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 16.05.2006

Decision of the Government of the Russian Federation No. 283 of May 11, 2006 on the Amendments to the Decision of the Government of the Russian Federation No. 914 of December 2, 2000

Changes the rules of keeping of logbooks of received and drawn up invoices, the purchase ledger and the sales ledger in the calculation of the value added tax, as well as the form of the invoice.

The rules shall apply to buyers and sellers of proprietary rights. Appropriate changes are introduced in the form of the invoice. The amendments envisage a procedure to draw up additional sheets in the purchase ledger and additional sheets in the sales ledger. The mentioned additional sheets are drawn up if one needs to enter changes in the purchase ledger and sales ledger. Additional sheets in the purchase ledger and sales ledger may be drawn up in the electronic form.

Invoices received from sellers must be registered in the purchase ledger as soon as the right for tax exemptions occur according to the procedure specified in Article 172 of the Tax Code of the Russian Federation (earlier, as soon as the purchased commodities, fulfilled works and rendered services are paid for and registered).

Invoices filled out partly on a computer and partly manually, but meeting the specified norms of filling, may be registered in the purchase ledger.

To restore tax amount according to the procedure specified in Item 6 of Article 171 of the Tax Code of the Russian Federation, the sales ledger is used to enter in the last month of the calendar year beginning with the year 2006 VAT amount to be restored and paid to the federal budget for the current calendar year.

Order of the Federal Service for Financial Markets No. 06-29/pz-n of March 21, 2006 on the Endorsement of the Regulation on Internal Control of a Professional Participant of the Securities Market

Defines the procedure of organisation and carrying out by a professional participant of the securities market of control over compliance of activities of the professional participant with requirements of the legislation of the Russian Federation on the securities market, on the protection of the rights and legal interests of investors at the securities market, on advertising, as well as over observation of internal documents of the professional participant pertaining to his activities at the securities market.

The Regulation specifies the procedure of internal control of the professional participant of the securities market while defining, in particular, the particulars of internal control to combat legalisation (laundering) of incomes obtained in a criminal way and financing of terrorism.

The Regulation defines the status and requirements to the controller of the professional participant of the securities market, specifies his functions, rights and duties. The Regulation also describes the rights and duties of the head and employees of the professional participant of the securities market in the framework of internal control.

Pursuant to the endorsement of the Regulation, professional participants of the securities market are ordered to bring their instruction on internal control in compliance with the requirements of the Regulation within 2 months from the date of entry into force of the Order.

The Decision of the Federal Commission for Securities of Russia No. 03-34/ps of August 13, 2003 on the Regulation on internal control of the professional participant of the securities market is invalidated.

Registered in the Ministry of Justice of the Russian Federation on May 6, 2006. Reg. No. 7786.

Regulation of the Central Bank of Russia No. 285-P of April 10, 2006 on the Procedure of Acceptance and Execution by Credit Organisations, Divisions of the Payment Network of the Bank of Russia of Writs of Execution Presented by Recoverers

Specifies the procedure of acceptance and execution by credit organisations, divisions of the payment network of the Bank of Russia of writs of execution presented by recoverers (legal entities and natural persons) directly to the banks keeping debtor bank accounts. The Regulation does not apply to cases of acceptance of writs of execution from recoverers by credit organisations with revoked licenses for bank activities.

The recoverer (his representative) shall present to the bank the original of the writ of execution (its copy) and the application indicating details of the bank account of the recoverer to be used to transfer recovered monetary resources.

If there are several opened bank accounts of the debtor in the bank, the collection applies to all bank accounts taking into account available restrictions in disposal of resources.

The Regulation defines the procedure of registration of the writ of execution, application and the procedure of filling of individual details of the appropriate encashment order drawn up by the bank. Execution of the encashment order shall be done by the bank no later than within 3 days after acceptance of the writ of execution.

The Regulation specifies the procedure of revocation and return of the writ of execution. The revocation is arranged through submission of the written application of the recoverer to the bank. The return shall be arranged no later than the working day following the day of receiving of the given application. In this case, a mark of the reason of the return is entered by the bank on the reverse side of the writ of execution, the date of return is posted indicating the recovered amount if there was a partial payment of the writ of execution.

From the day of entry into force of the ruling of the Cassation Board of the Supreme Court of the Russian Federation No. KAS 05-471 of October 20, 2005, invalidates the Regulation of the Bank of Russia No. 221-P of March 26, 2003 on the procedure of acceptance and execution by credit organisations, divisions of the payment network of the Bank of Russia of writs of execution presented by natural person recoverers specifying the duty of natural person recoverers to issue the order permitting the bank to draw up on their behalf encashment order, indicate the debtor account numbers, present documents to the bank personally, sing the application in the presence of the bank employee, as well as ordering the bank to check compliance of information indicated by the recoverer (trustee) in the application with information of the personal identification document of the recoverer (trustee).

From the day of entry into force of the given Regulation, the rest of the Regulation of the Bank of Russia No. 221-P of March 26, 2003 is invalidated.

The Regulation is entered into force 10 days after the official publication in the Herald of the Bank of Russia.

Registered in the Ministry of Justice of the Russian Federation on May 6, 2006. Reg. No. 7785.

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