OPENING OF BANK ACCOUNTS/ INFORMING THE TAX INSPECTORATE
If a legal entity opens a bank account, the bank is obliged to notify the tax inspectorate where the entity is located by fax and by mail. Not later than one working day after receipt of this notification, the tax inspectorate should send a confirmation of receipt to the bank, by fax and by registered mail. The bank account may only be used after receipt of this confirmation.
Order of State Tax Service of 11 November 1996 No. PV-6-12/773, Ministry of Finance of 10 November 1996 No. 95, Central Bank of 24 October 1996 No. 349
REVALUATION OF ASSETS
All assets on balance sheets of enterprises must be revalued in accordance with market prices as at 1 January 1997. Revaluation can take place by assessing the market value or applying inflation indices which will be published by Goskomstat. The restated values will not influence property tax or depreciation for tax purposes in 1996 and 1997.
Government Regulation of 7 December 1996 No. 1442
PROOF OF EXPORT OF GOODS
In order to prove that goods have been exported, exporters must submit a written application, containing information about how the export will actually take place, and a "return copy" of the customs freight declaration to the customs post where the goods will be cleared for export. Within one month after registration of the application, the customs authorities return the copy of the customs freight declaration, with a stamp on the reverse side. This stamped copy serves as the official document supporting physical export of the goods and may be required to claim tax exemptions, refunds etc.
Order of the State Customs Committee of 17 October 1996 no. 01-14/1181
PUBLISHING ANNUAL ACCOUNTS
Open joint stock companies must publish their 1996 accounts before 1 June 1997. Before being published, an audit confirmation must have been received and the shareholder meeting must have approved the accounts. This deadline conflicts with the date set in the joint stock company law for submitting accounts to a meeting of shareholders, which is set at 1 July 1997.
Order of the Ministry of Finance of 28 November 1996 No. 101
For further information contact Bauke van der Meer on tel: +7 503 232 5511 fax: +7 503 232 5522 or e-mail directly: Bauke_van_der_Meer@ru.coopers.com or enter a text search 'Coopers & Lybrand' and 'Business Monitor'
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