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 29.08.2008

Decree of the President of the Russian Federation No. 1144 of July 30, 2008 on the Prize of the President of the Russian Federation in the Sphere of Science and Innovations for Young Scientists

Endorses three prizes of the President of the Russian Federation in the sphere of science and innovations for young scientists in the amount of Rbl 2.5 million each.

Order of the Administration of the President of the Russian Federation and the Office of the Government of the Russian Federation No. 943/788 of July 16, 2008

In view of the reorganisation of the structure of the federal bodies of executive power, endorses a new list of full and abbreviated names of the federal bodies of executive power.

Decision of the Government of the Russian Federation No. 579 of July 31, 2008 on the Forms of Writs of Execution

From February 1, 2008, the Government of the Russian Federation endorses the forms of writs of execution, as well as their making, registration, storage and destruction procedure.

Letter of the Federal Service of Labour and Employment No. 1316-6-1 of June 7, 2008 on the Irregular Working Hours

Explains some issues of irregular working hours regime.

Order of the Ministry of Regional Development of the Russian Federation No. 91 of July 11, 2008 on the Endorsement of the Forms of Documents Used by the Ministry of Regional Development of the Russian Federation in the Course of Licensing in Compliance with the Federal Law on the Licensing of Individual Types of Activities

Before introduction of changes in the appropriate normative legal acts, the Ministry of Regional Development is empowered with authority of licensing in the sphere of design, construction and engineering surveys.

Order of the Federal Tax Service No. MM-3-6/314@ of July 16, 2008 on the Amendments to the Order of the Federal Tax Service of Russia No. SAE-3-09/826@ of December 1, 2006 on the Endorsement of the Forms of Documents Used for the Registration and Removal from Records of Russian Organisations and Natural Persons

Adjusts the forms of the application for the registration (removal from records) of Russian organisations in the tax body at the place of location of its separate division on the territory of the Russian Federation.

Order of the Federal Service for Financial Markets No. 08-28/pz-n of July 3, 2008 on the Amendments to the Regulation on the Activities of Specialised Depositaries of Mortgage Coverage and the Rules of Keeping of the Register of Mortgage Coverage Endorsed by the Order of the Federal Service for Financial Markets of Russia No. 05-60/pz-n of November 1, 2005

The amendments regulate the procedure of organisation of activities of specialised depositaries of mortgage coverage and the keeping of the register of mortgage coverage in cases when the claims under obligations comprising the mortgage coverage are not received by the issuer as of the date of the endorsement of the decision on the issue (additional issue) of the mortgage coverage bonds.

Order of the Federal Service for Financial Markets No. 08-27/pz-n of July 3, 2008 on the Endorsement of the Regulation on the Procedure of Transfer of Property for Inclusion in the Shared Investment Fund

Documentary securities are handed over with an act of acceptance.

Decision of the Government of the Russian Federation No. 581 of August 4, 2008 on the Authorised Federal Body of Executive Power in Charge of Control of Activities of the Market Council

The authorised federal body of executive power in charge of control of activities of the Market Council is the Ministry of Power Supplies.

Decision of the Government of the Russian Federation No. 557 of July 22, 2008 on the Amendments to the Federal Rules (Standards) of Audit Activities Endorsed by the Decision of the Government of the Russian Federation No. 696 of September 23, 2002

The federal rules (standards) of audit activities are extended to include some new rules (standards) pertaining to the use by the auditor of results of expert work, revision of financial (accounting) reports and control of quality of services of audit organisations.

Direction of the Central Bank of Russia No. 2048-U of August 1, 2008 on the Normatives of Obligatory Reserves (Reserve Requirements) of the Bank of Russia

Introduces new normatives of obligatory reserves for credit organisations from September 1, 2008.

National Plan of Combating Corruption (Endorsed by the President of the Russian Federation on July 31, 2008, Pr-1568)

The national plan of combating corruption has been worked out to remove the fundamentals of corruption and contains the following measures: changes in the legislation, improvement of state management and upgrading the legal of education and qualification of lawyers.

