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 19.02.2007

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-07/2 of February 6, 2007

For profit taxation purposes, there are four reasons to recognise the receivables as desperate for collection:
      " the debts with expired period of limitation; " the debts where the liabilities are terminated in compliance with the civil legislation because of impossibility of execution; " the debts where the liabilities are terminated in compliance with the civil legislation on the basis of the act of the state body; " the debts where the liabilities are terminated in compliance with the civil legislation because of the liquidation of the organisation.
      Other reasons making collection impossible may not recognise the receivables as desperate for profit taxation purposes.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-11-05/2 of February 7, 2007

When selling according to the wholesale procedure in 2007 the residues of commodities purchased for retail trade subject to the uniform imputed income tax for individual types of activities, the taxpayer may register expenses of purchase of the mentioned commodities in the determination of the taxable base for the tax paid out in cases of application of the simplified system of taxation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/1/71 of February 8, 2007

Taxpayers being city-forming organisations in compliance with the legislation of the Russian Federation and incorporating structural divisions operating objects of the housing fund, as well as the objects of the housing and communal complex and the objects of the social and cultural sphere, may accept for taxation purposes the actually suffered expenses of maintenance of the mentioned objects.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-07-07/04 of February 9, 2007

If the organisation does not abandon from January 1, 2006 exemptions from the value added tax for the sale of waste and scrap of ferrous and non-ferrous metals generated from production of commodities, amounts of taxes earlier accepted legally for exemption for the residues of waste and scrap of ferrous and non-ferrous metals, including those on records as of January 1, 2006, must be restored.

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