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 2.03.2007

Federal Law No. 21-FZ of February 28, 2007 on the Amendments to Article 61 of the Land Code of the Russian Federation

Article 61 of the Land Code of the Russian Federation defining the terms and procedure of reimbursement of losses incurred as a result of violation of the land rights of citizens and organisations is being brought in compliance with the civil legislation. Apart from the responsibility of the bodies of state power for the losses incurred on the citizens and organisations through issue of illegal acts, the Article introduces also a similar responsibility of the bodies of local government.

Federal Law No. 22-FZ of February 28, 2007 on the Amendments to Article 1.1 of the Federal Law on the Days of Military Glory and Memorial Dates of Russia

The list of memorial dates of Russia shall include also December 9 - the Day of the Heroes of the Fatherland.

Federal Law No. 23-FZ of February 28, 2007 on the Execution of the Budget of the Social Insurance Fund of the Russian Federation for the Year 2005

Endorses the report of execution of the budget of the Social Insurance Fund of the Russian Federation for the year 2005 with incomes amounting to Rbl 186,692,034.8 thousand and expenses amounting to Rbl 165,311,675.8 thousand, the excess of incomes over expenses being Rbl 21,380,359.0 thousand.

Letter of the Ministry of Finance of the Russian Federation, the Federal Treasury and the Central Bank of Russia Nos. 03-04-08-01/7, 42-7.1-15/5.2-69, 20-T of February 20, 2007 on the Procedure of Application of Individual Provisions of the Federal Law No. 269-FZ of December 30, 2006 on the Simplified Procedure of Declaring of Incomes by Natural Persons

From March 1, 2007, a Federal Law is entered into force on the simplified procedure of declaring of incomes by natural persons envisaging a simplified procedure of declaring to provide for opportunities to pay the taxes from incomes received before January 1, 2006.

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