Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 23.06.2006

Order of the Federal Service of Enforcement in the Sphere of Protection of Consumer Rights and Human Well-Being No. 147 of June 5, 2006 on the Drawing up of Licenses

The Decision of the Government of the Russian Federation No. 208 of April 11, 2006 endorsed the new form of license. In this connection, the Federal Service of Enforcement in the Sphere of Protection of Consumer Rights and Human Well-Being starts from July 1, 2006 to draw up the granted (redrawn) licenses of the new form in the specified sphere of activities. The earlier issued licenses shall preserve their force until expiry.

Also endorses the forms of documents pertaining to the licensing procedure: application to draw up (redraw) the license, notification of the granting of license, notification of the refusal to grant (redraw) the license, order for the license holder to eliminate revealed violations, excerpts form registers.

Registered in the Ministry of Justice of the Russian Federation on June 15, 2006. Reg. No. 7929.

Letter of the Central Bank of Russia No. 12-1-4/1241 of June 2, 2006 on the Documents Drawn up in the Purchase and Sale of Foreign Currencies

Explains that when natural persons commit operations of purchase and sale of foreign currencies in cash, the cash worker of the structural division of the authorised bank (branch of authorised bank) shall draw up the register of operations with foreign currencies in cash and checks. The natural person shall get the document confirming the operation drawn up to the form specified by the authorised bank (branch of the authorised bank) independently.

The mentioned document must contain on the obligatory basis information specifying the name, registration number and mailing address of the authorised bank, ordinal number, date and code of the type of committed operation, rate of the foreign currency, amount of accepted (handed out) currency. The full name of the natural person, as well as the name, series and number (if available) of the personal identification document presented by the natural person shall be entered by the cash worker in the issued document if requested by the natural person.

Information of the Central Bank of Russia of June 23, 2006

From June 26, 2006, the rate of refinancing is reduced by 0.5% to make 11.5% annual. In 2006, this is the first reduction of the bank rate of the Bank of Russia. The Direction of the Bank of Russia No. 1643-U of December 23, 2005 specified the mentioned rate in the amount of 12% annual.

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