Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 13.08.2008

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.

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