Monitoring of the Federal Legislation dated 26.05.2003

Federal Law No. 54-FZ of May 22, 2003 on the Use of Cash Registers in Cash Payments and/or Payments Using Charge Cards

Changes significantly the procedure of application of cash registers in monetary payments with population.
The norm envisaging monetary payments in cash with population implying the use of cash registers on obligatory basis by all organisations and independent entrepreneurs in trade operations or rendered services on the territory of the Russian Federation now applies to credit organisations. The Bank of Russia will be attracted to this work to enhance control over observation of the legislation on the use of cash registers. Only those models of cash registers are permitted on the territory of the Russian Federation that are entered in the State Register. The structure of the State Register, its keeping procedure, as well as the federal body of executive power in charge of the keeping of the Register are defined by the Government of the Russian Federation.
All subjects of economic activities using cash registers must register their cash registers in the tax bodies.
Six months after the entry into force of the Federal Law, the use of cash registers without fiscal memory in cash payments and/or payments using charge chards is not permitted.
The Federal Law is entered into force one month after the day of its official publication.

Federal Law No. 55-FZ of May 22, 2003 on the Amendments to Articles 217 and 224 of Part 2 of the Tax Code of the Russian Federation

Changes the procedure of calculation of the amounts subject to the income tax from natural persons inasmuch as it pertains to the excess interest for the deposits of natural persons calculated proceeding from the rate of refinancing of the Central Bank of the Russian Federation. The 35% tax rate applies to incomes in the form of excess interest for the rouble deposits in the banks over the amount exceeding the rate of refinancing of the Central Bank of the Russian Federation (earlier, ? of the rate of refinancing).
Also omits the provisions of the mentioned Articles envisaging a special taxation procedure for the income tax from natural persons in the form of interest received by the taxpayer from fixed-term pension deposits deposited before January 1, 2001 for at least 6 months. The tax rate for such incomes is fixed to amount to 13%.
The Federal Law is entered into force one month after the day of its official publication.

Decision of the Government of the Russian Federation No. 295 of May 20, 2003 on the Representative of the Owner of the Property of the Debtor - Federal State Unitary Enterprises - in Bankruptcy Proceedings

The authority of the representative of the owner of the property of the debtor - federal state unitary enterprise - in bankruptcy proceedings is vested in the Ministry of Property Relations of the Russian Federation except for the cases when the mentioned authority is vested in another federal body of executive power or legal entity or natural person by the Decision of the Government of the Russian Federation.

Decision of the Government of the Russian Federation No. 298 of May 22, 2003 on the Endorsement of the Rules of Reimbursement from the Federal Budget of the Part of Expenses to Pay the Interest under Investment Credits Obtained in 2003 in the Russian Credit Organisations by Agricultural Producers and Organisations of the Agroindustrial Complex of All Forms of Ownership and Farmers' Enterprises for Up to 5 Years

The right to get the resources of the federal budget to reimburse part of expenses to pay the interest under credits is granted to borrowers in the contest basis. The procedure and terms of the contests are defined by the Ministry of Agriculture of the Russian Federation.
The subsidy is provided to the borrower on the monthly basis proceeding from 2/3 of his suffered expenses to pay the interest under the attracted credit under the condition that the interest rate under the credit is less than the rate of refinancing of the Bank of Russia as of the date of the most recent payment of the interest by the borrower or is equal to this rate.
If the credit was granted in a foreign currency, the subsidy is provided proceeding from the rouble rate to the foreign currency specified by the Bank of Russia as of the date when the expenses were made. In the estimate of the amount of the granted subsidy, the maximum percent rate for the attracted credit in foreign currencies is fixed to amount up to 12% annual.

Decision of the Government of the Russian Federation No. 299 of May 22, 2003 on the Endorsement of the General Rules of Preparation of the Reports (Statements) of the Bankruptcy Commissioner

Defines the general requirements to the reports (statements) of the bankruptcy commissioner acting as a temporary, external manager, receiver or administrator presented to the court of arbitration and the meeting (committee) of creditors in cases and within time limits envisaged in the Federal Law on insolvency (bankruptcy).
The reports (statements) are presented according to the forms endorsed by the Ministry of Justice of the Russian Federation. The Decision lists information to be included in the report (statement).

Decision of the Government of the Russian Federation No. 300 of May 22, 2003 on the Amendments to and Invalidation of the Acts of the Government of the Russian Federation on the Tied Foreign Credits to Finance Russian Investment Projects

To optimise budget expenses and reduce the state external debt, amends and invalidates the acts of the Government of the Russian Federation regulating individual issues of attraction of tied foreign credits to finance Russian investment projects.

Order of the Government of the Russian Federation No. 665-r of May 22, 2003

To prevent the spreading of the acute respiratory syndrome (atypical pneumonia) on the territory of the Russian Federation and develop the means of its diagnostics and treatment, issues orders to ministries and agencies of the Russian Federation to arrange protective measures in public health, educational organisations, in trade, public transport, hotels, other permanent and temporary congested areas.