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 6.11.2007

Federal Law No. 255-FZ of November 4, 2007 on the Amendments to Chapter 21 of Part 2 of the Tax Code of the Russian Federation in View of the Refining of the Procedure of Application of the Zero Percent Tax Rate by Taxpayers Engaged in Activities of Production and Servicing of Outer Space Equipment

Refines the grounds and procedure of application of the zero percent VAT rate by taxpayers engaged in activities of production and servicing of outer space equipment.
      The Federal Law is entered into force one month after the day of its official publication, however, no sooner than the 1st of the subsequent tax period for the value added tax.

Federal Law No. 252-FZ of November 4, 2007 on the Amendment to Article 234 of the Criminal Code of the Russian Federation

The amendments refine the authority of the Government of the Russian Federation when endorsing the lists of potent and poisonous substances, as well as defining the amount of the potent substances.
      The Federal Law is entered into force thirty days after the day of its official publication.

Federal Law No. 251-FZ of November 4, 2007 on the Amendment to Article 966 of Part 2 of the Civil Code of the Russian Federation

Introduces a common, three-years long, period of limitation for the claims under the contract of insurance of the risk of liabilities in obligations arising because of the damage to life, health or property of other persons.
      The Federal Law is entered into force from the day of its official publication.

Federal Law No. 249-FZ of November 2, 2007 on the Amendment to Article 13 of the Federal Law on Pawnshops

The amendments refine the procedure of sale by the pawnshop of unclaimed belongings.

Federal Law No. 248-FZ of November 2, 2007 on the Amendment to Article 29 of the Federal Law on the Banks and Banking Activities

The bank is prohibited to reduce on the unilateral basis the period of the contract, reduce the percent, increase or introduce commission for operations.

Federal Law No. 247-FZ of November 2, 2007 on the Amendments to the Budget Code of the Russian Federation and the Federal Law on the Amendments to the Budget Code of the Russian Federation Pertaining to Regulation of the Budget Process and Bringing Individual Legislative Acts of the Russian Federation in Compliance with the Budget Legislation of the Russian Federation

The amendments rename the Fund of Future Generations into the Fund of the National Well-Being.
      The Federal Law is entered into force from the day of its official publication except for individual provisions where another time limit is specified for the entry into force.

Federal Law No. 246-FZ of November 2, 2007 on the Amendments to the Federal Law on the Federal Budget for the Year 2007

Defines the sources and volumes of financing of institutes of development.
      The Federal Law is entered into force from the day of its official publication.

Federal Law No. 245-FZ of November 2, 2007 on the Ratification of the Treaty of Partner Relations between the Russian Federation and the Republic of Peru

The Treaty signed in the city of Hanoi on November 18, 2006 is expected to create and enhance conditions for development of friendship and cooperation between the Russian Federation and the Republic of Peru.

Federal Law No. 243-FZ of November 1, 2007 on the Ratification of the Treaty of Friendship and Partnership between the Russian Federation and the South African Republic

The ratified Treaty was signed in Cape Town on September 5, 2006 and is aimed at development of a multifaceted cooperation with the South African Republic, promotion of a large-scale interaction on the bilateral and multilateral bases.

Federal Law No. 242-FZ of October 30, 2007 on the Amendments to Article 12 of the Federal Law on the Currency Regulation and Currency Control

Diplomatic representations, consular institutions of the Russian Federation and other official representations of the Russian Federation abroad, as well as permanent representations of the Russian Federation in interstate and intergovernmental organisations are exempted from the duty to submit to the tax bodies reports of the flow of resources on the accounts (deposits) in the banks outside the Russian Federation.

Federal Law No. 240-FZ of October 30, 2007 on the Amendments to the Federal Law on the Special Economic Zones in the Russian Federation and Individual Legislative Acts of the Russian Federation

The adopted Federal Law creates a legal basis for the introduction and development on the territory of the Russian Federation of the new type of special economic zones - those in the ports.
      The Federal Law is entered into force 30 days after the day of its official publication except for individual provisions where other time limits are specified for the entry into force.

Decision of the Government of the Russian Federation No. 724 of October 31, 2007 on the Procedure and Terms of Committing of Transactions of Transfer of the Proprietary Right for the Nuclear Materials to a Foreign State or a Foreign Legal Entity

Decision to transfer nuclear materials from the federal property to a foreign state or foreign legal entity is taken by the Government of the Russian Federation at the presentation of the Federal Agency for Nuclear Power upon coordination with the Federal Service for Technical and Export Control and other interested federal bodies of executive power.

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