Monitoring of the Federal Legislation dated 10.07.2007

Ruling of the Constitutional Court of the Russian Federation No. 320-O-P of June 4, 2007 on the Refusal to Accept for Processing the Request of the Group of Deputies of the State Duma on the Constitutionality of Paragraphs 2 and 3 of Item 1 of Article 252 of the Tax Code of the Russian Federation

A group of deputies of the State Duma appealed with a request on the constitutionality of provisions of Item 1 of Article 252 of the Tax Code of the Russian Federation specifying that for the purposes of the profit tax, expenses are recognised to be the ones substantiated and documentarily confirmed, with substantiated ones implied to be economically reasonable expenses expressed in the monetary from. According to the applicants, the challenged provisions are ambiguous and permit for their free interpretation, resulting in the violation of the constitutional rights of taxpayers.
      The Constitutional Court of the Russian Federation explained that the legislator deliberately refused to list directly taxpayer expenses because it may result in restriction of taxpayer rights.

Order of the Federal Customs Service No. 712 of June 8, 2007 on the Amendments to the Order of the State Customs Committee of Russia No. 1014 of September 15, 2003 on the Issue of the Permission for the Processing of Commodities on the Customs Territory

New blank forms of the cargo customs declarations are used from January 1, 2007.
      The Order is entered into force one month after the day of its official publication.
      Registered in the Ministry of Justice of the Russian Federation on July 6, 2007. Reg. No. 9772.

Order of the Federal Customs Service No. 721 of June 13, 2007 on the Authority of the Customs Bodies to Carry out Customs Operations with Excisable and Certain Other Types of Commodities

Provides the list of the customs bodies providing excise duty stamps to importers.
      The Order is entered into force from August 1, 2007, except for individual provisions entered into force from January 1, 2008.
      Registered in the Ministry of Justice of the Russian Federation on July 6, 2007. Reg. No. 9768.

Order of the Ministry of Natural Resources of the Russian Federation No. 155 of June 20, 2007 on the Amendments to the Order of the Ministry of Natural Resources of Russia No. 23 of January 24, 2005 on the Endorsement of the Procedure of Processing of Requests for the Right of Use of Subsoil Resources When the Deposit of Mineral Resources Is Discovered by the User of Subsoil Resources Having Carried out Works of Geological Surveys of the Parts of the Deposits at the Expense of Own (Including Attracted) Resources for the Purposes of Prospecting and Extraction of Mineral Resources of Such Deposit

Introduces amendments to the mentioned procedure.
      Registered in the Ministry of Justice of the Russian Federation on July 6, 2007. Reg. No. 9765.

Order of the Federal Service for Financial Markets No. 07-67/pz-n of June 14, 2007 on the Endorsement of the Rules of Calculation of the Cost of Net Assets Available in Trust Control of the Management Company under the Contract of Trust Control of the Property Forming the Specific Capital

Endorses the rules specifying the procedure and time limits for the calculation of the cost of the mentioned net assets.
      Registered in the Ministry of Justice of the Russian Federation on July 6, 2007. Reg. No. 9764.

Order of the Federal Service for Financial Markets No. 06-68/pz-n of June 14, 2007 on the Amendments to the Regulation on the Activities of Organisation of Trade at the Securities Market Endorsed by the Order of the Federal Service for Financial Markets No. 06-68/pz-n of June 22, 2006

Introduces amendments to the Regulation on the activities of organisation of trade at the securities market pursuant to the introduction of the new type of securities - Russian depository receipt.
      Registered in the Ministry of Justice of the Russian Federation on July 5, 2007. Reg. No. 9763.

Direction of the Central Bank of Russia No. 1843-U of June 20, 2007 on the Limiting Amount of Payments in Cash and Spendings of Cash Available in the Cash Department of the Legal Entity or Independent Entrepreneur

The right to make payments in cash is granted to citizens only for other than entrepreneurial activities. Restrictions may apply to payments in cash between legal entities, as well as involving independent entrepreneurs.
      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 July 5, 2007. Reg. No. 9757.