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 15.01.2007

Decision of the Government of the Russian Federation No. 1 of January 10, 2007 on the Compensation Packet of a Participants of the State Program of Assistance of Voluntary Resettlement to the Russian Federation of Compatriots Living Abroad <br>

The state program of assistance of voluntary resettlement to the Russian Federation of compatriots living abroad was adopted in 2006 to unite the potential of compatriots living abroad with the demands of development of Russian regions and compensate for natural loss of population in Russia.

The compensation packet is provided to a participant of the state program after registration before obtaining the citizenship of the Russian Federation. The subjects of the Russian Federation may introduce additional guarantees and measures of social support for participants of the state program and members of their families.

Decision of the Plenum of the Higher Arbitration Court of the Russian Federation No. 67 of December 20, 2006 on Some Issues of the Practice of Application of the Provisions of the Legislation on the Bankruptcy of Absent Debtors and Termination of Inoperable Legal Entities <br>

The procedure of exclusion of the inoperable legal entity from the Joint State Register of Legal Entities is a special reason of termination of the legal entity other than liquidation. Therefore, Item 4 of Article 61 of the Civil Code of the Russian Federation requiring bankruptcy proceedings if the property of the debtor is not sufficient to satisfy creditor claims does not apply in the such cases. In this connection, exclusion of the legal entity from the Register at the decision of the body in charge of the registration is permitted also in cases when the mentioned person has debts in taxes, fees, penalties and sanctions to the budgets of various levels.

The issue of expediency of appealing to court to recognize the debtor bankrupt in the presence of chances to redeem the debts in obligatory payments forms the sphere of reference of the authorized bodies in charge of the bankruptcy cases.

Order of the Federal Tax Service No. SAZ-3-09/826@ of December 1, 2006 on the Endorsement of the Forms of Documents Used for the Registration and Removal from Records of Russian Organizations and Natural Persons <br>

According to the amendments introduced in the Tax Code entering into force from January 1, 2007, the organization, when submitting an application for the registration at the place of location of its separate division, shall submit copies of certificates of its registration in the tax body at the place of location and the documents confirming the creation of the separate division. The tax body shall register a natural person on the basis of application of this natural person and issues a certificate or registration in the tax body to him.

The tax body must hand out to the organizations or the natural person notifications of the registration (notification of the removal from records) in the tax body. When registering a newly created organization or an independent entrepreneur, the tax body hands out to them certificates of registration.

The tax body must present the certificate of registration in the tax body and/or notification of the registration (removal from records) in the tax body to the organization or natural person registered at the place of location of their immovable property and/or transport vehicles, as well as to the notaries engaged in private practice and the lawyers registered at the place of residence.

Registered in the Ministry of Justice of the Russian Federation on December 27, 2006. Reg. No. 8683.

Direction of the Central Bank of Russia No. 1759-U of December 12, 2006 on the Amendments to the Regulation of the Bank of Russia No. 245-P of March 26, 2004 on the Procedure of Generation by Credit Organizations of Reserves for Possible Losses for Loans, Debts in Loans and Similar Debts

The amendments specify new approaches to the assessment and grouping of the portfolio of similar loans. Thus the credit organization must exclude from the portfolio of similar loans the one possessing the signs of devaluation (impaired financial standing of the borrower and/or quality of servicing of his debt under the loan). The mentioned loans are assessed (classified) on the individual basis. However, if the individual signs of devaluation are present in the loan not greater or equal to Rbl 1,000, the credit organization may abstain from excluding the mentioned loan from the portfolio of similar loans in the presence of individual signs of devaluation.

The loans granted to natural persons may be grouped depending on the length of overdue payments into one of portfolios of secured (mortgage and car credits) and other loans. Credit organization may combine loans without overdue payments and loans with overdue payments from 1 to 30 calendar days into one portfolio.

The loan granted to a natural person after July 1, 2007 may be included by the credit organization in the portfolio of similar loans only on condition of conveying to the borrower of information on the amount of efficient interest rate as of the moment of granting and/or the restructuring of the credit.

Assessment of the credit risk for the portfolio of similar loans is carried out by the credit organization on the permanent basis.

The Direction is entered into force from July 1, 2007.

Registered in the Ministry of Justice of the Russian Federation on December 27, 2006. Reg. No. 8676.

Letter of the Central Bank of Russia No. 174-T of December 28, 2006 on the Return of Amounts of Reservation and the Special Accounts <br>

Since Article 16 of Federal Law on the currency regulation and currency control is invalidated from January 1, 2007, the earlier reserved amounts available on the accounts in the Bank of Russia shall be transferred on the first working day of 2007 by the divisions of the payment network from the account in the Bank of Russia to the correspondent accounts of authorized bank having transferred earlier the amounts of reservation for subsequent transfer to the bank accounts of clients having reserved these amounts.

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