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 30.11.2007

Federal Law No. 285-FZ of November 29, 207 on the Amendments to Chapter 25.1 of Part 2 of the Tax Code of the Russian Federation

The amendments create incentives for a more efficient use of aquatic biological resources.
      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. 284-FZ of November 29, 2007 on the Amendments to Part 2 of the Tax Code of the Russian Federation

Amounts of payments for the purchase and/or construction of dwelling space provided from the federal budget, budgets of subjects of the Russian Federation and local budgets are exempted from the tax on incomes 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 and no sooner than the 1st of the subsequent tax period for the appropriate tax, except for individual provisions where other time limits are specified for the entry into force.

Federal Law No. 281-FZ of November 29, 2007 on the Amendments to Part 3 of the Tax Code of the Russian Federation

Envisages opportunities of legal succession for the escheat in the form of dwelling space not only for the Russian Federation, as was specified before, but also for municipal formations and subjects of the Russian Federation - cities of federal significance where the mentioned dwelling space is located.

Federal Law No. 275-FZ of November 28, 2007 on the Amendments to Articles 5 and 7 of the Federal Law on the Combating of Legalisation (Laundering) of Incomes Obtained in a Criminal Way and Financing of Terrorism

Commercial organisations concluding contracts of financing on condition of monetary claims cession as financial agents are included in the list of organisations carrying operations with monetary resources or another property that must take measures to combat legalisation of incomes obtained in a criminal way and financing of terrorism.
      The Federal Law is entered into force from January 15, 2008.

Federal Law No. 267-FZ of November 23, 2007 on the Amendments to the Federal Law on the Federal Budget for the Year 2007

Changes the main characteristics of the federal budget for the year 2007 as a result of its execution in the first six months and the preliminary assessment of execution for 9 months of the current year.
      The Federal Law is entered into force from the day of its official publication.

Decision of the Government of the Russian Federation No. 810 of November 26, 2007 on the Procedure and Terms of Management of the Vessels of the Nuclear Ice-Breaker Fleet and the Vessels of Nuclear Technological Servicing

In pursuance of the Decision of the Government of the Russian Federation No. 718 of June 19, 1994 and to perfect the management of the Northern Sea Route and improve the servicing of the regions of the Far North and localities of similar status, the vessels with nuclear power plants, diesel ice-breakers and vessels of the nuclear technological servicing that were not subject to privatisation were handed over in trust control to a number of companies including the Murmansk Shipping Company.

Decision of the Government of the Russian Federation No. 807 of November 26, 2007 on the Amendments to Some of the Decisions of the Government of the Russian Federation

The amendments are stipulated by the improvements of the legislation on commodity exchanges.

Decision of the Government of the Russian Federation No. 806 of November 26, 2007 on the Amendments to the Decision of the Government of the Russian Federation No. 273 of May 8, 2007

Adjusts the procedure of calculation of the damage incurred on the forests because of violation of the forestry legislation.

Decision of the Government of the Russian Federation No. 803 of November 26, 2007 on the Currency Operations Carried out by the Federal Treasury

The Federal Treasury is permitted to carry out all types of currency operations without restrictions.

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