The new Instruction No. 39 on value-added tax (`VAT') has been issued and registered with the Ministry of Justice, although not yet officially published. The new Instructions exempts financial transactions between VAT payers and their divisions, subject to specific conditions. Also Russian companies are now entitled to offset amounts of reverse charge VAT withheld from payments to foreign companies. We plan to provide more details on the new Instruction in our Tax Alert to be issued shortly.
(Instruction of the State Tax Service No 39 dated 11 October 1995)
Minimum statutory wages amount
New amounts of minimum monthly statutory wages have been set up as RUR 57,750 with effect from 1 November 1995; RUR 60,500 with effect from 1 December 1995; RUR 63,250 with effect from 1 January 1996.
(Federal Law of the Russian Federation of 1 November 1995 No 159-FZ)
1995 annual reporting
The Ministry of Finance has issued its Order on the annual financial reporting by Russian companies in respect of 1995. This regulation specifies the documents to be filed as part of the 1995 annual reports and provides guidelines on their preparation.
(Order of the Ministry of Finance No 115 of 19 October 1995)
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 general guidance only and should not form the basis of specific decisions.
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