Monitoring of the Federal Legislation dated 4.12.2002

Order of the Ministry of Taxation of the Russian Federation No. BG-3-22/606 of October 28, 2002 on the Endorsement of the Form of the Book of Incomes and Expenses of Organizations and Independent Entrepreneurs Using the Simplified System of Taxation and the Procedure of Recording of Economic Operations in the Book of Incomes and Expenses of Organizations and Independent Entrepreneurs Using the Simplified System of Taxation

In pursuance of provisions of Chapter 26.2 of the Tax Code of the Russian Federation, endorses the book of incomes and expenses to be used from January 1, 2003 by organizations and independent entrepreneurs having switched over to the simplified system of taxation. The book consists of the cover sheet, Section I reflecting incomes and expenses in economic operations, Section II "Calculation of Expenses to Purchase Fixed Assets Accepted in the Estimate of the Taxable Base for the Uniform Tax", Section III "Calculation of the Taxable Base for the Uniform Tax". Economic operations are recorded in the book of incomes and expenses in chronological order on the basis of original documents using positional representation.
Registered in the Ministry of Justice of the Russian Federation on November 28, 2002. Reg. No. 3969.

Order of the Ministry of Finance of the Russian Federation No. 107n of October 31, 2002 on the Endorsement of the Typical Regulation on the Contest Commission Selecting Audit Organizations for the Obligatory Annual Audit

To carry out the contest, the managing body of the organization scheduled for obligatory audit with the portion of the federal property and/or property of the subject of the Russian Federation in the registered capital being at least 25% creates the contest commission consisting of at least 6 persons with the voting right and endorses its personal composition.
Registered in the Ministry of Justice of the Russian Federation on November 28, 2002. Reg. No. 3966.

Decision of the Federal Commission for Securities Market No. 43/ps of October 31, 2002 on the Endorsement of the Regulation on the Procedure of Submission of Electronic Documents to the Federal Commission for Securities Market

Endorses the Regulation specifying the order of actions of organizations submitting electronic documents to the Federal Commission for Securities Market. The Regulation applies to the reports of issuers of emission securities, professional participants of securities market, management companies of investment funds, shared investment funds and non-state pension funds, specialized depositaries of investment funds, shared investment funds and non-state pension funds.
Registered in the Ministry of Justice of the Russian Federation on November 27, 2002. Reg. No. 3963.

Order of the Ministry of Finance of the Russian Federation No. 93n of September 12, 2002 on the Endorsement of the Interim Regulation on the System of Certification, Training and Professional Development of Auditors in the Russian Federation

Certification, training and professional development of auditors shall be carried out in the training and methodology centres included in the State Register of Training and Methodology Centres.
The certification is carried out to check the qualification of the natural persons wishing to engage in audit activities in the form of the qualification examination to obtain the qualification certificate of auditor, the following types being issued:
- in the sphere of general audit;
- in the sphere of audit of exchanges, non-budgetary funds and investment institutes;
- in the sphere of audit of insurance organizations and mutual insurance companies (audit of insurers);
- in the sphere of audit of credit organizations, bank groups and bank holdings (bank audit).
The persons having passed successfully the qualification examination get the qualification certificate of auditor of the appropriate type without expiry restriction.
The Order also specifies the procedure of carrying out of the qualification examinations for the right of audit activities and the auditor training and professional development procedure.
Registered in the Ministry of Justice of the Russian Federation on November 27, 2002. Reg. No. 3957.

Decision of the Federal Commission for Securities Market No. 40/ps of October 9, 2002 on the Regulation of Activities of Specialised Depositaries of Joint-Stock Investment Funds, Shared Investment Funds and Non-State Pension Funds

Defines the requirements to the procedure of implementation by specialised depositories of control functions with respect to the composition and structure of assets of the mentioned funds. Defines the requirements to the procedure of implementation by specialised depositaries of control over the transfer of monetary resources by the management companies from clearing accounts of these funds, over the determination of the cost of net assets and estimated cost of the investment share, over the number of handed out shares and the amount of monetary compensation to redeem these shares, over reservation of resources for expenses out of the property forming the shared investment fund. Specifies the rules of notification of the Federal Commission for Securities Market in cases of violations of the requirements of the legislation of the Russian Federation revealed by the depositary. Also specifies the requirements to the contents of the order of business of the specialised depositary.
Specialised depositaries are ordered to bring their activities in compliance with the requirements of the Decision within three months from the day of its entry into force.
Registered in the Ministry of Justice of the Russian Federation on November 26, 2002. Reg. No. 3950.

Letter of the Ministry of Taxation of the Russian Federation No. 02-4-11/646-AK897 of October 28, 2002 on the Taxation of Incomes from Securities

Explains that the procedure of recording of losses having occurred before the entry into force of Chapter 25 of the Tax Code of the Russian Federation is defined in Items 3 and 4 of Article 10 of the Federal Law No. 110-FZ of August 6, 2001. The mentioned items do not envisage a special regime of recording of losses in operations with securities. Therefore, the given losses do not take part in the estimate of the taxable base of the transient period.
The losses in operations with securities as of December 2001 defined under the legislation effective in 2001 in the amount not greater than the amount of losses as of July 1, 2001 are recognized as losses for taxation purposes and are carried over into the future according to the procedure specified in Article 283 of the Tax Code of the Russian Federation.

Letter of the Ministry of Taxation of the Russian Federation No. 03-2-06/2/2745/24-AK445 of October 24, 2002 on the Payment of the Penalties for the Tax on Highway Users

The Letter is issued in addition to the earlier voiced position on the necessity to accrue on the monthly basis the penalties for the amount of unpaid tax on highway users upon expiry of the tax period (of appropriate calendar year) in cases of revealed facts of incomplete payment of the given tax on the whole for the appropriate period (calendar year).
The legality of application by the tax bodies of the mentioned procedure of accrual of penalties (including the year of 2001) for the violation of the time limits of payment of the highway user tax is confirmed in the Ruling of the Constitutional Court of the Russian Federation No. 200-O of July 4, 2002.
In view of the mentioned Ruling, the Ministry of Taxation of the Russian Federation reports the possibility of application of the earlier available procedure of accrual of penalties.

Letter of the Ministry of Finance of the Russian Federation No. 03-01-01/07-381 of October 22, 2002

In the distribution of incomes obtained from the uniform imputed income tax for certain types of activities, the normatives of deductions specified in Article 4 of the Federal Law No. 104-FZ of July 24, 2002 do not apply. Distribution of incomes from the mentioned tax between the budgets of various levels before the special directions of the Ministry of Finance of the Russian Federation are adopted is carried out according to the normatives of deductions conveyed in the Order of the Ministry of Finance of the Russian Federation No. 4 of January 9, 2002.