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 28.03.2007

Decision of the Government of the Russian Federation No. 168 of March 21, 2007 on the Amendments to Some of the Decisions of the Government of the Russian Federation on the Issues of Electric Power Industry

Introduces a series of amendments to individual decisions of the Government of the Russian Federation regulating the issues in the sphere of electric power industry. The amendments correct the procedure of collection of payment for connection to power supply networks to regulate collection of payment by network companies for connection of consumers and producers of electric power.

Order of the Federal Service for Financial Markets No. 07-13/pz-n of February 8, 2007 on the Endorsement of the Regulation on the Composition and Structure of Assets of Joint-Stock Investment Funds and Assets of Shared Investment Funds

Introduces new requirements to the composition and structure of assets of joint-stock investment funds and assets of shared investment funds.
      Registered in the Ministry of Justice of the Russian Federation on March 22, 2007. Reg. No. 9158.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-07-05/11 of March 13, 2007

The Ministry of Finance describes its position on the issue of application by the bank of the value added tax when they get penalties for the violation of the terms of safe lease contracts.

Letter of the Central Bank of Russia No. 08-17/648 of February 22, 2007 on the Issues of Application of the Direction No. 1725-U

According to the rules of accounting work in credit organisations, the mentioned organisations carry out conversion operations for client natural persons in cases of purchase and sale of foreign currencies in cashless form using the client bank accounts, and in cases of purchase and sale of foreign currencies in cash - through the currency exchange offices. When the client natural person carries out operations using a pre-paid card, the bank account is not opened. There emerges an obligation with the credit organisation to execute the demand of the card holder in the currency of purchase. In this connection, the holder of the pre-paid card does not have legal opportunities to give an order to the credit organisation to change the currency of the obligation having emerged at the moment of purchase of the pre-paid card by the natural person.

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