The Moscow Duma has exercised its right to increase the level of taxes payable to the Road Fund. From 1 July 1995, the local turnover tax on Road Users has increased to 1.5% of sales (0.11% of turnover for wholesale and retail trading companies). The tax on owners of motor vehicles (applicable to both legal entities and individuals) has also been increased, although still relatively low (for example Rbl 1300 per horsepower for cars).
(Moscow Law of 31 May 1995 No 12)
The Ministry of Finance is introducing a new reporting form which will need to be submitted to the tax authorities by all Russian legal entities as part of the tax return. The form contains information on the company's cash flow for the reporting period, and the first will be due for submission in October 1995 in respect of the first nine months of 1995. Insurance companies, banks and state financed institutions are excluded from the reporting requirement.
(Finance Ministry Order of 16 August 1995 No 89)
Federal Tax / Value Added Tax / Import Duties / Construction
Further exemptions from VAT and import duties have been granted for companies involved in the construction of homes for returning army personnel.
(Federal Law of 7 August 1995 No 128-FZ)
This publication is intended for general guidance only and should not form the basis of specific decisions.
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