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 1.11.2007

Federal Law No. 239-FZ of October 30, 2007 on the Amendment to Article 217 of Part 2 of the Tax Code of the Russian Federation

Extends the list of awards exempted from the incomes tax from natural persons.
      The Federal Law is entered into force from January 1, 2008, however, no sooner than one month after the day of its official publication.

Federal Law No. 238-FZ of October 30, 2007 on the State Corporation for Construction of Olympic Objects and Development of the City of Sochi As a Mountain Resort

The main function of the Corporation is organisation of construction of sports objects, objects of transport, engineering infrastructure, as well as communication infrastructure, power supply objects, objects of the tourist industry and public health objects, nature conservation objects, security objects. Operation of Olympic objects is also vested in the Corporation.
      The Federal Law is entered into force from the day of its official publication.

Federal Law No. 237-FZ of October 30, 2007 on the Ratification of the European Convention on the Transfer of Proceedings in Criminal Matters of May 15, 1972

The ratified Convention regulates the procedure of submission and execution of requests for criminal proceedings and creates a legal and contractual basis for cooperation of the Russian Federation with the European states in issues of transfer of criminal cases for processing pertaining to persons on the territory of the other state.

Federal Law No. 236-FZ of October 30, 2007 on the Ratification of the Treaty between the Russian Federation and Mongolia on the Legal Aid and Legal Relations in Civil and Criminal Cases and the Protocol to the Treaty between the Russian Federation and Mongolia on the Legal Aid and Legal Relations in Civil and Criminal Cases of April 20, 1999

The goal of the Treaty is improvement of the legal basis of the Russian-Mongolian cooperation in the sphere of legal aid and legal relations in civil and criminal cases.

Decision of the Government of the Russian Federation No. 723 of October 30, 2007 on the Seasonal Duties for Individual Types of Vegetables Imported to the Territory of the Russian Federation

Introduces the rate of the seasonal duty for cabbage, carrots, beet imported to the territory of the Russian Federation in the amount of 5% of the customs cost until July 1, 2008.
      The Decision is entered into force from January 15, 2008.

Decision of the Government of the Russian Federation No. 714 of October 27, 2007 on the Amendments to the Customs Tariff of the Russian Federation Introducing an Interim Rate of the Import Customs Duty for Individual Types of Vegetable Oil

Introduces for 6 months reduced rates of import customs duties for all types of soy, rape seed and mustard oils and fractions thereof, as well as the raw edible sunflower oil.
      The Decision is entered into force one month after the day of its official publication.

Decision of the Government of the Russian Federation No. 706 of October 27, 2007 on the State Committee of the Russian Federation for the Youth Issues

Creates the State Committee of the Russian Federation for the Youth Issues.

Letter of the Central Bank of Russia No. 170-T of October 30, 2007 on the Particulars of Acceptance for Bank Services of Non-Resident Legal Entities Not Being Russian Taxpayers

The Central Bank of the Russian Federation has revealed in the course of enforcement activities that accounts of a number of clients of credit organisations are actively used for operations of intricate or unusual nature that do not have a clear economic reason or a clear legal goal. In many cases, such operations involve non-resident legal entities having obtained in the tax bodies the code of a foreign organisation who are not being Russian taxpayers, do not have INN and do not submit appropriate reports, making it difficult to check information necessary for the identification of the non-resident legal entities not being Russian taxpayers.

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