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<td width="81%"><font face="Verdana, Arial, Helvetica, sans-serif" size="2" color="#FFFFFF">Russia
Report. A Quarterly Newsletter.<br>
October, 2003 </font></td>
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<p><font color="#990000" size="4" face="Verdana, Arial, Helvetica, sans-serif"><b>Tax
authorities count foreign organizations again</b></font><br>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2"> <b><font face="Arial, Helvetica, sans-serif">‘Foreign
Russian taxpayers’ need new registration certificates</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
<br>
<font size="2">The
Ministry of Taxes and Levies has ordered foreign organizations
registered with Russian tax authorities to obtain new certificates
of registration, reports Rinat Zakirov-Ziev, of Russin & Vecchi’s
Moscow office. Under Order No. BG-3-09/426, "foreign
Russian taxpayers" must return previously issued registration
certificates starting Oct. 1, he notes. <br>
<br>
Current certificates will expire Jan. 1. Their renewal will
help tax authorities update taxpayers' information for the
reference book, "Foreign Organization
Codes," they are compiling, Zakirov-Ziev explains..<br>
<br>
“One of the possible reasons behind the tax authorities’ new initiative
may be to improve their ‘inventory’ through deregistration of inactive
foreign organizations,” he observes.</font></font></p>
<p><font color="#990000" size="4" face="Verdana, Arial, Helvetica, sans-serif"><strong>New
document retention rules enacted</strong></font><br>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2"> <b> <font face="Arial, Helvetica, sans-serif">Requirements
apply to all joint-stock companies in Russia</font></b></font><font size="2" face="Arial, Helvetica, sans-serif"><br>
</font><font size="2" face="Arial, Helvetica, sans-serif"> <br>
New requirements went into effect Sept. 5 for joint-stock companies
in Russia regarding retention and destruction of business documents,
reports Zhanna Radmaeva,
of Russin & Vecchi’s Vladivostok office. The Russian Federal Commission
on Equity Market regulations outline what documents companies must keep, how
and how long they must keep them, and what procedures to follow if they want
to destroy documents if permitted, she explains.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Ms. Radmaeva reports
that companies must keep these documents permanently: charter, including
registered amendments and revisions thereto; foundation agreement;
decision on separation, allotment or reorganization of a company;
documents related to issuance of shares; documents related to meetings
of shareholders; annual accounting reports; statutes of a branch
or a representative office, etc.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">“The rule
applies to all close joint-stock companies (ZAO) and open joint-stock
companies (OAO) registered in Russia, including joint-stock companies
with foreign investments and those that are 100% foreign owned,” she
reports. The regulation requires 5-year or 1-year retention periods
for different kinds of documents of lesser importance, she adds.</font></p></td>
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<p><font color="#990000" size="4" face="Verdana, Arial, Helvetica, sans-serif"><strong>Value-added
t</strong></font><strong><font color="#000033" size="4" face="Verdana, Arial, Helvetica, sans-serif"><font color="#990000">ax
to shrink Jan. 1</font></font></strong><font color="#990000" face="Verdana, Arial, Helvetica, sans-serif" size="4"></font><br>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2"> <b> <font face="Arial, Helvetica, sans-serif">New
law ends excise duties on natural gas, hikes others</font></b></font><font size="2" face="Arial, Helvetica, sans-serif"><br>
<br>
A
new tax law adopted in July will change some business taxes
in January, reports Natalya Prisekina, of Russin & Vecchi’s
Vladivostok office. Federal Law No. 117-FZ will reduce
the value added tax to 18% from its current 20%, she notes.
The law abolishes the excise duty on natural gas, but raises
excise duties for many goods, she reports:<br>
<br>
• 10% for automobiles, alcohol and beer;<br>
• 20% for tobacco;<br>
• 18% for strong alcoholic beverages;<br>
• 12% for combustive-lubricating materials.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">“The
law also establishes a unified tax rate on mining operations for
all companies —107 rubles for 1,000 cubic meters,” Prisekina
notes. It also makes technical changes in the Tax Code, related to
abolition of regional sales taxes as of Jan. 1, and provides the
means for compensating regions for the revenue they will lose.</font></p>
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<p><font color="#990000" face="Verdana, Arial, Helvetica, sans-serif" size="4"><b>Dec.
7 vote will replace late Sakhalin governor</b></font><br>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2"> <b><font face="Arial, Helvetica, sans-serif">Businesses’ impact
on campaign not yet clear</font></b></font><font size="2" face="Arial, Helvetica, sans-serif"><br>
<br>
An
election Dec. 7 will determine who will replace the late Sakhalin
Gov. Igor Farkhutdinov, who died along with 19 other regional government
and business leaders in an Aug. 20 helicopter crash, reports Denis
Marchenko, of Russin & Vecchi’s Yuzhno-Sakhalinsk office.<br>
<br>
Some commentators have predicted that business interests would
play an unusually important role in the election. However, Marchenko
points out
that it will be hard to determine whether that is true until the election
itself on December 7. He adds, “To date it does not appear
that any Sakhalin business representatives would be able to compete
with acting governor
Igor Malakhov, (who had been first vice-governor for the past seven years)
or Yuzhno-Sakhalinsk Mayor Fedor Sidorenko, who was a rival of the late
governor.”<br>
<br>
He further notes that Sakhalin residents’ overall suspicious
attitude toward mainland candidates could diminish the influence
of large mainland
businesses on the Sakhalin campaign. “However, many factors will
determine the results of the election — for example, the presence
or absence of support from the federal government.”</font></p>
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<p><font color="#990000" face="Verdana, Arial, Helvetica, sans-serif" size="4"><b>R&V
helps educate investors about Sakhalin</b></font><br>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2"> <b> <font face="Arial, Helvetica, sans-serif">Firm
conducts seminar, helps sponsor London conference</font></b></font><font size="2" face="Arial, Helvetica, sans-serif"><br>
<br>
Russin & Vecchi
continues to help educate investors and companies interested
in doing business in Sakhalin. This summer, attorneys from
the firm’s Yuzhno-Sakhalinsk office conducted a seminar
on "The Legal Environment for Business on Sakhalin" for
the several hundred participants in the 8th Annual Russian
American Pacific Partnership Conference.<br>
<br>
In November, Russin & Vecchi will take part in the 2003 Sakhalin Oil & Gas
Conference in London. Nov. 20, the firm will conduct an all-day workshop
for conference participants on “Legal Considerations for Operations
on Sakhalin” — focusing on practical solutions to issues most
frequently confronted by contractors, suppliers and project operators there.
For more information on the event, visit the <a href="http://www.ibc-uk.com/cod/display1.asp?pid=UKCEQ1126&category=EEI&company=UKC&team=&m=2&w=text%2BINCLUDES%2B%27sakhalin%27%2Band%2Bnot%2Bhide=%27Y%27%2BORDER%2BBY%2Bsort_key&n=7" target="_blank">IBC
website</a>.</font></p>
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<td><p><font size="1" face="Arial, Helvetica, sans-serif">© 2003 Russin & Vecchi,
LLP</font></p>
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<td><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">www.russinvecchi.com</font></td>
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