Order of the Ministry of Regional Development of the Russian Federation No. 117 of July 31, 2008 on the Endorsement of the Methods of Calculation of the Figures and Application of the Criteria of Efficiency of Regional Investment Projects

The method permits to assess the efficiency of the regional investment projects expecting budget allocations of the Investment Fund of the Russian Federation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-07-06/63 of July 14, 2008

When gasolines are mixed to obtain an excisable commodity (new mark or new quality), the organisation must pay the excise duty tax for the sale of this commodity.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-06-02/79 of July 16, 2008

Examines the issue of taxation of the monthly life annuity to the former employee envisaged in the labour contract.

Letter of the Federal Service of Enforcement in the Sphere of Protection of Consumer Rights and Human Well-Being No. 01/7907-8-27 of July 24, 2008 on the Additional Measures to Protect the Rights of Consumers Pertaining to Granted Credits (in Addition to the Letter No. 01/2973-8-32 of April 1, 2008)

Conveys explanations to the territorial bodies of the Federal Service of Enforcement of in the Sphere of Protection of Consumer Rights and Human Well-Being to be used as a guidance when protecting the rights of consumers getting credits.

Order of the Federal Tax Service No. MM-3-6/313@ of July 16, 2008 on the Amendments to the Order of the Federal Tax Service of Russia No. MM-3-09/536@ of September 17, 2007 on the Endorsement of the Forms of Information Envisaged in Article 85 of the Tax Code of the Russian Federation

Adjusts the list of information indicated in the forms "Information on the Fact of Registration of the Transport Vehicle and Its Owner", "Information on the Trusteeship", "Information on the Issuance of the Certificate for the Right of Inheritance", "Information on the Notary Certification of the Contract of Donation", "Information on the Facts of Initial Issuance or Replacement of the Identification Document of the Citizen of the Russian Federation on the Territory of the Russian Federation".

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-07/1-311 of July 24, 2008

According to the new Tax Code of the Russian Federation, suspension of operations on the account does not apply to the payments with a higher priority as compared to the payment of taxes and fees, as well as operations of writing off of monetary resources in payment of taxes (advance payments), fees, appropriate penalties and fines to transfer them to the budget system of the Russian Federation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation

Business trip expenses, including the travel, shall be included for profit taxation purposes in other expenses pertaining to production and sale.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/2/94 of July 24, 2008

Provides explanations on the issue of registration for profit taxation purposes of desperate debts in granted credits.

Order of the Ministry of Public Health and Social Development of the Russian Federation No. 355n of July 25, 2008 on the Endorsement of the List of Professions (Specialities, Positions) of Foreign Citizens (Skilled Specialists) Getting Employment with Their Profession (Speciality) Where Quotas Do Not Apply for 2008

In 2008, Russia needs 1,828,245 foreign workers.

Order of the Ministry of Regional Development of the Russian Federation No. 92 of July 11, 2008 on the Composition and Volume of Engineering Surveys Necessary for the Determination of the Borders of the Planned Deployment of Objects of Capital Construction of Federal Significance

Defines the composition and volume of engineering surveys necessary for these purposes.

Order of the Federal Customs Service No. 853 of July 14, 2008 on the Endorsement of the Procedure of Identification of Commodities Imported to the Territory of the Special Economic Zone

Adjusts the procedure of identification of commodities imported to the industrial production, innovation and port special economic zones.

Order of the Federal Customs Service No. 906 of July 23, 2008 on the Endorsement of the Administrative Regulation of the Federal Customs Service on the Provided State Service of Taking Preliminary Decisions on the Country of Origin of the Commodity

Customs bodies may take a preliminary decision on the country of origin of commodities at the request of the declaring party or another party concerned.

