Monitoring of the Federal Legislation dated 17.11.2003

Federal Law No. 152-FZ of November 11, 2003 on the Mortgage Securities

Regulates relations emerging at issue, handing out and circulation of the mortgage securities, except for the mortgage deeds, as well as at execution of obligations under the mentioned mortgage securities. The mortgage securities are implied to be mortgage insurance bonds and mortgage participation certificates. The state regulation of the issue of mortgage securities, activities of mortgage agents and mortgage insurance managers, as well as the state control over their activities is vested in the federal body of executive power in charge of the securities market and the Bank of Russia.
Issue of the mortgage insurance bonds is permitted for only mortgage agents and credit organisations. The amount (sum) of insured mortgage claims comprising the bonds mortgage insurance may not be less than 80% of the total nominal cost of the bonds.
Issue of mortgage participation certificates is permitted for only commercial originations possessing licenses for activities in the management of investment funds, shared investment funds and non-state pension funds. Effective period of the trust control contract for the mortgage insurance specified in the rules of trust control of the mortgage insurance may not be less than one year and greater than forty years.
The Federal Law is entered into force from the day of its official publication.

Federal Law No. 147-FZ of November 11, 2003 on the Amendments to Chapter 26.1 of Part 2 of the Tax Code of the Russian Federation and Some Other Acts of Legislation of the Russian Federation

Provides the new wording for Chapter 26.1 of Part 2 of the Tax Code of the Russian Federation "Taxation System for Agricultural Producers (Uniform Agricultural Tax)". Defines the qualification criteria and the status of taxpayers for agricultural producers of various agricultural sectors. Introduces taxation criteria (object of taxation, taxable base, tax rate) ensuring observation of the equality principle in taxation.
Switchover of organisations and independent entrepreneurs to the system of taxation of agricultural producers in the form of the uniform agricultural tax is arranged on the voluntary basis, with the taxation system for agricultural producers being introduced in the form of the uniform special tax regime on the whole territory of the Russian Federation.
The payers of the uniform agricultural tax are organisations and independent entrepreneurs producing agricultural items and/or growing fish, providing for their initial and further (industrial) processing and selling these products and/or fish under the condition that in the total incomes from the sale of commodities (works, services) of such organisations or independent entrepreneurs the incomes portion from the sale of their agricultural produce and/or fish, including the products of their initial processing made from own agricultural raw materials and/or fish, is at least 70%. The procedure of qualifying the products as initial processing from own agricultural raw materials and fish is specified by the Government of the Russian Federation.
The uniform agricultural tax is not permitted for organisations and independent entrepreneurs engaged in production of excisable goods, organisations and independent entrepreneurs transferred to the taxation system in the form of the uniform imputed income tax for individual types of activities, as well as organisations with branches and/or representations.
The tax rate for the uniform agricultural tax is fixed in the amount of 6%. The tax period is defined as one calendar year.
The amendments introduce a stepwise differentiation of the tax rates for the profit tax for agricultural producers other than those matching the criteria permitting to switch over to the uniform agricultural tax. The tax rate for the profit tax for such producers is fixed in the amount of 0% for the years 2004-2005, 6% in 2006-2008, 12% in 2009-2011, 18% in 2012-2014 and from the year 2015 - according to Item 1 of Article 284 of the Tax Code of the Russian Federation.
Organisations, peasant (farmers') enterprises and independent entrepreneurs wishing to switch over to the system of taxation for agricultural producers (uniform agricultural tax) in 2004 may submit before February 1, 2004 to the tax body at the place of location (place of residence) application for the transfer to the uniform agricultural tax.
The given provision is entered into force from the day of official publication of the Federal Law. The rest of the provisions of the Federal Law are entered into force from January 1, 2004, however, no sooner than one month after the day of its official publication.

Federal Law No. 138-FZ of November 11, 2003 on the Lotteries

Institutes the legal basis for the state regulation of relations in the sphere of organisation of lotteries, including the types and goals of the lotteries, procedure of their organisation on the territory of the Russian Federation. Defines obligatory normatives, control procedure over their organisation, as well as responsibility of persons involved in their organisation.
The types of the lotteries are defined depending on their method, method of building of the prize fund, territory, organiser and technology. Specifies on the legislative basis the provisions on incentive lotteries - the ones not involving any payment for participation, with the prize fund being built at the organiser expense.
Obligatory normatives of the lottery includes the amount of the prize fund that must be at least 50% of the receipts, however, not more than 80%, amount of the tied deductions that must be at least 10% of the receipts (except for the incentive lotteries).
The Code of Administrative Violations of the Russian Federation is extended to include Article 14.27 "Violation of the Legislation on Lotteries".
Normative legal acts of the Russian Federation, its subjects and bodies of local government apply inasmuch as they do not contradict the Federal Law and must be brought in compliance with it within 3 months from the day of its official publication.
The Federal Law is entered into force from January 1, 2004.

