance year as of the day of fixing the insured part of the labour pension by the length of non-insured periods. The period of one month is processed as one twelfth of the year, and the period of one day is processed as on thirtieth of the month. The cost of the insurance year is endorsed on the annual basis by the Government of the Russian Federation.

Federal Law No. 17-FZ of March 21, 2005 on the Amendments to Article 4 of the Federal Law on the Amendments to Some of the Legislative Acts of the Russian Federation Pursuant to the Adoption of the Federal Law on Credit Histories

Amends the part of the Law extending the Code of Administrative Violations of the Russian Federation with new Articles 14.28 "Illegal Obtaining or Granting of the Credit Report" and 14.29 "Violation of the Established Procedure of Collection, Storage, Protection and Processing of Information Comprising the Credit History". Since the Code of Administrative Violations of the Russian Federation is also supplemented with Article 14.28 from June 1, 2005 pursuant to the Federal Law No. 219-FZ of December 30, 2004, the Law adjusts the numbering of the mentioned Articles.

Decision of the Government of the Russian Federation No. 149 of March 21, 2005 on the Procedure of Conclusion of Agreements between the Ministry of Finance of the Russian Federation and the Bodies of Executive Power of the Subjects of the Russian Federation on the Measures to Improve the Efficiency of Use of the Budget Resources and Increase the Tax and Non-Tax Incomes of the Budget of the Subject of the Russian Federation, As Well As Control over Their Execution

The endorsed rules shall regulate relations pertaining to agreements concluded with the subjects of the Russian Federation where the share of grants from the Federal Fund of Financial Support of the Subjects of the Russian Federation in the total volume of own incomes within the two of the most recent three reporting years was greater than 50%.

The grants from the mentioned Fund and budget credits from the federal budget are provided on condition of concluding agreements by the Ministry of Finance of Russia with these subjects of the Russian Federation on the measures to improve the efficiency of use of the budget resources and increase the tax and non-tax incomes of the budget of the subject of the Russian Federation.

Decision of the Government of the Russian Federation No. 145 of March 21, 2005 on the Endorsement of the Rates of the Export Customs Duties for Commodities of Oil 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 light and medium distillates, gas oils, benzene, toluene, xylene, oils, propane, butanes, ethylene, propylene, butylene, butadiene, other liquefied gases, as well as oil coke, oil asphalt and other residues of oil processing, is increased from USD 68.2 to USD 81.4 per ton.

Also increases the rate of the export customs duty for liquid fuels (codes according to the Foreign Trade Commodity Nomenclature of the Russian Federation 2710 19 510 0-2710 19 690 0) from USD 36.7 to USD 43.8 per ton.

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

Direction of the Central Bank of Russia No. 1552-U of February 18, 2005 on the Amendments to the Direction of the Bank of Russia No. 1379-U of January 16, 2004 on the Assessment of the Bank's Financial Stability to Recognise It Sufficient for Participation in the Deposit Insurance System

Pursuant to the exclusion of the bank's general liquidity normative (N5) specifies that the bank's general liquidity figures will consist of the figure of the average obligatory reserves (PL8) and the figure of obligatory reserves (PL9).

The figure of the average obligatory reserves (PL8) characterises the absence (presence) with the bank of the fact of failure to observe the duty to average the obligatory reserves. The figure is assessed for the month preceding the reporting date of the calculation of the figures of financial stability. If the bank does not use the average obligatory reserves in the analysed period, the PL8 figure is assumed to be 1.

The figure of obligatory reserves (PL9) characterises an absence (presence) with the bank of the facts of underpaid amounts of obligatory reserves. The figure is assessed in calendar days of the length of underpaid amount for the month preceding the reporting date of the calculation of the figures of financial stability.

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 March 21, 2005. Reg. No. 6414.

Direction of the Central Bank of Russia No. 1554-U of February 18, 2005 on the Amendment to the Regulation of the Bank of Russia No. 246-P of January 5, 2004 on the Procedure of Drawing up of Consolidated Reports by the Parent Credit Organisation of the Bank/Consolidated Group

The amendments are introduced pursuant to the exclusion of the bank's general liquidity normative (N5) regulating (restricting) the general risk of loosing liquidity by the bank and defining the minimum ratio of liquidity assets to the total bank assets.

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 March 17, 2005. Reg. No. 6408.

Order of the Federal Service for Financial Markets No. 05-2/pZ-n of February 18, 2005 on the Endorsement of the Regulation on the Annual Report and the Quarterly Reports of a Non-State Pension Fund

Specifies the composition and procedure of submission of the annual and quarterly reports by non-state pension funds. The annual and quarterly reports shall be submitted to the Federal Service for Financial Markets of Russia by non-state pension funds having obtained the license.

In the framework of the annual and quarterly reports, there are special reports drawn up according to the forms endorsed by the Order. The annual report is submitted within 90 days after the end of the year, the quarterly reports - within 30 days after the end of the quarter.

The Order is entered into force beginning with the submission of the annual report for the year 2004 by non-state pension funds to the Federal Service for Financial Markets of Russia.

Registered in the Ministry of Justice of the Russian Federation on March 17, 2005. Reg. No. 6403.

Order of the Federal Service of Ecological, Technological and Nuclear Enforcement No. 42 of January 28, 2005 on the Endorsement of the Regulation on the Organisation of Work in the Framework of the Federal Service of Ecological, Technological and Nuclear Enforcement Pertaining to Transborder Moving of Waste

Defines the procedure of issue of permissions by the Federal Service of Ecological, Technological and Nuclear Enforcement for transborder moving of waste. The permissions are issued for the transit shipment of hazardous waste over the territory of the Russian Federation, as well as for the import (export) of hazardous waste. The Order lists the documents submitted to the Service to examine the issue of a permission.

Registered in the Ministry of Justice of the Russian Federation on March 16, 2005. Reg. No. 6401.

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