Contrary to the figure reported in our Tax News Reporter of 8 May 1996, the new minimum monthly wage is 75,900 Roubles. We apologise for any inconvenience caused by this typographical error.
PROFITS TAX / CURRENCY TRANSACTIONS
Losses incurred in buying and selling foreign currencies for rates that differ from the Central Bank rate are not deductible for profits tax purposes. Losses incurred on short term currency operations with the aim of hedging are only deductible to the extent of income from the same type of transaction. Any losses incurred on "foreign currency purchase-sale transactions" generally is not deductible at all, whilst profit would still be taxable. All tax inspectors are instructed to perform a recalculation of profits tax liabilities for the years 1994 and 1995 without applying penalties.
Letter of the State Tax Service of the RF of 27 March 1996 No. NP-4-05/26n, agreed with the Ministry of Finance
TAX DEFERMENTS / NON-MONETARY PAYMENTS
As of 1 May 1996 "non-monetary forms of paying taxes" are no longer allowed. This appears to include certain kinds of commercial credit to the federal budget as well as traded tax exemptions.
Government Regulation of 1 April 1996 No. 481
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 general guidance only and should not form the basis of specific decisions
For further information contact Stewart Naunton on Tel: +7 503 232 5511 or Fax: +7 503 232 5522 or enter a text search 'Coopers & 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.
Strategic planning is crucial to profitable business growth, but companies typically realise only about 63% of their business strategy's potential financial value because of defects and breakdowns in strategic planning and implementation.
One of the greatest challenges facing employers today is finding and keeping good employees. This article describes some effective employee retention strategies that will help you retain good staff and develop a stable workforce.
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates' sentiment and strategies.
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).