Order of the State Customs Committee of the Russian Federation No. 973 of September 8, 2003 on the Endorsement of the Instruction on the Customs Operations Carried out in Internal and International Transit Shipments of Commodities

Defines the procedure of carrying out customs operations for commodities placed under the internal customs transit customs regime and the international customs transit customs regime.
The transit declaration is accepted by the customs body of origin on the day of its submission if it meets all specified requirements. Any commercial, transportation documents and/or customs documents containing information listed in the Instruction are accepted as transit declaration. Commercial documents may include invoices, proforms, dispatch specifications, packing sheets, declarations of the cargo, cargo sheets. International or internal invoice, bill of lading or other document confirming the presence and content of the sea (river) shipment, air cargo invoices, railway invoices, documents envisaged in the acts of the Universal Postal Union, forwarding documents, as well as other standard documents may be used as transportation documents.
The Order is entered into force from January 1, 2004 except for the provisions on the use of transit declaration that are entered into force 90 days after the day of official publication.
Registered in the Ministry of Justice of the Russian Federation on November 13, 2003. Reg. No. 5228.

Order of the State Customs Committee of the Russian Federation No. 1077 of September 30, 2003 on the Endorsement of the Procedure of Keeping of the System of Records of Commercial Documentation by the Persons Enjoying Special Simplified Procedures of Customs Registration

Specifies the requirements to the system of records of commercial documentation used in foreign-trade activities by the persons that do not have, as of the day of appeal, entered into force and unexecuted decisions on cases of administrative violations in the customs sphere, keeping the system of records according to the Methodology Recommendations on the registration of material and production reserves endorsed by the Order of the Ministry of Finance of the Russian Federation No. 119n of December 28, 2001 and engaged in foreign trade activities for at least 3 years.
The system of records of commercial documentation of these persons must contain information on the foreign-trade deal, commodities being their objects, subsequent operations with the given commodities obtained from commercial documents. The given system must contain information on all commodities received under foreign-trade deals regardless of the presence or absence of the property right for the commodities with this person.
The mentioned information is presented to the customs bodies in cases of the customs revision or to a written request of the customs body. Information is presented according to the form similar to the form of the foreign-trade deal provided in the Order.
The Order is entered into force from January 1, 2004.
Registered in the Ministry of Justice of the Russian Federation on November 11, 2003. Reg. No. 5218.

Regulation of the Ministry of Finance of the Russian Federation and the Central Bank of Russia Nos. 100n, 239-P of November 5, 2003 on the Invalidation of the Acts of the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation on the Procedure of Transfer of Incomes of the Federal Budget to Finance the Expenses of the Federal Budget

Lists joint acts of the Ministry of Finance of the Russian Federation and the Central Bank of Russia invalidated from January 11, 2003 pursuant to the adoption of the Order of the Ministry of Finance of the Russian Federation No. 116n of November 20, 2002 on the endorsement of the procedure of transfer by the territorial bodies of the federal treasury of the Ministry of Finance of Russia of resources due to the federal budget from Account 40101 "Incomes Distributed by the Federal Treasury Bodies between the Levels of the Budget System of the Russian Federation" to Account 40105 "Resources of the Federal Budget".

Order of the Ministry of Taxation of the Russian Federation No. BG-3-22/572 of October 28, 2003 on Amendments 2 to the Methodology Recommendations on Application of Chapter 26.3 "System of Taxation in the Form of the Uniform Imputed Income Tax for Individual Types of Activities" of the Tax Code of the Russian Federation Endorsed by the Order of the Ministry of Taxation of Russia No. BG-3-22/707 of December 10, 2002

Individual provisions of the Methodology Recommendations are being brought in compliance with the actual legislation.

Explanation of the Central Bank of Russia No. 30-OR of November 5, 2003 on the Application of Individual Provisions of the Direction of the Bank of Russia No. 1246-U of February 10, 2003 on the Actions in Cases of Revealed Facts (Signs) of Building of Sources of Own Resources (Capital) (Part of Them) Using Improper Assets and the Regulation of the Bank of Russia No. 215-P of February 10, 2003 on the Method of Determination of Own Resources (Capital) of Credit Organisations

Replacement of improper assets with assets possessing a real value implies the actions of the credit organisation and other persons permitting to eliminate the violations pertaining to the building of the sources of own resources (capital) of a credit organisation without preliminary reduction of these sources. If the sources of own resources (capital) of a credit organisation were built using improper assets after the entry into force of the Regulation No. 215-P, replacement of assets may not be regarded as a proper method of elimination of violations pertaining to the building of the sources of own resources (capital) in cases of use of improper assets by investors.