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 30.08.2006

Decision of the Government of the Russian Federation No. 525 of August 28, 2006 on the Amendments to the Rules of Obligatory Insurance of Civil Liabilities of Owners of Transport Vehicles Endorsed by the Decision of the Government of the Russian Federation No. 263 of May 7, 2003

Refines some notions used while concluding the contract obligatory insurance of civil liabilities of owners of transport vehicles, in particular, the notions of the “insurant”, “insurance tariff rates”, “compensation payments”.

Extends the notion of the “insured case”: such case now implies occurrence of civil liabilities of the insurant, other persons whose liabilities are insured under the contract of obligatory insurance for the damage to the life and health or property of victims in the cases of use of the transport vehicle which entails the duty of the insurer to make the insurance payment.

The damage to the property possessed by the person responsible for the damage is not reimbursed.

The list of the documents necessary for the conclusion of the contract of obligatory insurance now does not include the proxy to drive the transport vehicle mentioned in the application. A clause is included pertaining to responsibility for presenting information known to be false and/or invalid documents.

The rules are extended to include new norms defining the cases of an early termination of the contract by both the insurant and the insurer, as well as determination of the moment of its early termination. The Decision refines the list of documents necessary for the insurer to take the Decision to make the insurance payment.

The Decision is entered into force from October 1, 2006.

Decision of the Government of the Russian Federation No. 524 of August 26, 2006 on the Endorsement of the Regulation on the Licensing of Activities in Collection, Use, Decontamination, Transportation, Deployment of Hazardous Waste



Defines the procedure of licensing of activities in collection, use, decontamination, transportation, deployment of hazardous waste carried out by legal entities and/or independent entrepreneurs. The licensing of the mentioned activities is vested in the Federal Service of Ecological, Technological and Nuclear Enforcement. The Decision lists the major violations of the license requirements and terms that may entail license revocation. The license is granted for 5 years.

Information pertaining to activities of collection, use, decontamination, transportation, deployment of hazardous waste shall be placed by the licensing body in official electronic or printed media, as well as on information stands in the rooms of the licensing body. Access to this information is free.

Decision of the Government of the Russian Federation No. 522 of August 25, 2006 on the Functioning of the Joint State Automatic Information System of Registration of the Volume of Production and Circulation of Ethyl Alcohol, Alcoholic and Alcohol-Containing Products



Endorses the rules of functioning of the Joint State Automatic Information System of registration of the volume of production and circulation of ethyl alcohol, alcoholic and alcohol-containing products maintained by the Federal Tax Service. The software for the Joint State Automatic Information System shall be created by the organisation subordinate to the Federal Security Service of Russia in compliance with technical specifications endorsed by the Federal Tax Service in coordination with the Federal Customs Service and the Federal Security Service of Russia.

The Joint State Automatic Information System shall contain information submitted by organisations producing and/or disseminating, including the import of (except for the retail trade), ethyl alcohol, alcoholic and alcohol-containing products, organisation supervised by the Ministry of Finance and making federal special and excise-duty stamps, as well as information submitted by the federal bodies of executive power and the bodies of executive power of the subjects of the Russian Federation necessary for the state control of the volume of production and circulation of the products.

The Decision specifies the list of information forming the one submitted by organisations to the Joint State Automatic Information System. To register the information in the Joint State Automatic Information System, the organisation, using technical means, shall submit in the electronic form a request for registration. The federal bodies of executive power and the bodies of executive power of the subjects of the Russian Federation shall submit information necessary for the state control of the volume of production and circulation of the products for the entry into the Joint State Automatic Information System in compliance with the agreements on information exchange in the Joint State Automatic Information System concluded with the Federal Tax Service including the list and procedure of transfer of information.

Direction of the Central Bank of Russia No. 1716-U of August 23, 2006



From October 1, 2006, the normative of obligatory reserves for obligations to non-resident banks in the currency of the Russian Federation and foreign currencies is fixed in the amount of 3.5%.

In view of the revocation from July 1, 2006 of the reservation requirement for currency operations, increases the normative of obligatory reserves for obligations of credit organisations to non-resident banks in the currency of the Russian Federation and foreign currencies from 2% to 3.5%. The given measure together with other ones (increased rouble rate, growing interests rates in deposit operations) is intended to inspire restriction of the surplus of monetary supply and reduction of the rates of inflation.

Equalisation factor for credit organisations is increased from 0.2 to 0.3. This permits credit organisations to better adjust to new reserve requirements and provides for a better opportunity to manage own liquidity by maintaining obligatory reserves on the correspondent account opened in the Bank of Russia.

Letter of the Central Bank of Russia No. 112-T of August 23, 2006 on the Application of the Instruction of the Bank of Russia No. 113-I of April 28, 2004 and the Regulation of the Bank of Russia No. 262-P of August 19, 2004



The mentioned normative acts of the Bank of Russia, before introduction of appropriate amendments to them, shall apply where they do not contradict the Federal Law No. 147-FZ of July 27, 2006 on the amendments to Articles 5 and 7 of the Federal Law on the combating of legalisation (laundering) of incomes obtained in a criminal way and financing of terrorism. The mentioned Law specifies that identification of the payer (client) is not necessary in a number of operations of money transfers for the amount not greater than Rbl 30,000 and of purchase (sale) of foreign currencies in cash for the amount not greater than Rbl 15,000. Such operations include, in particular, payments to the budgets of all levels of the budget system of the Russian Federation, payment for the services of budget-supported institutions, payment of alimony, payment for the communal services, communication services etc.

Letter of the Central Bank of Russia No. 111-T of August 23, 2006 on the Memorandum of the Committee of the Association of Russian Banks on the Issues of Combating of Legalisation of Criminal Incomes and Financing of Terrorism

The adopted memorandum on the measures to combat the use of credit organisations for the purposes of withdrawal of large amounts of money from legal circulation into the “shadow economy” contains recommendations for credit organisations to apply in practical activities a set of measures aimed at minimisation of involvement of credit organisations in doubtful financial schemes of unfair clients.

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