Windfall tax for major companies to be introduced in Russia

Garant Free Online Demo

Legal information system for your company.
Simply click on the button Start working and the system Legislation of Russia in English will be available for unlimited time.

Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 6.09.2006

Order of the Ministry of Finance of the Russian Federation No. 112n of August 12, 2006 on the Application of the Budget Classification of the Russian Federation for the Drawing up of Budgets of All Levels Beginning with the Budgets for the Year 2007 <br>

Pursuant to the introduction in the State Duma of the draft law on the amendments to the Federal Law on the budget classification of the Russian Federation (the wording being used to draw up the draft federal budget for the year 2007) envisaging a uniform procedure of recording of incomes and expenses in the budgets of all levels of the budget system of the Russian Federation, the Ministry of Finance of Russia orders to apply the budget classification of the Russian Federation to the budgets of all levels of the budget system of the Russian Federation for the year 2007.

The classification of the types of state internal debts of the Russian Federation and the subjects of the Russian Federation, types of municipal debt now does not include type 015 "The Debt in Financing of Expenses to Build the Mobilisation Reserve Redrawn into the Promissory Note of the Ministry of Finance of the Russian Federation".

Order of the Central Bank of Russia No. OD-419 of August 29, 2006 on the Adjustment Coefficients of the Bank of Russia <br>

Correction of the market cost of the bonds of the European Bank for Reconstruction and Development with the state registration number of issue 4-02-00001-L will be done using adjustment coefficient 0.95. The given coefficient is applied to accept as a security for the credits of the Bank of Russia granted in compliance with the Regulation of the Bank of Russia No. 236-P of August 4, 2003 on the procedure of granting credits by the Bank of Russia to credit organisations backed with the pledging (blocking) of securities.

Letter of the Federal Tax Service No. MM-6-21/816@ of August 16, 2006 on the Unlicensed Use of Subsoil Resources<br>

Provides explanations on the procedure of actions of the tax bodies when the facts of voluntary (unlicensed) use of subsoil resources are revealed.

The payers of the tax on extraction of subsoil resources are implied to be organisations and independent entrepreneurs recognised to be the users of subsoil resources. In this case, the object of taxation is, in particular, the subsoil resources extracted from the underground on the territory of the Russian Federation on the sites provided to the taxpayer for use. The granting of subsoil resources for use is drawn up as a special state permission in the form of the license. The rights and duties of the user of subsoil resources emerge from the moment of the state registration of the license for the right of use of the part of subsoil resources. In cases of activities of the person on the part of subsoil resources without the appropriate license, the duty to pay the tax on extraction of subsoil resources on the mentioned site does not exist.

The tax bodies have no authority to take measures to prevent unlicensed use of subsoil resources, therefore, when revealing the facts of unlicensed use of subsoil resources, the tax body must send information of the appropriate facts to the territorial bodies of the Federal Service of Enforcement in the Sphere of Use of Natural Resources and the Federal Service of Ecological, Technological and Nuclear Enforcement.

Contact Us

Leave us a message