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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 9.09.2004

Decision of the Government of the Russian Federation No. 460 of September 6, 2004 On Non-Application of the Rate of the Export Customs Duty In Relation To Asbestos

The rate of the export customs duty of 3 (three) per cent of the customs value approved by Decision of the Government of the Russian Federation No. 1358 of December 8, 1999 shall not be applied in relation to asbestos (code under Trade Classification of Foreign Economic Activity - 2524 00).

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. 1490-U of August 17, 2004 On Amending Regulations of the Bank of Russia No. 207-P of December 20, 2002 On the Procedure For Submission by Credit Institutions To the Authorized Body of Data Specified Under the Federal Law On Prevention of Legalization (Laundering) of Criminally Derived Incomes and Funding of Terrorism

It requires that credit institutions notify its respective branches that do not present their own reports as electronic messages, of its decisions not to supply to the authorized body data on operations in relation to which suspicions have arisen that they are carried out for purposes of legalization (laundering) of criminally derived incomes or funding of terrorism and also advise them of acceptance (non-acceptance) by the authorized body of data on said operations. The credit institution shall on its own specify the procedure for submission of notification to its branch and a form of such notification. The notification thus received shall be kept with the branch of the credit institution for a period of not less than five years since its receipt.

The reference book of the types of operations the data on which are to be submitted to the authorized body shall be supplemented with the following operations: the granting by legal entities that are not credit institutions of interest-free loans to individuals and (or) to other legal entities and receipt of such loans and also transactions with immovable property.

The Directive shall come into force upon the expiration of 10 (ten) days after 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. 6004.

Letter of the Ministry of Taxation of the Russian Federation No. 33-0-13/526 On Application of Cash Machines

In case of exclusion from the State register of earlier used models of control-cash equipment, further operation of same shall be carried out until the expiration of a standard period of its depreciation.

Letter of the Department of Tax and Customs-Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-05/2/32 of June 9, 2004 On Determination of Expenses On Acquisition of Copyrights

When the terms of the contract envisage receipt of incomes within more than one accounting period and provide for no staged delivery of goods (work, services), the expenses shall be distributed by the taxpayer on its own with due regard for the principle of uniformity of acknowledgement of incomes and expenses. The expenses on acquisition of the said rights shall be assessed as part of the costs reducing the taxation base of the tax on profits.

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