A special VAT ruling has been issued which is applicable to taxpayer in arrears. If there are no sales in a certain accounting period and accordingly no output VAT, the input VAT charged by suppliers during that period is not eligible for offset. If there is output VAT, excess amounts of input VAT must be allocated in the first place against outstanding VAT or other tax liabilities to the federal budget. If all taxes have been paid and there is still an excess of input VAT, this should be carried forward to be credited against future VAT payments.
Telegram of the Ministry of Finance and the State Tax Service of 1 October 1996 No. 1-35/93 and VZ-6-03/682
CURRENCY CONTROL / CENTRAL BANK LICENCES
Territorial branches of the Central Bank can now issue CB licences for deferment of receipt of payments in respect of exports or for advance payments in respect of imports for periods exceeding 180 days provided the amount does not exceed 10 million US$, and for opening bank accounts by Russian representative offices abroad. The Order specifies which documents must be filed to apply for the exemption. If the applicant has tax arrears, additional approval must be obtained from the Ministry of Finance or the tax inspectorate.
Order of the Central Bank of 11 October 1996 No. 341
TEMPORARY IMPORTATION OF CARS / DEPOSIT / BANK GUARANTEE
When the benefit of the temporary importation regime is claimed in respect of a car, customs authorities currently require a deposit for the customs payments potentially due. This deposit is only reimbursed after the car has physically left Russia (see Tax News Reporter of 21 August 1996). Instead of a deposit for customs payments that is reimbursed to the importer after the car has physically left Russia, the Moscow customs authorities now accept a bank guarantee. The customs have instructions to accept guarantees of the Menatep bank, whilst guarantees of other banks can be accepted on a case-by-case basis.
Order of the Moscow Customs Directorate of 18 October 1996 No. 68
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'
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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).