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. Last Updated: 07/27/2016

recent legislation

Charter capital (Central Bank telegram No. 5-96 "Governmental Scheme Seven," of Jan. 12, 1996). The Central Bank imposes minimum charter capital requirements for financial institutions for the first quarter of 1996. Recently established banks are required to have charter capital of at least 6 billion rubles, and credit institutions with limited operations must have at least 1.5 billion rubles.

Non-commercial organizations (Federal law No. 7-F3, "On Non-Commercial Organizations," signed Jan. 12, 1996). Provides a legal basis for formation of non-commercial organizations as juridical persons. It defines different types of non-commercial organizations, including non-commercial partnerships, foundations, societies of juridical persons. It contains provisions addressing the rights of organizations to found branch and representative offices and to own property. The law does not apply to "consumer cooperatives," which are regulated by the Civil Code.

Professional societies (Federal law No. 10-F3, "On Professional Associations, Their Rights and Guarantees of Activity," signed Jan. 12, 1996). Governs establishment and activities of professional societies in Russia. The law addresses rights of professional associations to defend and protect the social and labor interests of their members.

Taxation of small enterprises (Federal Law No. 222-F3, "On Simplification of the System of Taxation and Accounting for Small Enterprises," signed Dec. 29, 1995). Establishes a new flat tax rate for small enterprises. A maximum of 10 percent of the company's aggregate income shall be payable to the federal budget, and not more than 20 percent of its income payable to local, regional and federal budgets combined. Enterprises may choose whether they wish to calculate and pay tax according to the old system or the new flat tax rate.

Family Code (Family Code of the Russian Federation, enacted Dec. 29, 1995). Establishes legal protection for and regulation of certain social and family relationships. The Code contains sections on conclusion and termination of marriage; rights and obligations of spouses, parents, and children (including support obligations); rights of and support for orphans; adoption; and the application of Russian family law legislation to non-Russian citizens.

Support for small enterprises (Federal Program of Government Support for Small Enterprises in the Russian Federation for 1996-1997, enacted in accordance with government resolution No. 1256 of Dec. 18, 1995). This plan discusses the formation of a governmental infrastructure for the support and development of small businesses, strategic planning aid to be given to small businesses, and the means of financing aid programs. Funds of 883.35 billion rubles are allocated to financing this program; most funds are to be drawn from government's 1996 privatization revenues.

Innovation in industry (Government Decree No. 1288, "On Immediate Measures for the Development and Government Support of Innovation Activity in Industry," signed Dec. 26, 1995). The stated goal of this decree is the support of development and government assistance for industrial innovation and the creation of conditions for progress in scientific-technical work. The decree approves a federal program, provides for financial outlays and recommends establishment of a working group within the Government Commission on Science and Technology.

Burials (Federal Law No. 8-F3, "On Burials and Funeral Activities," signed Jan. 12, 1996). Regulates transactions connected with burials and sets forth guarantees of financial support to the bereaved.

-- Source: White & Case