MOSCOW, November 11 (RIA Novosti) - Russian Prime Minister Mikhail Fradkov has signed a resolution on restructuring the tax debt of coal mining companies in 2005, the government's press service said Friday.
The restructuring will apply to debt accumulated by these companies on taxes and other compulsory payments up to July 1, 2003 and fines and penalties added to the debt as of January 1, 2005. The amount of debt to be restructured will not exceed the size of the debt on the first day of the month in which a declaration is submitted for restructuring.
The resolution applies to public coal mining companies, in which the government held a stake larger than 20% as of July 1, 2003, and the subsidiaries of these companies.
The resolution does not apply to debt on compulsory pension insurance payments.
Eligible companies have the right to restructure their tax debt if their accounting data for 2003 shows revenue from coal and coal product sales minus VAT and excises at less than 70% of total revenue from the sale of goods and services.
