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Monitoring of the Federal Legislation dated 8.09.2004

Decision of the Government of the Russian Federation No. 455 of September 3, 2004 On Approval of Regulations On Re-Classification of Forest Lands As Non-Forest Lands To Be Used For Purposes Not Connected With Forest Management and Forest Fund Utilization

It lays down the rules of re-classification of forest lands as non-forest lands to be used for purposes not connected with forest management and forest fund utilization.

The re-classification shall be effected exclusively for purposes of geological-prospecting work and also with a view to carry out geological survey, prospecting and extraction of mineral resources, civil engineering and other work and also construction (re-construction) and operation of electric power lines, communication lines, pipelines and other similar projects.

The re-classification shall be allowed only with the availability of a positive expert opinion of the state environmental commission of experts and shall be implemented in accordance with materials on forest management and also materials specifying forest management data.

Persons in whose interests the re-classification is undertaken shall compensate for the losses of forestry and losses of forest users associated with such re-classification.

The Decision shall take effect from November 1, 2004.

Decision of the Government of the Russian Federation No. 452 of September 3, 2004 On the List of Town- and Village-Forming Russian Fishery Organizations Entitled To Reduced Rates of a Fee Due For Using the Facilities of Water Biological Resources

It lists town- and village-forming Russian fishery organizations that have been given the right to apply reduced rates of a fee charged for using the facilities of water biological resources.

The Decision shall come into force from the day of its official publication and shall apply to law relations that have arisen since January 1, 2004.

Decision of the Government of the Russian Federation No. 450 of September 3, 2004 On Approval of the Rates of Export Customs Duties On the Goods Taken From the Territory of the Russian Federation Outside the Member-States of the Customs Union Agreement

It fixes a list of individual types of goods (sea products, ore, wood, etc.) that shall be taken duty-free from the territory of the Russian Federation.

The Decision shall take effect upon the expiration of one month from the day of its official publication.

Directive of the Central Bank of Russia No. 1486-U of August 9, 2004 On the Qualifying Requirements To Special Officials Responsible For Compliance With the Rules of Internal Control With the View To Prevent Legalization (Laundering) of Criminally Derived Incomes and Funding of Terrorism and Programs of Exercise of Such Control At Credit Institutions

The said persons shall include a senior official charged with preventing legalization (laundering) of criminally derived incomes and funding of terrorism and also employees of a respective structural subdivision.

The senior official shall have a degree in law or economics and one year experience, as a minimum, in managing a division or other subdivision of the credit institution associated with handling of banking operations, and in the absence of the said degree - experience of work of no less than two years in the sphere of prevention of legalization (laundering) of criminally derived incomes and funding of terrorism or experience of no less than two years in managing a subdivision of the credit institution associated with handling of banking operations.

The employees of structural subdivision must have higher education and experience of work at subdivisions of the credit institution associated with handling of banking operations of no less than six months and in the absence of higher education - experience of work in the sphere of prevention of legalization (laundering) of criminally derived incomes and funding of terrorism of no less than one year or experience of work at subdivision of the credit institution associated with handling of banking operations of no less than one year.

It lists cases when the said persons may be considered as falling short of the qualifying requirements.

The Directive shall take effect upon the expiration of 10 (ten) days following the day of its official publication in the Bulletin of the Bank of Russia.

Registered with the Ministry of Justice of the Russian Federation in September 3, 2004. Registration No. 6003.

Letter of the Ministry of Finance of Russia No. 03-03-05/1/70 of July 9, 2004 On Application of the Easy System Of Taxation

When the taxpayer lacks a permission to discharge, emit pollutants or to dispose wastes, the pay due for an adverse impact upon the environment may not be treated as expenses for purposes of Chapter 26.2 of the Tax Code of the Russian Federation "Easy System of Taxation".

Letter of the Ministry of Taxation of the Russian Federation No. 05-0-09/20@ of July 5, 2004 On the Offset of Excessively Paid Amounts of Insurance Premiums Towards Obligatory Pension Insurance

The offset of excessive payment of insurance premiums towards the funding of either insured (codes 1010610, 1010611) or accumulated (codes 1010620, 1010621) portion of the earned pension as payment of the arrears in insurance premiums under either of the said codes of the budgetary classification of revenues of the budgets of the Russian Federation may not be effected by taxation bodies by manner stipulated under Article 78 of the Tax Code of the Russian Federation "Offsetting or refund of excessively paid amounts of tax, fee and penalty".

Letter of the Ministry of Taxation of the Russian Federation No. 22-1-14/705 of April 16, 2004 On the Easy System of Taxation

When the buyer is settling accounts with the seller, applying an easy system of taxation, with a promissory note of a third person (or with assignment of the right of claim), then as soon as the seller receives a promissory note (is assigned the right of claim), the debt receivable of the buyer shall be cancelled and the seller must determine, in the given case, for purposes of assessing the single tax, its receipts from realization of goods (work, services).

Upon realization or presentation to the bank for purposes of cancellation of promissory notes of third persons that have been received by the seller (upon realization of the rights of claim for the debt), the funds thus received shall be accounted for as part of receipts as they are given to the seller applying the easy system of taxation.

In so doing, considering a closed list of expenditures provided under Article 346.16 of the Tax Code of the Russian Federation, the expenditures of promissory notes (involved in acquisition of the rights of claim for the debt) shall be disregarded when the single tax is assessed by organizations applying the easy system of taxation.

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