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 1.08.2006

Decision of the Government of the Russian Federation No. 466 of July 28, 2006 on Endorsing the Indexation Coefficient for the Insurance Portion of Labour Pension Effective August 1, 2006

From August 1, 2006 the insurance portion of labour pension will be increased by 6.2%. The previous rise in the insurance portion of labour pension took place on April 1, 2006. The insurance portion of the pension has grown by 6.3%.In accordance with the Federal Law on Labour Pensions in the Russian Federation the coefficient of indexation of the insurance portion of labour pension is determined on the basis of inflation level for the period preceding an indexation.The Decision comes into force as of August 1, 2006.

Decision of the Government of the Russian Federation No. 460 of July 26, 2006 on Amending Decision of the Government of the Russian Federation No. 69 of February 11, 2005

The amendments are due to the adoption of Federal Law No. 49-FZ of April 15, 2006 whereby the Law of the Russian Federation on the Sub-Soil was modified.According to the amendments governmental bodies of subjects of the Russian Federation have a right to carry out a state examination of mineral reserves, geological, economic and ecological information on the sub-soil tracts granted for use as containing deposits of wide-spread minerals, local-significance sub-soil tracts and also the local-significance sub-soil tracts used for the purpose of constructing and operating underground installations not relating to mining. In this case payment for the examination of these sub-soil tracts comes to the budgets of the subjects of the Russian Federation.The provisions defining the procedure for organising the state examination in as much as wide-spread minerals are concerned are applicable to an expert examination with a view to all the above sub-soil tracts.The Decision enters into force as of January 1, 2007.

Decision of the Government of the Russian Federation No. 459 of July 26, 2006 on the Federal Customs Service

In connection with the fact that the Federal Customs Service of the Russian Federation has been taken from the jurisdiction of the Ministry of Economic Development and Trade of the Russian Federation to report directly to the Government of the Russian Federation and that it has acquired the functions of elaborating state policy and exercising normative legal regulation in the area of customs affairs new Regulations on the Federal Customs Service are approved. The Federal Customs Service is an empowered federal executive governmental body carrying out the function of elaborating state policy, exercising normative legal regulation, control and supervision in customs affairs. The Service has the functions of a currency control agent and the special functions of fighting against contraband, other crimes and administrative offences. In accordance with the new status the powers of the Federal Customs Service are defined in the established area of activity as well as the organisation of the Service's activities.With the amendments, the role of the law-enforcement part of the Federal Customs Service is enhanced. Thus, the deputy head of the Federal Customs Service responsible for the operative investigation operations of the customs bodies reports to the head of the Federal Customs Service on the issues of financial and economic activity, but has the power to take decisions at his own discretion concerning operative investigation matters.

Order of the Ministry of Transport of the Russian Federation No. 87 of July 21, 2006 on Endorsing the Rules for Registering Vessels and Rights Thereto in Sea Merchant Ports

The new Rules supersede the Rules for Registering Vessels and Rights Thereto in Sea Merchant Ports approved by Order of the Ministry of Transport of the Russian Federation No. 145 of November 29, 2000 to establish a procedure for registering vessels and rights thereto in sea merchant ports, except for fishing fleet vessels.Vessels and rights thereto are registered in the system of records concerning vessels and rights thereto in the State Registry of Vessels of the Russian Federation, the Russian International Registry of Vessels and the register of vessels under construction. A foreign boat chartered by a Russian charterer on bare-boat terms may be registered in a bare-boat charter registry or the Russian International Registry of Vessels.A list is provided of the merchant ports which register vessels in the Russian International Registry of Vessels as well as a list of the merchant ports in which registration in other registries can take place. Registration is accomplished in one of the merchant ports as might be chosen by the owner of the vessel or charterer, and the registration of rights of ownership in a vessel under construction is effectuated in the merchant port which is the closest to the shipbuilding organisation. The mortgage of a vessel under construction is registered in the registry of vessels under construction in which the right of ownership in the vessel under construction has been registered.A vessel registered in a registry of vessels of a foreign state may be registered in a Russian registry after the show of a certificate confirming that the vessel has been removed from the foreign registry.The following is subject to registration: rights of ownership and other rights in rem in vessels, and also limitations on rights in them (encumbrances).A detailed description of registration procedure is provided including the term for completion of registration actions, and the composition of registries is defined. The following is shown as separate items: the procedure for registering rights in a vessel under construction, the procedure for registering a suspension of a right of navigation under the State Flag of the Russian Federation and of the granting of that right to a vessel acquired in a foreign country, and the procedure for carrying out certain types of transactions in line of keeping registries (changing the port of registration, removal of ports from registries).The registration body is the captain of a sea merchant port.Registries of vessels are opened to the public. Excerpts from a registry are issued for payment at a rate determined in the procedure established by the Government of the Russian Federation.A state duty is charged for registration at the rate and in the procedure established by the legislation on taxes and fees. The Federal Service for Supervision in the Area of Transport is responsible for monitoring the vessel registration activities of the captains of merchant ports.Exhibits of the documents issued at registration are provided.Registered by the Ministry of Justice of the Russian Federation, registration No. 8108 of July 26, 2006.

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