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 14.11.2005

Decision of the Government of the Russian Federation No. 673 of November 10, 2005 on the Endorsement of the Rate of the Import Customs Duty for Synthetic Organic Products Used As Optical Bleaching Agents

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) is fixed in the amount of 10%, however, not less than EUR 0.2 per kg and shall remain in force on the unlimited basis. Earlier, the mentioned rate was endorsed by the Decision of the Government of the Russian Federation No. 24 of January 18, 2005 for 9 months.

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

Decision of the Government of the Russian Federation No. 667 of November 9, 2005 on the Amendments to the Rules of Reimbursement from the Federal Budget of the Part of Expenses to Pay the Interest under the Credits Obtained by Organisations of the Light and Textile Industries in Russian Credit Organisations Endorsed by the Decision of the Government of the Russian Federation No. 616 of August 22, 2001

Specifies that reimbursement of the part of expenses to pay the interest under credits is arranged through granting of subventions on the quarterly basis within the limits of resources of the federal budget envisaged in section "National Economy" of the functional classification of expenses of the budgets of the Russian Federation in the amount of ? of the bank rate of the Bank of Russia. If the interest rate for the credit is lower than the bank rate, reimbursement applies to ? of the expenses of the organisation made to pay the interest under the credit. The Decision enlarges the list of the documents submitted to the Federal Agency for the Industry to get the reimbursement.

Decision of the Government of the Russian Federation No. 656 of November 7, 2005 on the Endorsement of the Regulation on the Measures to Prevent Conflict of Interests in the Sphere of Accumulated Mortgage System of Housing Support for Servicemen

The conflict of interests may occur if the officials and members of the Council for Investing of Savings of Housing Support for Servicemen of opportunity of obtaining material and/or personal benefits because of the availability with them or their relatives of the rights providing such opportunities as a result of abuse of the service position by them pertaining to invested savings, as well as information on the investing of the savings having become known to them or available at their disposal.

The Decision defines the measures to reveal and prevent such conflicts.

Letter of the Federal Agency for Construction and the Housing and Communal Complex No. SK-4714/02 of November 10, 2005 on the Prices for Design and Survey Works in Construction for the IV Quarter of 2005

The following indices of change of cost are specified for the IV quarter of 2005: for design works in construction in the amount of 1.93 to the level of basic prices as of January 1, 2001 and 14.89 to the level of basic prices as of January 1, 1995; for survey works in construction in the amount of 1.99 to the level of basic prices as of January 1, 2001 and 22.64 to the basic prices calculated using the basic prices guides and the Selection of Prices for Survey Works in Capital Construction as of January 1, 1991.

Letter of the Federal Agency for Construction and the Housing and Communal Complex No. SK-4713/02 of November 10, 2005 on the Indices of Change of the Estimated Cost for the IV Quarter of 2005

Provides indices of change of the estimated cost for the whole of construction and installation works and by items of expenses for the IV quarter of 2005 for the subjects of the Russian Federation for objects financed using resources of the federal budget. The indices are intended for gross estimates of the cost of construction using the basic indices method, preparation of tender documentation and general economic estimates in the investment sphere.

The indices are determined taking into account overhead expenses and estimated profit. Overhead expenses include a reduction coefficient of 0.94 taking account of the reduction from January 1, 2005 of the rate of the uniform social tax. The mentioned coefficient does not apply to overhead expenses in the basic level of prices.

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