Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 13.11.2008

Decision of the Government of the Russian Federation No. 823 of November 7, 2008 on the Procedure of Official Publication of the List of Parts of Subsoil Resources of Federal Significance in the Official Source of the Russian Federation

Parts of subsoil resources may acquire the status of federal significance for the purposes of the country's defence and state security.

Regulation of the Central Bank of Russia No. 322-P of October 9, 2008 on the Procedure for the Tax Body to Send a Decision to the Bank to Suspend Operations on the Accounts of the Taxpayer Organisation or Decision to Revoke the Suspension of Operations on the Accounts of the Taxpayer Organisation in the Electronic Form through the Bank of Russia

Provides opportunities of sending such decisions in the electronic form through the Bank of Russia.

Direction of the Central Bank of Russia No. 2121-U of November 6, 2008 on the Amendments to the Direction of the Bank of Russia No. 1376-U of January 16, 2004 on the List, Forms and Procedure of Drawing up and Submission of the Forms of Reports of Credit Organisations to the Central Bank of the Russian Federation

Some changes are introduces from January 1, 2009.

Letter of the Ministry of Finance of the Russian Federation No. 03-02-07/2-192 of October 29, 2008 on the Absence of Grounds to Accrue Penalties after Expiry of the Preclusive Term of Collection of Debts in Taxes

The penalties for the debts in taxes may not accrue after expiry of the preclusive term, since execution of the duty to pay the penalties may not occur separately from the duty to pay the tax itself.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/1/610 of October 28, 2008 on the Registration for the Purposes of the Profit Tax from Organisations of Expenses in the Form of the Rent for the Land Plot Used for Construction

According to the Tax Code of the Russian Federation, expenses in the form of the rent may be registered for profit taxation purposes as other expenses pertaining to production and sales.

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