Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 29.08.2005

Decision of the Government of the Russian Federation No. 536 of August 24, 2005 on the Procedure for Paying out Additional Monthly Material Support to Invalids because of the Combat Wounds

The mentioned material support to invalids because of the combat wounds in the amount of Rbl 1,000 shall be paid out according to the procedure endorsed by the Decision of the Government of the Russian Federation No. 273 of April 30, 2005 to individual categories of citizens of the Russian Federation in view of the 60th Anniversary of the Victory in the Great Patriotic War.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 94 of July 26, 2005 on the Procedure for Processing the Debtor Application to Recognise Him Bankrupt in the Absence of Property Enough to Cover Expenses of Bankruptcy Proceedings

If the application to the arbitration court is submitted by the debtor known to be unable to cover the court expenses of the bankruptcy proceedings, as well as to pay out remuneration to the bankruptcy commissioner, the court shall return the mentioned application as "lacking necessary information of the debtor property enough to cover expenses of the bankruptcy proceedings".

If the arbitration court has imposed the monitoring procedure, and the mentioned circumstance was revealed later, the arbitration court terminates the proceedings.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-08/215 of August 5, 2005 on the Procedure of Application of the Value Added Tax

If the foreign organisation does not include VAT amounts in the cost of works (services), the Russian organisation in the calculation of the mentioned tax should apply the 18% rate to the cost of works (services) and pay the tax to the budget at own expense.

If the monetary resources, including the agent reward, are received on his account before execution of the order of the principal, such monetary resources, where it pertains to the agent commission, are recognised as advance payments and must be included in the taxable base for the value added tax in the tax period when they are received.

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