Mr S D Shatalov, the Deputy Finance Minister, has unofficially commented that the import VAT exemption on 'technological equipment' is likely to be withdrawn on the basis that it is a disincentive to domestic manufacturers. He did not provide any details as to the possible date of withdrawal.
Licensing/Charter Capital Contributions
Several major Russian banks have recently required their Russian corporate clients to obtain a licence from the Central Bank of Russia before accepting foreign currency contributions to charter capital from overseas shareholders. Our enquiries have revealed that the Bank is now enforcing this requirement, but a licence will generally be issued as a formality unless the circumstances are exceptional - for example, the capital injection is very substantial or a particular industry sector is involved. All licensing issues are likely to be clarified in a new instruction of the CBR to be published shortly.
The double tax treaties between Russia and Ireland, Sweden and Uzbekistan (amongst others) will enter into effect from 1 January 1996, following ratification by Russia, but it is unclear whether other treaties with Luxembourg, Turkey and the UK will also be ratified by Russia in time for them to take effect from the same date.
Legal developments are reported in Tax News Reporter on official publication. This may be long after the law is issued.
This publication is intended for general guidance only and should not form the basis of specific decisions.
For further information contact the firm on +7 503 232 5511, or enter a text search "Coopers and Lybrand" and "Business Monitor".
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The New Turkish Commercial Code ("New Code") has been enacted and will enter into force in July 2012. One of the major changes brought by the New Code regards mandatory independent audits of corporations.
The law about payment of dividends has remained substantially unchanged for thirty years.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).