- Account 45 "Dispatched goods" is added to the list of accounts which is used in the calculation of property tax. Since sales are now recorded for accounting purposes on the basis of the moment of transfer of title of ownership of goods (works, services), this account is used to record goods which have been dispatched but due to the contractual terms cannot yet be considered as sold. In addition goods transferred by a principal to a commissioner are also accounted for on this account. This amendment was made due to the fact that such goods remain in the seller's ownership.
- Instruction of the State Tax Service no. 33 of 8 June 1995 "On property tax"
Changes in the Profits Tax Law
It is now provided by Law (previously it was only in Instruction no. 37 and Ministry of Finance letters) that additional shares issued or increased nominal value effected as a result of an obligatory revaluation of fixed assets, do not create profits tax consequences for the shareholder.
However, on sale of those shares, the shareholder must calculate the financial result from the sale by comparing the sales price and the original acquisition value, regardless of the amount of increase effected due to revaluation.
Federal Law of the RF of 28 June 1997 no. 92-FZ
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c.Business Monitor 1997 - +44 (0)171 820 7733