The Central Bank of Russia refinancing rate has been reduced to 24%. The interest rate determines a number of important items for tax purposes, including the maximum interest deduction for profits tax purposes for rouble loans.
Revaluation of fixed assets
In accordance with clarifications of the State Tax Service and of the Ministry of Finance the results of revaluation of fixed assets as of 1 January 1997 are not to be used in calculation of property tax and depreciation in 1997. The revaluation as at 1 January 1997 is to be performed in the course of 1997 and is to effect the balance sheet of the taxpayer for the first quarter of 1998.
Letter of State Tax Service of 25 March 1997 no. SSH-4-02/12n
"On the property tax on enterprises"
Relaxation of GKO rules
The CBR increased the number of allowed operations with GKOs, and in particular, it is now allowed to pledge GKOs not only to the Central Bank but to the other parties. GKOs can be transferred to and from dealers depository accounts as a result of pledge operations.
Order of the Central Bank no. 02-225 of 21 May 1997
Joint tax audits with the Ukraine
"Argumenty i Facty Agency" has reported that the Russian State Tax Service and the State Tax Agency of the Ukraine agreed to carry out joint tax audits of legal entities acting on the territory of both states. This has been announced by the Information Department of the State Tax Service after the inter-governmental agreement between Russia and the Ukraine was signed on 28 May 1997.
Apart from the change to the CBR refinancing rate, there is little of interest this week for the majority of companies.
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.
For further information contact Alla Shaulina on tel: +7 503 232 5511 fax: +7 503 232 5522 or e-mail directly: Alla_Shaulina@ru.coopers.com or enter a text search 'Coopers & Lybrand' and 'Business Monitor'.
c.Business Monitor 1997 - +44 (0)171 820 7733
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.
Under Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR")...
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).