CBR refinancing rate

The Central Bank of Russia refinancing rate has been reduced to 24%. The interest rate determines a number of important items for tax purposes, including the maximum interest deduction for profits tax purposes for rouble loans.

Revaluation of fixed assets

In accordance with clarifications of the State Tax Service and of the Ministry of Finance the results of revaluation of fixed assets as of 1 January 1997 are not to be used in calculation of property tax and depreciation in 1997. The revaluation as at 1 January 1997 is to be performed in the course of 1997 and is to effect the balance sheet of the taxpayer for the first quarter of 1998.

Letter of State Tax Service of 25 March 1997 no. SSH-4-02/12n