Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 19.06.2007

Decree of the President of the Russian Federation No. 768 of June 15, 2007 on the Amendments to the Decree of the President of the Russian Federation No. 1315 of October 13, 2004 "Issues of the Federal Registration Service" and the Regulation Endorsed by this Decree

The functions of enforcement of activities of self-regulating organisations of assessors are vested in the Federal Registration Service.
      The Decree is entered into force from the day of its signing, except for the provisions on the increase of the staff of the federal service and its territorial bodies entering into force from January 1, 2008.

Decision of the Government of the Russian Federation No. 367 of May 31, 2007 on the Measures to Implement Article 54 of the Federal Law on the Fishing and Conservation of Aquatic Biological Resources

Specifies the rules of sale and destruction of confiscated aquatic biological resources and products of their processing.

Order of the Federal Tax Service No. MM-3-03/299@ of May 14, 2007 on the Endorsement of the Forms of Documents Used by Tax Bodies When Implementing Their Authority in Relations Regulated by Legislation on Taxes and Fees

According to the tax legislation, the surplus of tax exemption over the accrued amount of excise duty is subject to offsetting or return.
      Registered in the Ministry of Justice of the Russian Federation on June 13, 2007. Reg. No. 9638.

Order of the Central Bank of Russia No. OD-415 of June 8, 2007 on the Regulation on the Functioning of the System of Urgent Electronic Bank Payments (BESP)

The BESP system is functioning in the payment network of the Bank of Russia and is intended for making urgent payments in the currency of the Russian Federation of the Bank of Russia, credit organisations (their branches), clients of the Central Bank of Russia not being credit organisations (their branches) and for providing for real-time continuous payments on the gross basis.

Letter of the Central Bank of Russia No. 81-T of June 8, 2007 on the Terms of Contracts Defining the Rights and Duties of the Credit Organisation (Its Branch), Another Client of the Bank of Russia Not Being a Credit Organisation (Its Branch) and the Bank of Russia Emerging When Making Payments through the System of Real-Time Gross Payments of the Bank of Russia

Defines the terms to be included in the contracts defining the rights and duties of the credit organisation (its branch), another client of the Bank of Russia and the Bank of Russia emerging when making payments through the system of real-time gross payments of the Bank of Russia known as the system of urgent electronic bank payments (BESP).

Information of the Central Bank of Russia of June 18, 2007

From June 19, 2007, the rate of refinancing (bank rate) of the Bank of Russia is reduced from 10.5% to 10% annual. The previous reduction of the bank rate occurred on January 29, 2007 (from 11% to 10.5%).

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