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 7.09.2007

Decision of the Government of the Russian Federation No. 552 of September 3, 2007 on the Interim Rate of the Import Customs Duty for Digital Cameras

Introduces for 9 months the zero rate of the customs duty for digital cameras (code of Foreign Trade Commodity Nomenclature of Russia 8525 80 300 0). At present, the import of the mentioned commodities is subject to the rate of 5% of the customs cost.
      The Decision is entered into force 1 month after the day of its official publication.

Order of the Ministry of Natural Resources of the Russian Federation No. 185 of July 16, 2007 on the Endorsement of the Rules of Maintenance of Forests

The maintenance of forests is arranged through the felling of the part of trees and bushes, land improvement and other measures carried out by the parties using forests in the framework of forest management projects or the bodies of state power, bodies of local government within their sphere of reference.
      Registered in the Ministry of Justice of the Russian Federation on August 29, 2007. Reg. No. 10069.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-06-01/296 of August 17, 2007

According to the Tax Code of the Russian Federation, amounts of savings on interest when the taxpayers get borrowed (credit) resources in excess of the amounts mentioned in Item 2 of Article 212 of the Tax Code of the Russian Federation are subject to the incomes tax from natural persons at the rate of 35%. However, amounts in the form of material benefit from savings on interest for the use of targeted loans (credits) obtained and actually spent for new construction or purchase of dwelling home, flat or a share(s) in them are subject to the incomes tax from natural persons at the rate of 13%.

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