Monitoring of the Federal Legislation dated 14.02.2005

Decision of the Government of the Russian Federation No. 65 of February 9, 2005 on the Endorsement of the Typical Forms of the Contract for the Services Rendered by a Specialised Depositary to a Non-State Pension Fund Acting as an Insurer in Obligatory Pension Insurance, Contract of Trust Control of Resources of Accumulated Pensions between a Non-State Pension Fund Acting as an Insurer in Obligatory Pension Insurance and the Management Company and the Contract for the Services Rendered by the Specialised Depositary to the Management Company Providing Trust Control of Resources of Accumulated Pensions of a Non-State Pension Fund Acting as an Insurer in Obligatory Pension Insurance

Endorses three typical forms of the contract between a specialised depositary, non-state pension fund and the management company.

According to the first contract, the specialised depositary undertakes to render to the fund the service of the daily control of observation by the management company that has concluded contracts of trust control of resources of accumulated pensions with the fund of the requirements specified in the Federal Law on non-state pension funds, other normative legal acts and the investment declaration, with the fund being obliged to pay for such services.

The second contract envisages that the fund shall hand over to the management company in trust control resources of accumulated pensions, and the management company undertakes to manage them to ensure the right of the insured to get the accumulated part of the labour pension. The beneficiary under such contract is the fund.

The third contract envisages that the specialised depositary undertakes to render to the management company in implementation of trust control by it of the resources of accumulated pensions the services in registration and transfer of the rights for the securities and keeping of certificates of the certified securities where the resources of accumulated pensions are invested in, as well as the registration of assets comprising the investment portfolio of the management company, with the management company being obliged to accept and pay for such services.

Letter of the Federal Tax Service No. GI-6-22/96@ of February 8, 2005 on the Application of the Simplified System of Taxation

Organisations or independent entrepreneurs may not apply the simplified system of taxation or loose the right of application of the given special tax regime from the beginning of the quarter where their income, number of employees or the cost of fixed assets and non-material assets from all types of entrepreneurial activities, including the one subject to the uniform imputed income tax, become greater than the limits specified in Chapter 26.2 of the Tax Code of the Russian Federation.

In case of a termination of the counter-obligation of the buyer of commodities (works, services) in the payment for the these commodities (works, services) by handing over of the third party promissory note by the buyer, the date of receiving of incomes by the organisation applying the simplified system of taxation is the day of receiving of the mentioned promissory note.

If the buyer pays with an own promissory note, the date of receiving of incomes is the date of redemption of the promissory note or the date of handing over by the taxpayer of the mentioned promissory note to the third party according to endorsement procedure.