Order of the Ministry of Foreign Affairs of the Russian Federation and the Ministry of Finance of the Russian Federation No. 9819/69n of July 14, 2008 on the Amendments to the List of Foreign States Whose Representations Enjoy on the Reciprocity Basis the Zero Percent Rate of the Value Added Tax in the Cases of Sale of Commodities (Carrying out Works, Rendering Services) for Official Use by Foreign Diplomatic Representations and Representations of a Similar Status or for Personal Use by the Diplomatic or Administrative Personnel of These Representations, Including Their Family Members Living Together with Them, Endorsed by the Order of the Ministry of Foreign Affairs of the Russian Federation and the Ministry of Finance of the Russian Federation No. 6499/41n of May 8, 2007

The zero percent rate is applied on the reciprocity basis.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/1/417 of July 21, 2008

Provides explanations on the issue of registration for profit taxation purposes of expenses in the form of interest in loans.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/1/418 of July 22, 2008

If the commission for the bank's services in a credit contract is expressed as a percent of the actual daily residues on the loan accounts, expenses of the organisation in the form of the mentioned commission are regarded as interest for profit taxation purposes.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-05-04-01/27 of July 22, 2008

From January 1, 2008, the estimate of the average annual cost of property for the tax period includes the residual cost of property registered on the balance of the organisation as of the 1st of the month beginning with January 1 and the residual cost of property as of the end of the reported year.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-07-08/183 of July 22, 2008

VAT amounts put forward to the taxpayer in the case of purchase of commodities (works, services) enjoy exemptions when these commodities are used for operations regarded as an object of taxation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-07/1-307 of July 23, 2008

Suspension of operations on the taxpayer account does not apply to the payments with a higher priority as compared to the payment of taxes and fees, as well as operations of writing off of monetary resources in the payment of taxes (advance payments), fees, appropriate penalties and fines and their transfer to the budget system of the Russian Federation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-06-01/225 of July 23, 2008

From January 1, 2008, amounts of insurance contributions under the contracts of voluntary personal insurance (including the contracts of voluntary medical insurance) paid out from the resources of employers for their employees, members of their families and other persons not engaged in labour relations with the employer are exempted from the incomes tax from natural persons.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-07-06-01/243 of July 31, 2008

Provides explanations on the issue of taxation with the incomes tax from natural persons of the cost of accommodations to sanatoria and recreational complexes.

Order of the Ministry of Finance of the Russian Federation No. 72n of July 31, 2008 on the Amendments to the Order of the Ministry of Finance of the Russian Federation No. 32n of March 7, 2008

The Fund of Assistance of Reformation of the Housing and Communal Sector is permitted to place in 2008 its temporarily free resources in deposits and deposit certificates of Russian credit organisations.

Order of the Ministry of Justice of the Russian Federation No. 161 of August 1, 2008 on the Endorsement of the Form of the Certificate of the State Registration of a Non-Commercial Organisation

The Ministry of Justice of Russia shall implement the functions of the Federal Registration Service to register non-commercial organisations.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-06-01/224 of July 23, 2008

Amounts of insurance contributions under the contracts of voluntary personal insurance (including the contracts of voluntary medical insurance) paid out from the employer resources for its employees and members of their families are exempted from the incomes tax from natural persons.

Order of the Federal Customs Service No. 875 of July 17, 2008 on the Fixed Amount of Security of Customs Payments for Excisable Commodities

A security of customs payments, taxes is necessary in cases of granted respites or extension schedules for the payment of customs duties and taxes, conditional release of commodities, transportation and/or storage of foreign-made commodities, carrying out activities in the customs sphere or as a resident of the port special economic zone.

Decision of the Government of the Russian Federation No. 604 of August 12, 2008 on the Endorsement of the Rules of Distribution of the Quotas for the Catch of Aquatic Bioresources for the Russian Federation in the Regions Covered by International Treaties of the Russian Federation Pertaining to Fishing and Conservation of Aquatic Bioresources

Specifies the procedure of distribution among legal entities and independent entrepreneurs of the quotas of the catch of aquatic bioresources for the Russian Federation in the regions covered by international treaties of the Russian Federation pertaining to fishing and conservation of aquatic bioresources.

