Russian Federation:
Tax News Reporter - 20 September
02 October 1995
PricewaterhouseCoopers
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Excess Wages Tax
There have been press reports of a new draft law which would effectively re-introduce Excess Wages Tax - the 35% tax on wages exceeding approximately $75 per month per employee - which is due to be abolished with effect from 1 January 1996. A marginally higher earnings threshold is proposed. It is unclear whether the draft will be introduced into the Duma.
(Moscow Times, 19 September 1995)
Customs clearance / Seafood
The State Customs Committee has issued a Regulation which describes in detail customs procedures and duties and taxes to be paid when importing or exporting sea food to or from Russia.
(Regulation dated 3 August 1995 No 01-12/960)
Accounting / Chart of Accounts
The Ministry of Finance has issued an Order introducing changes to the Chart of Accounts with regard to those accounts which relate to settlements with State organisations (account 77) and with subsidiaries (account 78). In addition, the Order also covers the accounting requirements on the consolidation of subsidiaries and associated companies, on the process of restructuring and liquidating of enterprises and on net asset accounting. These changes follow the introduction of the first part of the Civil Code.
(Finance Ministry Order dated 28 July 1995 No 81)
This publication is intended for general guidance only and should not form the basis of specific decisions.
For further information contact the firm on +750 2225 8600, or enter text search 'Coopers & Lybrand' and 'Business Monitor'.
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