Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 14.02.2007

Decision of the Government of the Russian Federation No. 91 of February 9, 2007 on the Procedure of Determination of the Average Monthly Income of a Foreign Citizen or Stateless Person and the Average Per Capita Income of the Family Member of a Foreign Citizen or Stateless Person

The average monthly income is determined to establish its compliance with the cost of living specified in the law of the subject of the Russian Federation where the foreign citizen has residence permission.

Letter of the Ministry of Finance of the Russian Federation No. 02-14-07/274 of February 8, 2007

Provides for the reassessment of fixed assets and non-material assets of budget-supported institutions as of January 1, 2007 to register their real cost in accounting work, including those available in the federal property abroad.

Letter of the Central Bank of Russia No. 11-T of February 7, 2007 on the List of Items for the Credit Organisations to Assess the Condition of Corporate Management

Provides a sample list of questions than may be used by credit organisations to assess the condition of corporate management. Assessment of the condition of corporate management is recommended for the credit organisations to be carried out at least once a year by the board of directors (supervising board).

Decision of the Presidium of the Higher Arbitration Court of the Russian Federation No. 12547/06 of January 16, 2007

The Presidium of the Higher Arbitration Court of the Russian Federation confirmed correctness of conclusions of the lower instance court having terminated proceedings in the case invalidating the Letters of the Ministry of Finance of Russia No. 01-02-01/03-1625 of August 5, 2004 and No. 03-06-01-02/09 of March 3, 2006.

Decision of the Presidium of the Higher Arbitration Court of the Russian Federation No. 11723/06 of December 19, 2006

The Presidium of the Higher Arbitration Court of the Russian Federation revoked the court ruling on the case having challenged individual provisions of the Letter of the Federal Tax Service of Russia. The mentioned provisions contained explanations, in particular, that if the wrong VAT rate was indicated in the invoice, such invoice may not serve as grounds to accept VAT amounts for exemption.

Decision of the Presidium of the Higher Arbitration Court of the Russian Federation No. 7619/06 of December 19, 2006

The essence of the dispute is whether the tax body may call to account the bank having indicated a wrong code of the budget classification while executing the payment order to transfer tax payments, which resulted in a delay of transfer of appropriate monetary resources to the budget after correcting the error.

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