Foreign Exchange Control / Instruction on Payments for Imported Goods
Further to the Presidential Decree No 1163 (Tax News Reporter of 7 December 1995) an Instruction of the Central Bank and the Customs Committee on control of payments for imported goods has been published. This Instruction introduces Import Passports similar to the Export Passports which are already in use. Import Passports will be required for all imports to be customs cleared after 1 January 1996 where payment was, or is to be, made either in full or partially in any currency other than Roubles. Imports either from other CIS countries or which are free of charge are exempt. The Instruction includes the requirement that the goods are imported within 180 days of payment and that payment for the goods is made from the bank account of the direct importer. The initial control functions under the Instruction are levied on the importer's bank. Any prepayments will require either a bank guarantee or proof that the goods were dispatched. Banks will be permitted to charge a fee not exceeding 0.15% of the import contract for the issue of an Import Passport.
(Instruction of the Central Bank No 30 and of the Customs Committee No 01-20/10538 dated 26 July 1995)
Export Tariffs Decrease / President Supports Exporters
The President issued a Decree to support Russian exporters. Under this Decree all export tariffs for oil-based products were repealed from 1 December 1995 and as from 1 January 1996 all existing tariffs are to be repealed except those on oil, gas and some other raw materials. The Decree is also expected to restrict the constant growth of monopoly suppliers' prices and rules that a programme of loan support for local producers of exported finished products be drawn up.
(Presidential Decree No 1204 dated 30 November 1995)
Representative Offices / Medical Insurance Fund / New Bank Accounts
The Moscow Medical Insurance Fund has announced that with effect from 1 January 1996 Rouble contributions from representative offices registered in Russia are to be made to the following new accounts: # 37692102 for the Moscow City Fund (3.4%) and # 37692801 for the Federal Fund (0.2%). The bank remains the same: Most-Bank MFO 997168 uch. 8C.
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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