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 9.08.2005

Decision of the Government of the Russian Federation No. 486 of August 2, 2005 on the Amendments to and Invalidation of Some of the Decisions of the Government of the Russian Federation on Technical Regulation

Pursuant to the abolishment of the Ministry of the Industry, Science and Technologies of the Russian Federation and the creation of the Ministry of the Industry and Power Supplies of the Russian Federation and the reorganisation of the State Standards Committee of Russia into the Federal Agency of Technical Regulation and Metrology, introduces appropriate amendments to the decisions of the Government of the Russian Federation in the sphere of technical regulation.

Invalidates the Decision on the federal innovation program "Certification and Metrology", where the state orderer is the State Standards Committee, and the Decision granting the State Standards Committee the status of the national body of the Russian Federation in charge of standardisation. Invalidates together with them the decisions having amended the mentioned acts.

Decision of the Government of the Russian Federation No. 485 of August 2, 2005 on the Amendments to the Decision of the Government of the Russian Federation No. 903 of December 31, 2004

Amends the Decision of the Government of the Russian Federation No. 903 of December 31, 2004 on the endorsement of the rules of delimitation of liabilities of municipal formations and the drawing up of the transfer (delimitation) act.

The rules specify the procedure and time limits for the drawing up by the bodies of local government of the transfer (delimitation) act for the proprietary liabilities (the reasons of the delimitation of the liabilities are not specifies any more). The act assumes a new name - Rules of Drawing up of the Transfer (Delimitation) Act for the Proprietary Liabilities of the Bodies of Local Government.

The delimitation of the liabilities applies to the bodies of local government rather than the municipal formations. The Decision defines the municipal formations where the transfer acts are drawn up and signed (with their included liabilities defined) as of the date of the beginning of the authority of the bodies of local government rather than January 1, 2006 (the general rule).

The criteria applied in the delimitation of liabilities shall be defined by the Commission for the Drawing up and Signing of the Transfer Act, not the body of executive power of the subject of the Russian Federation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-04/1/74 of July 13, 2005

The commission to the bank for the transfer of the earnings to the personal accounts of the employees of the organisation opened in the system of bank cards in the amount of 0.5% of the transferred amount is recognised to be expenses reducing the taxable base for the profit tax.

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