Monitoring of the Federal Legislation dated 5.05.2005

Decision of the Presidium of the Higher Arbitration Court of the Russian Federation No. 13592/04 of March 29, 2005

The taxpayer having paid on the voluntary basis arrears in taxes, as well as penalties and fines, in compliance with the decision of the tax inspection later recognised as erroneous may return the transferred amount together with the interest.

Direction of the Central Bank of Russia No. 1572-U of April 12, 2005 on the Amendments to the Regulation of the Bank of Russia No. 255-P of March 29, 2004 on the Obligatory Reserves of Credit Organisations

The amendments envisage the offsetting of the residues of monetary resources available not only on the correspondent account of the parent office of the credit organisation, but also on the correspondent subaccounts of its branches opened in the Bank of Russia as an execution of the duty of credit organisations to level the obligatory reserves.

The Direction is entered into force from June 1, 2005.

Registered in the Ministry of Justice of the Russian Federation on April 28, 2005. Reg. No. 6561.

Letter of the Central Bank of Russia, Ministry of Finance of the Russian Federation No. 70-T, 01-SSh/54 of April 28, 29, 2005 on the Bank Reserves Built in Compliance with the Regulation of the Bank of Russia No. 254-P of March 26, 2004

In the reserve for the debts in loans available before August 1, 2004 as a standard one (group one risk) according to the Instruction of the Bank of Russia No. 62a of June 30, 1997 and transferred to quality categories 2 to 5 according to the Regulation No. 254-P, amounts of the earlier created reserve failing to reduce the taxable base for the profit tax should be restored by the incomes exempted from taxation, while building simultaneously a new reserve qualifying it as expenses reducing the taxable base. Reserves by portfolios of homogenous loans are built in a similar way.

Letter of the Federal Service for Financial Markets No. 05-OV-03/5060 of April 6, 2005 on the Payment for the Stocks in Foreign Currencies

Since normative acts of the Bank of Russia do not envisage at present opportunities of paying with foreign currencies for the internal securities and do not specify a procedure for carrying out currency operations with internal securities, payment for the stocks placed by Russian joint-stock companies in foreign currencies shall not be permitted.

Letter of the Federal Service for Financial Markets No. 05-OV-03-3/5067 of April 6, 2005 on the Payment Documents to Pay the State Duty for the Legally Significant Actions Pertaining to the State Registration of the Issues (Additional Issues) of Securities, As Well As Other Actions Envisaged in Item 1 of Article 333.33 of the Tax Code of the Russian Federation

Provides information on the filling of the payment documents used to pay the state duty by the persons involved in legally significant actions pertaining to the state registration of issues (additional issues) of securities.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-01-04/1/137 of March 30, 2005

Expenses for the payment of the state duty for the registration of the transport vehicle shall be included in other expenses pertaining to sale and not included in the initial cost of the main vehicle.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-01-02/94 of March 29, 2005

Repayment supplement to the actual earnings in excess of the amounts reimbursed by insurance payments and payments of the employer, however, not greater than Rbl 12,480, must be taken into account for profit taxation purposes as labour remuneration expenses.