(Tax News Reporter - Week Ended 26 November 1996)

Territorial branches of the Central Bank can now issue CB licences for deferment of receipt of payments in respect of exports or for advance payments in respect of imports for periods exceeding 180 days provided the amount does not exceed 10 million US$, and for opening bank accounts by Russian representative offices abroad. The Order specifies which documents must be filed to apply for the exemption. If the applicant has tax arrears, additional approval must be obtained from the Ministry of Finance or the tax inspectorate.

Order of the Central Bank of 11 October 1996 No. 341

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