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 27.12.2007

Order of the Ministry of Finance of the Russian Federation No. 118n of November 27, 2007 on the Amendments to the Order of the Ministry of Finance of the Russian Federation No. 153n of November 27, 2006 on the Endorsement of the Form of the Tax Declaration for Indirect Taxes (Value Added Tax and Excise Duty Taxes) for the Cases of Import of Commodities to the Territory of the Russian Federation from the Territory of the Republic of Belarus and Its Filling Procedure

Pursuant to the invalidation from January 1, 2008 of the norm permitting the taxpayers with the monthly amounts of receipts from sale of commodities (works, services) without VAT not greater than Rbl 2 million during the quarter to pay the value added tax for the expired quarter no later than the 20th of the month following the expired quarter excludes from the procedure the provisions stating that the mentioned norm does not apply to the import of commodities to the territory of Russia from the territory of the Republic of Belarus.

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