Customs regulations have now been brought into line with the Federal Law (discussed in TNR dated 20 December 1995) exempting mass media enterprises from customs duties on the import of various materials and equipment for their production needs.
(Order of the State Customs Committee of 24 January 1996 No. 36)
INVESTMENT / STATE GUARANTEES
A recent Presidential decree allows the possibility of reimbursal from the Federal budget of part of the amount invested by an investor but which is lost other than through his own fault.
The conditions for granting support are determined in accordance with the Law on the State Budget of the current year. An earlier decree sets out the current qualifying requirements: the investment should have a return period of not more than 2 years, the investor should have gone through the tender process after having presented the business plan of the investment and an expert's opinion to the Ministry of Economics, and the investor must be committed to re-invest the profit in similar projects.
(Decree of the President of the Russian Federation of 20 January 1996 No. 70)
DOUBLE TAX TREATIES / RATIFICATION
Twenty two tax treaties have been signed and are currently awaiting submission old treaties that were concluded with the USSR and in which the new economic situation and the new Russian tax system evolving since 1990 were not reflected, but others are wholly new. Amongst the countries involved are Belgium, Canada, Denmark, Israel, Luxembourg, South Africa and Switzerland.
Legal developments are reported in Tax News Reporter on official publication. This may be long after the law is issued.
This publication is intended for public guidance only and should not form the basis for specific decisions.
For further information contact the firm on +007 503 232 5511 or enter a text search 'Coopers & Lybrand' and 'Business Monitor'.
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