Decision of the Government of the Russian Federation No. 602 of August 12, 2008 on the Endorsement of the Rules for the Arrangement of Auctions of Sale of Quotas of the Catch of Aquatic Bioresources and Shares in the Total Volume of Quotas of the Catch of Aquatic Bioresources for the Purposes of Commercial Fishing

Specifies the procedure to arrange and carry out the auctions of sale of quotas of the catch of aquatic bioresources included in the objects of fishing and the shares in the total volume of quotas for the purposes of commercial fishing.

Decision of the Government of the Russian Federation No. 590 of August 12, 2008 on the Procedure to Check Investment Projects for Efficiency of Use of Resources of the Federal Budget Allocated for Capital Investments

Specifies the procedure to check investment projects envisaging construction, reconstruction and modernisation of objects of capital construction and/or other investments in the main capital financed fully or partly at the expense of the federal budget.

Decision of the Government of the Russian Federation No. 605 of August 12, 2008 on the Endorsement of the Rules of Distribution of Quotas for the Catch of Aquatic Bioresources for the Purposes of Commercial Fishing (Except for the Coastal Fishing) on the Continental Shelf of the Russian Federation and in the Exclusive Economic Zone of the Russian Federation

Adjusts the procedure of distribution of such quotas.

Decision of the Government of the Russian Federation No. 599 of August 12, 2008 on the Endorsement of the Regulation on the Licensing of Operation of Explosive and Fire Hazardous Industrial Objects

Specifies the procedure of licensing of the mentioned activities.

Direction of the Central Bank of Russia No. 2047-U of August 1, 2008 on the Amendments to Item 2 of the Direction of the Bank of Russia No. 1482-U of July 28, 2004 on the List of Securities Included in the Lombard List of the Bank of Russia

Mortgage coverage bonds issued by other than credit organisations with a BBB- rating according to Standard & Poor's or Fitch Ratings or a rating according to Moody's Investors Service may be included in the Lombard List of the Bank of Russia regardless of whether or not they are secured with guarantees.

Order of the Ministry of Transport of the Russian Federation No. 110 of July 17, 2008 on the Implementation of the Decision of the Government of the Russian Federation No. 89 of February 16, 2008

Foreign carriers need Russian permissions and multilateral permissions for international shipments by road on the territory of the Russian Federation. Russian carriers need foreign permissions or multilateral permissions for international shipments by road.

Letter of the Federal Tax Service No. ShS-6-3/585@ of August 19, 2008 on the Information Necessary for the Calculation of the Tax on Extraction of Mineral Resources for Oil for July 2008

Provides information necessary for the calculation of the tax on extraction of mineral resources for oil for July 2008.

Letter of the Ministry of Finance of the Russian Federation No. 07-05-10/52 of July 25, 2008

Explanations to the accounting balance report of the organisation and the report of profits and losses must show appropriate number of employees.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-06-06-03/4 of June 5, 2008

Provides explanations on the payment of the fee for the use of objects of aquatic bioresources.

Decision of the Government of the Russian Federation No. 625 of August 18, 2008 on the Amount of Damage on Aquatic Bioresources To Be Considered Large

The damage incurred on aquatic bioresources must be reimbursed.

Decision of the Government of the Russian Federation No. 618 of August 18, 2008 on the Informative Interaction in the Keeping of the State Register of Immovable Property

The documents necessary of the keeping of the register are submitted by the body in charge of the state registration of immovable property and transactions with it, the body of executive power of the subject of the Russian Federation, body of local government, the Ministry of Foreign Affairs of Russia, the bodies in charge of the keeping of the forestry and water registers.

