Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 27.02.2007

Order of the Ministry of Agriculture of the Russian Federation No. 463 of December 12, 2006 on the Endorsement of the Norms of Natural Loss of Ethyl Alcohol at Storage

Endorses the norms of natural loss of ethyl alcohol at storage.
      Registered in the Ministry of Justice of the Russian Federation on February 21, 2007. Reg. No. 8997.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-07/1-63 of February 13, 2007

The failure on the part of the taxpayer to submit the tax declaration within 180 days upon expiry of the deadline specified in the legislation on taxes and fees implies a fine in the amount of 5% of the amount of tax due under this declaration for each complete or incomplete month from the day of submission, however, not more than 30% of the mentioned amount and not less than Rbl 100.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-05-01/31 of February 13, 2007

The taxpayer is entitled for a tax exemption for the incomes tax from natural persons in the amount spent for the new construction or purchase of a flat on the territory of the Russian Federation in the amount of actually made expenses. The total amount of the exemption may not be greater than Rbl 1,000,000.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/2/26 of February 15, 2007

Economically substantiated and documentarily confirmed expenses pertaining to organisation of structural divisions shall be registered for profit taxation purposes according to the procedure envisaged in the Tax Code for particular types of expenses, as well as according to the applied method of acceptance of incomes and expenses. The mentioned expenses are recognised as such in the reporting (tax) period where they refer to, regardless of the date of the beginning of the actual functioning of the structural division.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-05-06-01/07 of February 16, 2007

In the determination of the taxable base for the property tax from organisations, the fixed assets recognised as object of taxation shall be registered at their residual cost generated according to the established accounting procedure.

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