Tax organ checks joint stock companies

The Russian tax organs (GNS) audited a group of joint stock companies to check the accuracy and timeliness of issuing stock dividends for the shares that belong to the government. More than 4500 joint stock companies in which the government holds stocks w

<BR>The Russian tax organs (GNS) audited a group of joint stock companies to check the accuracy and timeliness of issuing stock dividends for the shares that belong to the government. More than 4500 joint stock companies in which the government holds stocks were audited. As a result, 10.66 billion rubles were additionally transferred to the consolidated budget included 403.1 million rubles to the Petersburg budget for 1996 dividends. To increase the receipt of dividends on stocks that belong to the government, the GNS is toying with the idea of making it obligatory for joint stock companies to hand over calculations and documentation of dividend payments as well as abolishing the right of joint stock companies to hold a stockholders meeting when there is profit in order to decide whether or not to pay dividends on stocks that belong to the government. This concerns companies in which the government owns no more than 25%. <BR>The GNS confirmed that it is necessary to make sanction provisions for those joint stock companies which don't hold annual stockholder meetings.