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 13.02.2007

Order of the Ministry of Finance of the Russian Federation No. 1n of January 9, 2007 on the Amendments to the Order of the Ministry of Finance of the Russian Federation No. 24n of February 7, 2006 on the Endorsement of the Form of the Tax Declaration for the Profit Tax from Organisations and Its Filling Procedure

The form of the tax declaration for the profit tax from organisations and its filling procedure is amended in pursuance of the changes to the Tax Code of the Russian Federation, in particular, the Federal Laws No. 268-FZ of December 30, 2006 and No. 137-FZ of July 27, 2006. The mentioned amendments pertain to the procedure of submission of the tax declarations (including submission of refined information), procedure of amending them by the taxpayer (tax agent) when errors are revealed.
      The Order is entered into force beginning with the tax declaration for the first reporting period of 2007.
      Registered in the Ministry of Justice of the Russian Federation on February 9, 2007. Reg. No. 8924.

Decision of the Constitutional Court of the Russian Federation No. 2-P of February 5, 2007 on the Case of Constitutionality of Provisions of Articles 16, 20, 112, 336, 376, 377, 380, 381, 382, 383, 387, 388 and 389 of the Code of Civil Procedures of the Russian Federation in Pursuance of the Request of the Cabinet of Ministers of the Republic of Tatarstan, Appeals of Open-Type Joint-Stock Companies of Nizhnekamskneftekhim and Khakasenergo, As Well As Appeals of a Number of Citizens

The Constitutional Court of the Russian Federation recognised that individual norms of the Code of Civil Procedures of the Russian Federation specifying enforcement proceedings do not contradict the Constitution of the Russian Federation. The Decision was stipulated by the appeal challenging the institute of enforcement proceedings and the constitutionality of particular norms of the Code of Civil Procedures of the Russian Federation introducing, in particular, opportunities of revision of court ruling having entered in legal force not restricted by specific time limits, as well as the right of the Chairman of the Supreme Court and his deputies to evoke at their initiative the cases where the rulings have entered in legal force and hand them over for processing in the court of enforcement instance.

Federal Law No. 19-FZ of February 9, 2007 on the Amendment to Article 4.5 of the Code of Administrative Violations of the Russian Federation

The period of limitation for the cases of administrative liability for the violation of the legislation in the sphere of state regulation of prices (tariff rates) is increased to 1 year.

Federal Law No. 18-FZ of February 9, 2007 on the Amendments to Articles 29 and 38 of the Federal Law on Advertising

Refines the provisions of the Federal Law on advertising pertaining to securities. In particular, prohibits advertising of exchange-traded bonds before the date of their release for tenders by the stock exchange.
      The Federal Law is entered into force from the day of its official publication.

Federal Law No. 16-FZ of February 9, 2007 on the Transport Security

Creates legal fundamentals for a stable and secure functioning of the transport complex, protection of interests of the person, society and the state in the transport sphere against acts of illegal interference, including the ones of terrorist nature.
      The Federal Law is entered into force 180 days after the day of its official publication.

Federal Law No. 14-FZ of February 9, 2007 on the Amendments to the Federal Law on Communication

Defines the mechanism of registration of telecommunication networks and expert evaluation of the system-level communication network project.
      The Federal Law is entered into force 180 days after the day of its official publication.

Decision of the Government of the Russian Federation No. 83 of February 8, 2007 on the Amendments to the Regulation on the Federal Antimonopoly Service

According to the Decision of the Government of the Russian Federation No. 94 of February 20, 2006, the Federal Antimonopoly Service is an authorised federal body of executive power in charge of control in the sphere of placing of orders for supplies of commodities, carrying out works, rendering services for the federal state needs, except for the state defence order vested in the Federal Service for the Defence Order. The amendments are introduced to reinforce and make more detailed the given authority.

Order of the Federal Service for Financial Markets No. 06-147/pz-n of December 14, 2006 on the Endorsement of the Procedure of Assigning Identification Numbers to Issues (Additional Issues) of Emission Securities Not Requiring State Registration

In pursuance of the Federal Law No. 138-FZ of July 27, 2006, introduces a new type of short-term financial instruments - exchange-traded bond that does not provide to its holder any other rights than the one to get the nominal cost and the fixed interest for the given cost. A simplified procedure of issue is specified for such bonds - without the state registration of issue and the report of results of issue, as well as without the registration of the prospectus of the bonds.
      Registered in the Ministry of Justice of the Russian Federation on February 8, 2007. Reg. No. 8917.

Order of the Federal Service for Financial Markets No. 06-155/pz-n of December 26, 2006 on the Endorsement of the Procedure of Estimation of the Market Cost of Assets and the Cost of Net Assets Used to Invest Resources of Accumulated Pensions

The management company engaged in activities of management of resources of accumulated pensions intended for financing of the accumulated part of the labour pension must calculate on the regular basis the current market cost and the cost of net assets in trust control.
      The Order is entered into force from April 1, 2007.
      Registered in the Ministry of Justice of the Russian Federation on February 8, 2007. Reg. No. 8916.

Order of the Federal Service for Financial Markets No. 06-154/pz-n of December 21, 2006 on the Endorsement of the Regulation on the Registration of the Rules of Trust Control of the Shared Investment Funds and Amendments to Them

The management company may offer a contract of trust control of the shared investment fund only on condition of registration by the federal body of executive power in charge of the securities market of the rules of trust control of this shared investment fund. Amendments to the rules of trust control of the shared investment fund shall enter into force also if registered.
      Decisions of the Federal Service for Financial Markets having defined earlier the procedure of registration of the rules of trust control of the shared investment fund, amendments to the rules, shall not apply from the date of entry into force of the Order having endorsed the Regulation.
      Registered in the Ministry of Justice of the Russian Federation on February 8, 2007. Reg. No. 8915.

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