The Most Significant Economic Bills
Passed During the Spring Session 2002
Tax Code
Chapter on Small Business Taxation
Small enterprises with fewer than
100 employees and with an annual turnover
of less than
15 million rubles will pay taxes equivalent to either 6%
of turnover
or 15% of income, instead of a single social
tax, income tax, VAT, enterprise
assets tax and sales
tax.
Tax Code
Chapter on Transport Tax
Tax rates depend on the vehicle's
engine capacity: for vehicles with less than
100 hp the
rate is 5 rubles/hp; 100-150 hp = 7 rubles/hp; 150-200
hp – 10
rubles/hp; 200-250 hp - 15 rubles/hp; over 250
hp – 30 rubles/hp. Tax rates
may be changed by regional
authorities but by no greater difference than five
times
the amount stipulated.
Agricultural Land Use Law
Within two years, owners of land
shares must determine the use of the land –
to transfer
to authorized capital stock, to lease, to proxy
governance, to sell
or to leave it for personal
agricultural needs. The need to convert shares into
a
specific land piece is only required in the last two
instances. The law strictly
prohibits land sale to
foreigners.
New
Version of the Securities Law
The National Banking Council
received the status of supervisory body.
Government
representatives and deputies of the council have the
authority to
restrain expenses of the Bank of Russia on
parts not related to monetary and
credit policy
performance.
Obligatory Vehicle Insurance - Civil Responsibility Law
Insurance rates are not determined
by law – it is subject to the government’s
specification. Rates can not be changed more often than
once every six months,
and these changes can not affect
insurance premiums during the validity of a
paid
insurance policy. The maximum amount of compensation is
400,000 rubles.
The amount of a third party’s injury
compensation is limited to 240,000 rubles,
and property
damage is limited to 160,000 rubles.
Package
of Bills on Ministry of Railway Transport (MPS) Reforms
The MPS is divided into a number
of structures with different functions: state
regulation, management of transport infrastructure and
railway transportation.
All MPS assets are transferred
to OAO “Russian Railways” (RZhD). In the initial
stage,
the company will own several cargo carriers (the package
was adopted
in the first reading).
Arbitration – Procedural Code
Economic disputes are referred to
the exclusive jurisdiction of arbitration courts;
people’s courts can no longer consider cases of
individuals against companies.
The prosecutor's
authority is limited: they can appear before the court
only in
favor of the state and not in the interest of
individuals, as it is now.
Amendment
to the Law “On Customs Tariffs”
As of Jan. 1,
2003 the amount of export duties on mineral oil must not
exceed
90% of the oil export duty.
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