With effect from 1 January 1996, the rate of compulsory contribution to the Employment Fund will be reduced from 2% to 1.5%. The new Law also clearly states that payments under civil contracts for temporary labour (podryad) are to be included in the base used for calculating the amount of contributions due to the Employment Fund.
(Federal Law of 21 December 1995 N207- 03)
Profits Tax & VAT / New Draft Law
The new draft laws were approved by the Federation Council on 19 December 1995 and are now awaiting signature by the President. A detailed account of the new laws is provided in our Tax Alert 20/95 which is now being issued.
Foreign Exchange Control / Import Passports
The mechanics for the new import system reported in Tax News Reporter for the week ended 10 December 1995 suggest that it may no longer be possible to maintain stock in Russia on a consignment basis. However, there remains a good deal of uncertainty as to how the system will work in practice.
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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