Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 22.06.2011

Federal Law No. 147-FZ of June 21, 2011 on Amending Article 217 of Part 2 of the Tax Code of the Russian Federation and Article 4 of the Federal Law on the Personal Subsidiary Farm

The law grants exemption from the personal income tax to funds allocated from budgets for the purpose of developing personal subsidiary farms and to proceeds from the sale of their animal and plant products, subject to certain conditions including for instance the size of the land plot.

Resolution of the Supreme Court of the Russian Federation No. GKPI11-617 of June 6, 2011

Permits businesses and institutions to issue powers of attorney for receiving goods and valuables including cash to persons other than their own employees.

Direction of the Central Bank of the Russian Federation No. 2638-U of May 17, 2011 on Amending the Instructions of the Bank of Russia No. 135-I of April 2, 2010 on the Procedure for the Bank of Russia to Take a Decision on the State Registration of Credit Organisations and the Issuance of Banking Transaction Licences

Modifies the procedures governing the registration and operation of banks. For instance, now banks may get separate licences to carry out transactions in legal entities' funds without being entitled to provide cash services to clients. A list of the documents required for the state registration of lending institutions and the issuance of banking transaction licences is updated. If a territorial institution of the Central Bank refuses to register a bank and issue a licence thereto it will send the documents to the central staff of the Bank of Russia rather than returning them to the applicant.

Direction of the Central Bank of the Russian Federation No. 2634-U of May 13, 2011 on Amending Annex 4 to the Regulations of the Bank of Russia No. 2-P of October 3, 2002 on Nonash Settlements of Accounts in the Russian Federation

Modifies the form of payment instructions used in noncash settlements of accounts to bring it in line with recommendations of the international Financial Action Task Force.

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