The amendment to the VAT law has been officially published on 9 April 1996 and enters into force from that date. For more detailed comment, please see Tax Alert 20/95 and our next Tax Alert.
(Federal Law of 1 April 1996 No. 25-FZ)
PENSION FUND / EXEMPT PAYMENTS
The State Pension Fund has now explicitly stated that insurance premiums, paid by employers for the benefit of employees under agreements for personal, property or other voluntary insurance (which presumably includes medical insurance as well), including payments to non-state pension funds, are now subject to the 28% Pension Fund contribution. The State Pension Fund also plans to register each citizen with a personal Pension Fund Insurance number in order to build up a record of Pension Fund contributions paid on behalf of each individual.
(Clarification of the Pension Fund of the Russian Federation to Government Regulation of 19 February 1996 No. 153 & Federal Law of 1 April 1996 No. 27-FZ)
PROFITS TAX / INDEXATION OF ASSETS
The inflation index to be applied when determining taxable profit on sales of assets of an enterprise will be published quarterly in Rossijskaja Gazeta.
(Government Regulation of 21 March 1996 No. 315)
SMALL ENTERPRISES / SIMPLIFIED ACCOUNTING
Accounting forms for small enterprises under the Law of 29 December 1995 No. 222-FZ (maximum of 15 employees) have been issued by the Ministry of Finance. When applying for the simplified accounting regime, the number of employees should not exceed 14.
(Order of the Ministry of Finance of the Russian Federation of 22 February 1996 No. 18. Information Letter of the State Tax Service of the Russian Federation of 6 March 1996 No. 11-13/3982)
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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