Monitoring of the Federal Legislation dated 5.07.2004

Federal Law No. 62-FZ of June 30, 2004 on the Amendments to Article 217 of Part 2 of the Tax Code of the Russian Federation

Exemption from the income tax for natural persons applies to awards in the monetary form and/or in kind received by sportsmen and invalid sportsmen at paralympic games and the world chess olympiads.

The Federal Law is entered into force one month after the day of its official publication.

Federal Law No. 61-FZ of June 30, 2004 on the Amendment to Article 32 of the Law of the Russian Federation on Education

The sphere of reference of the state educational institutions does not include now opportunities of getting and using bank credits, which is in compliance with Article 118 of the Budget Code of the Russian Federation. Non-state educational institutions still enjoy this opportunity.

Federal Law No. 60-FZ of June 30, 2004 on the Amendments to Article 29 of Part 2 of the Tax Code of the Russian Federation

Amends individual articles of Chapter 29 of the Tax Code of the Russian Federation "Gambling Tax" defining objects of taxation, procedure of calculation of the tax and the time limits for payment. Specifies that each object of taxation must be registered in the tax body at the place of installation. Earlier, the given objects were registered at the place of registration of the taxpayer. Taxpayers not registered in the tax bodies on the territory of the subject of the Russian Federation where the object of taxation is installed must register in the tax bodies at the place of its installation no later than two working days in advance of the date of such installation.

The tax declaration, respectively, for the expired tax period must be submitted at the place of registration of the objects of taxation rather than the place of registration of the taxpayer.

The Federal Law is entered into force from January 1, 2005 except for the provisions refining the procedure of calculation of the tax to be entered into force one month after the day of official publication of the Federal Law, however, no sooner than the 1st of the subsequent tax period for the gambling tax.

Direction of the Central Bank of Russia No. 1442-U of June 11, 2004 on the Amendments to the Regulation of the Bank of Russia No. 2-P of October 3, 2002 on Cashless Payments in the Russian Federation

Provides a new working for the chapters regulating the procedure of payments under the letters of credit, as well as the procedure of work with the letters of credit in the issuing bank and the executing bank. Provides a new wording for the Form 0401065 "Register of Accounts".

Emphasises that the letter of credit is a separate and independent tool as regards the main contract. Specifies the duty of the issuing bank in cases of change of terms or revocation of the revocable letter of credit to send an appropriate notification to the recipient of the resources no later than the working day following the day of the change of the terms or revocation of the letter of credit.

Having received the letter of credit, the executing bank must report it immediately to the recipient of the resources using the method agreed with him followed by subsequent confirmation in writing drawn up in free form no later than the working day following the day of receiving of the letter of credit from the issuing bank. If the executing bank is not the one servicing the recipient of the resources, the executing bank may report to the recipient of the resources the receiving of the letter of credit via the bank of the recipient of the resources.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.

Registered in the Ministry of Justice of the Russian Federation on June 30, 2004. Reg. No. 5880.