Customs authorities will now only accept bank guarantees on the condition that the bank issuing the guarantee is included in a register that was recently issued by the State Customs Committee.
(Order of the State Customs Committee of 4 March 1996 No. 120)
PROFITS TAX / INVESTMENT COMPANIES
For the 1995 fiscal year, investment companies, brokers etc. must disclose capital gains from the sales of securities as sales income, not as 'non-realisation' income as before. As a result of this, such income must be included in the taxable base for road tax (0.8%-1.5%) and housing tax (1.5%).
(Order of the Ministry of Finance of 19 October 1995 No. 115)
VAT / NEW LAW
The new VAT Law is now awaiting signature by the President. Compared to the version discussed in our Tax Alert 20/95, a VAT exemption for construction projects that are at least for 40% financed from the budget was added, whilst the exemption on import of goods financed from loans by international organisations and the option to pay VAT in hard currency for hard currency transactions were removed.
ROAD USERS TAX / NEW RATES
A Law has been adopted by the Moscow Duma and now awaits signature by the mayor which will increase the rate of road users tax from 1.5% (0.11% for trading companies) to 2.5% (0.15% for trading companies).
Legal developments are usually reported in Tax News Reporter on official publication. This may be long after the law is issued.
This publication is intended for public guidance only and should not form the basis for specific decisions.
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Where standard printed terms and conditions of a contract are inconsistent with its special terms and conditions, the special conditions will prevail so as not to defeat the main object and intention of the contract.
Following the decision in the Mercury Case, a practice of ‘virtual signings and closings' has developed to avoid the logistical problems in getting a document signed.
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