The Russian Government has issued a Regulation on the mandatory revaluation of fixed assets as at 1 January 1996. The revaluation should be based, at the company's discretion, either on rates specified by the State Statistics Committee or on the current market prices for corresponding assets, as verified by independent experts. The results of the revaluation must be communicated to local statistics offices by 15 February 1996.
(Regulation of the Government No 1148 dated 25 November 1995)
Import Duties and Taxes / Repeal of Privileges
The President has signed a Decree prohibiting Federal bodies of executive power from prolonging any of the customs and tax privileges repealed by Decree No 244 of 6 March 1995. This recent Decree removes the tax and duty import benefits being enjoyed by a number of Russian charities and non-profit making organisations.
(Presidential Decree No 1199 dated 30 November 1995)
Profits Tax / Local Share
The State Tax Service has ruled that structural divisions of profits tax payers which do not account with a separate `balance' and which do not hold a separate current bank account can have their local portion of profits tax paid by head office, provided both entities are located in the same tax jurisdiction.
(Letter of the State Tax Service No NP-4-01/76n dated 14 November 1995)
VAT and Profits Tax / Exemptions / Mass-media
With effect from 1 January 1996, a VAT exemption is provided in respect of the production and sale of newspapers, magazines and books on science, education and culture etc. An exemption from the federal portion of profits tax is also granted in respect of profits derived from the production, printing and sale of such publications, extended to profits from ancillary activities to the extent that these are used to finance capital investment in the main activity. These exemptions do not apply to advertising space, advertising broadsheets and erotic printed matter.
(Federal Law No 188-FZ dated 30 November 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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