Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 28.04.2007

Federal Law No. 63-FZ of April 26, 2007 on the Amendments to the Budget Code of the Russian Federation Pertaining to Regulation of the Budget Process and on Individual Legislative Acts of the Russian Federation To Be Brought in Compliance with the Budget Legislation of the Russian Federation

Implements a switchover to the medium-term financial planning. The draft federal budget and the draft budgets of the state extra-budgetary funds of the Russian Federation shall be endorsed for three years. The draft budgets of the subjects of the Russian Federation and the draft budgets of the territorial state extra-budgetary funds (draft local budgets) may be drawn up for one year or three years.
      The Federal Law is entered into force from January 1, 2008 except for the provisions where other time limits for the entry into force are specified.

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