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 24.10.2007

Decree of the President of the Russian Federation No. 1374 of October 18, 2007 on Additional Measures for Countering Illegal Transactions in Narcotics, Psychotropic Substances and Precursors Thereof

A State Anti-Narcotic Committee is set up to improve state governance in fighting against illegal transactions in narcotics, psychotropic substances and precursors thereof. The committee chaired by the director of the Federal Drug Control Service of the Russian Federation will prepare proposals for the President of the Russian Federation, annual reports, coordinate the activities of executive governmental bodies and anti-narcotic commissions in the subjects of the Russian Federation etc. The decree enters into force when signed.

Order of the Ministry of Finance of the Russian Federation No. 83n of September 20, 2007 on Amending Order of the Ministry of Finance of the Russian Federation No. 8n of January 17, 2006 on Endorsing the Form of a Tax Return for the Purposes of the Uniform Tax on Imputed Income for Certain Types of Activity and the Procedure for Completing the Form

Amendments are made to the procedure for completing a tax return for the purposes of the uniform tax on imputed income for certain types of activity in as much as it concerns indicating base profitability per unit of a physical indicator per month for the relevant type of activity. The amendments are applicable for the first tax period of the Year 2008. Also the codes of newly formed subjects of the Russian Federation are updated for being indicated in a tax return. The form of a tax return for the said tax is modified in respect of error correction in the formula used to calculate the tax. The order enters into force at least upon the expiry of one month since its official publication but not earlier than the first day of next tax period for the purposes of the tax. Registered by the Ministry of Justice, registration No. 10353 of October 19, 2007.

Letter of the Central Bank of the Russian Federation No. 166-T of October 19, 2007 on the Methodology of Assessing Business Development Expenses (Losses)

For the purpose of recognising the financial stability of a bank sufficient for its participation in the deposit insurance system the indicator of profitability of its assets is taken into account among other things. It is calculated as a ratio in percentage points per annum of the bank's financial result to the mean amount of its assets. According to the methodology certain expenses (losses) may be assessed that need not be included in the calculation of the bank's financial result because they are business development expenses like those relating to the formation of new branches and internal units of the bank and to the running thereof. The bank's expenses relating to the opening of representative offices and recruiting part-time employees cannot be classified as business development expenses. A special table form is provided as recommended for showing business development expenses.

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