Monitoring of the Federal Legislation dated 19.09.2003

Decision of the Government of the Russian Federation No. 575 of September 16, 2003 On Amending Decision of the Government of the Russian Federation No. 1364 of December 6, 1999

It decrees that the styrene (code under Foreign Economic Activity Commodity Classification 2902 50 000 0) shall be exported duty free (previously the amount of duty was fixed at 3 per cent of the customs value). Similarly, exempt from duty shall be the exportation of plywood (code under Foreign Economic Activity Commodity Classification 4412 14 000 0, 4412 19 000 0), wood cellulose (code under Foreign Economic Activity Commodity Classification 4702 00 000 0) and also sack-type non-bleached kraft paper (code under Foreign Economic Activity Commodity Classification 4804 21 100 0). It also reduces the amount of duty on to-be-exported softwood timber from 6.5 per cent, but not less than EURO 5 per cubic meter down to 3 per cent, but not less than EURO 2,5 per cubic meter. Besides, it cuts the amount of export customs duty for sulfite wood cellulose from 10 per cent, but not less than EURO 40 for one thousand kg down to 5 per cent, but not less than EURO 15 for one thousand kg.
The Decision shall take effect upon the expiration of one month as from its official publication.

Ruling of the Federal Securities Commission No. 2003-34/pc of August 13, 2003 On the Regulations On the Internal Control Over Securities Market Professional Participant

It defines a general procedure for organizing and exercise of internal control over professional participant in the securities market which implies control over compliance of the activity in the securities market with the requirements laid down under the legislation of the Russian Federation and regulatory legal acts of the Federal Securities Committee and also with the internal rules and procedures of the professional participant associated with its activity in the securities market.
It specifies peculiarities of the internal control with the objective to counter the legalization (laundering) of criminally derived incomes and the financing of terrorism.
The Decision shall take effect after the expiration of 30 days as from its official publication.
Registered with the Ministry of Justice of the Russian Federation in September 17, 2003. Registration No. 5078.

Letter of the Ministry of Finance of Russia No. 16-00-14/261 of August 21, 2003 On Budgetary Funds Accounting Practice

It clarifies that receipt of budgetary funds is a form of free obtainment of assets by organization. Therefore, the budgetary funds shall be shown in accounting records as special-purpose funding and indebtedness in respect of those funds. As the funds are actually received, respective amounts shall bring down the indebtedness and add up to the funds-accounting records. The writing-off budgetary funds from special-purpose funding records shall be charged towards improvement of the financial performance of organization.