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 13.06.2007

Decision of the Government of the Russian Federation No. 359 of June 9, 2007 on the Endorsement of the Terms of Qualifying the Dominating Position of the Financial Organisation (Except for the Credit Organisation) and the Rules of Determination of the Dominating Position of the Financial Organisation (Except for the Credit Organisation)

The dominating position of the financial organisation at the commodity market is the one permitting the given organisation to exert a decisive influence on the general terms of circulation of the appropriate financial service at the appropriate market and/or remove other economic subjects from the commodity market and/or impede access to the commodity market for them.
      The dominating position at the commodity market of several financial organisations forming a group of entities operating within the boundaries of the commodity market is qualified for the group in aggregate.

Decision of the Government of the Russian Federation No. 354 of June 6, 2007 on the Endorsement of the Regulation on the Federal Service of Enforcement in the Sphere of Communication and Protection of Cultural Heritage

Endorses the Regulation defining the sphere of reference and the organisation of work of the Federal Service of Enforcement in the Sphere of Communication and Protection of Cultural Heritage created as a result of the reorganisation of the Federal Service of Enforcement of Observation of Legislation in the Sphere of Mass Communication and Protection of Cultural Heritage and the Federal Service of Enforcement in the Sphere of Communication.

Decision of the Government of the Russian Federation No. 352 of June 6, 2007 on the Measures to Implement the Federal Law on the Combating of Terrorism

Endorses three Regulations defining the procedure of use by the Armed Forces of the Russian Federation of arms and military equipment to remove the threat or stop a terrorist act in the air, in the internal waters, in the territorial sea, on the continental shelf of the Russian Federation, under the water, as well as in the course of antiterrorism operations.

Decision of the Government of the Russian Federation No. 351 of June 6, 2007 on the Amendments to the Regulation on the Federal Tax Service Endorsed by the Decision of the Government of the Russian Federation No. 506 of September 30, 2004

There is a new wording of the norms of Part I of the Tax Code of the Russian Federation being in effect from January 1, 2007 that defines the rights and duties of the tax bodies, procedure of payment of taxes and fees, the rules of tax checks, duties of the banks pertaining to registration of taxpayers and a number of other norms.

Letter of the Central Bank of Russia No. 78-T of June 1, 2007 on the Application of Item 5.1 of the Regulation of the Bank of Russia No. 254-P of March 26, 2004 on the Procedure for Credit Organisations to Form Reserves for Possible Losses in Loans, Debts in Loans and Similar Debts

Explains some issues of the procedure of calculation of the efficient percent rate for the purposes of the reserve for the portfolio of similar loans, as well as of conveying it to the borrower.

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