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 24.05.2005

Decision of the Government of the Russian Federation No. 314 of May 21, 2005 on the Endorsement of the Rates of Import Customs Duties for Bovine Meet

The rates of the import customs duties for other bovine meet, fresh or chilled and frozen, are reduced to 40% of the customs cost, however, not less than EUR 0.53 per kg (earlier, 60% of the customs cost, however, not less than EUR 0.8 per kg).

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

Decision of the Government of the Russian Federation No. 313 of May 20, 2005 on the Amendments to the Regulation on the Leasing of the Plots of the Forestry Fund

The amendments prolong the maximum period (from 49 to 99 years) permitting to grant a plot of the forestry fund under a lease contract to a forest user at cost. Specifies that the plots of the forestry fund may be leased only as a result of the forestry contests (earlier, also pursuant to the decisions of the bodies of state power of the subjects of the Russian Federation adopted against presentations of the territorial bodies of the federal forestry management body).

Letter of the Central Bank of Russia No. 12-4-7/1119 of May 6, 2005 on the Procedure of Application of the Acts of the Bank of Russia

Explains the procedure of application of Letters of the Central Bank of Russia No. 12-T of January 21, 2005 "Methodology Recommendations on Enhancing Control over Operations of Purchase of Securities for Cash by Natural Persons and Purchase and Sale of Foreign Currencies in Cash" and No. 17-T of January 26, 2005 on enhancing control over operations with monetary resources in cash. Emphasises that provisions contained in the given acts are recommendations to reveal suspicious operations in client activities. The right to adopt the final decision qualifying this or that operation with monetary resources or another property as suspicious rests exclusively with the credit organisation. However, authorised representatives of the Central Bank of Russia checking the credit organisation may have a motivated professional judgement and qualify compliance of its activities in the combating of legalisation (laundering) of incomes obtained in a criminal way and financing of terrorism with the mentioned recommendations of the Bank of Russia.

Explains the term "significant volumes" used in Letter No. 17-T. Quantity characteristics in each particular case must be determined by the credit organisation independently taking into account the particulars of its activities, particulars of its client activities, as well as the degree (level) of risk of operations carried out by clients.

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