PENSION FUND/ LATE PAYMENT INTEREST OVER OLD DEBTS
The President has issued a Decree allowing the Pension Fund to recalculate the amount of unpaid late payment interest for taxpayers which have no current debts (i.e. all contributions due to the fund as at 1 January 1997 have been paid). The recalculated amount of penalties may be based on the CBR rate in force on the date of payment of the debts. This appears to allow the Pension Fund to retroactively decrease the late payment interest rate, and is certainly an improvement for interest which arose before 10 July 1996, for which a rate of 1% per day was in force. After 10 July 1996, the rate changed to 1/300 of the CBR refinancing rate. In principle, payment defaulters may apply for the interest to be amended to 1/365 of the CBR rate per day of late payment.
Presidential Decree of 5 December 1996 No. 1645
TEMPORARY IMPORTATION OF CARS / PAYMENT OF DEPOSIT TO CUSTOMS
In our Tax News Reporter of 26 November 1996, we reported that under certain circumstances bank guarantees can be issued to the Moscow customs authorities instead of paying a deposit for customs payments, when importing a car under the temporary importation regime. This option has now been retroactively repealed, which means that the deposit must be paid for all cars which are imported in future or for which the temporary importation regime is extended.
Order of the Moscow Customs Directorate of 14 December 1996 No. 87
As of 1 January 1997, the tax inspectorate will be charged with controlling and enforcing payment by employers to the employment fund. The tax authorities and the employment fund have been instructed to work together in organising registration of taxpayers, carrying out audits and checking declarations. The employment fund will still accept declarations for the 4th quarter of 1996, but the general expectation is that the fund will soon cease to exist as an administrative organisation and that declarations will have to be filed with the tax office.
Letter of the Ministry of Labour and the State Tax Service of 14 November 1996 No. 2622-MM and VE-6-07/788
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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