Decision of the Government of the Russian Federation No. 616 of August 18, 2008 on the Amendments to the Decision of the Government of the Russian Federation No. 545 of July 18, 2008

Shifts from January 1, 2009 to October 1, 2008 the time of entry into force of the procedure of compensation of losses suffered in individual shipments by the railway transport in cases of hazards to social and economic stability, defence potential, security of Russia.

Decision of the Government of the Russian Federation No. 615 of August 18, 2008 on the Coefficient of Indexing of the Amount of the Monthly Insurance Payment in Obligatory Social Insurance against Industrial Accidents and Occupational Diseases

According to the general rule, the monthly insurance payment in obligatory social insurance against industrial accidents and occupational diseases is not recalculated. An exception is made in the cases of change of the degree of loss of professional abilities and the circle of persons entitled for the payments in case of death of the insured, as well as the cases of indexing of the monthly insurance payment.

Order of the Government of the Russian Federation No. 1193-r of August 15, 2008

Approves the concept of actions at the labour market for the years 2008-2010.

Decision of the Government of the Russian Federation No. 614 of August 18, 2008 on the Interim Rates of Import Customs Duties for Individual Types of Chemical Materials for the Leather Industry

Introduces for 9 months the zero rates of import customs duties for individual types of chemical materials for the leather industry.

Order of the Federal Service for Financial Markets No. 08-31/pz-n of July 29, 2008 on the Requirements to the Procedure of Determination of the Amount of Remuneration for the Management Company of a Joint-Stock Investment Fund and a Shared Investment Fund Whose Stocks (Investment Shares) Have Restrictions of Circulation

Specifies the list of figures used to determine the amount of remuneration for the management company of a joint-stock investment fund (shared investment fund) whose stocks (investment shares) have restrictions of circulation.

Decision of the Government of the Russian Federation No. 619 of August 18, 2008 on the Forming and Implementation of the Targeted Federal Investment Program

The federal targeted investment program consists of two parts - the first (open) containing information on the objects of capital construction available in the normative acts and the second (secret) containing information on the objects of capital construction envisaged in the state defence order.

Order of the Government of the Russian Federation No. 1243-r of August 25, 2008

Transactions of purchase by a foreign investor of voting stocks (share in the registered capital) of a strategically important organisation are subject to a preliminary coordination with the governmental commission.

Direction of the Central Bank of Russia No. 2054-U of August 14, 2008 on the Procedure to Carry out Operations with Foreign Currencies in Cash in the Authorised Banks on the Territory of the Russian Federation

Specifies the particulars of carrying out operations with foreign currencies in cash in the authorised banks on the territory of the Russian Federation.

Decree of the President of the Russian Federation No. 1261 of August 26, 2008 on the Recognition of the Republic of South Ossetia

The Republic of South Ossetia is recognised by Russia as a sovereign and independent state.

Decree of the President of the Russian Federation No. 1260 of August 26, 2008 on the Recognition of the Republic of Abkhazia

The Republic of Abkhazia is recognised by Russia as a sovereign and independent state.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-07/1-352 of August 20, 2008

Since the normative legal acts on taxes are recognised as not complying with the Tax Code of the Russian Federation in court, the taxpayer may enjoy the tax exemption introduced by the law of the subject of the Russian Federation on taxes (normative legal act of the representative municipal body on taxes) before this act is recognised as not complying with the Tax Code of the Russian Federation.

Letter of the Federal Tax Service No. ShS-6-3/603@ of August 25, 2008 on the Use, While Filling Section 9 of the Tax Declaration for the Value Added Tax, of the Codes of Operations Envisaged in Subitem 9 of Item 2 of Article 146 and Subitem 27 of Item 3 of Article 149 of the Tax Code of the Russian Federation

The object of taxation for the value added tax does not include the sale of commodities (works, services) and property rights on the part of the Russian organisers of the XXII Winter Olympic Games and the XI Paralympic Games of 2014.

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