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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 1.03.2006

Federal Law No. 28-FZ of February 28, 2006 on the Amendments to Chapter 21 of Part 2 of the Tax Code of the Russian Federation and Article 3 of the Federal Law on the Amendments to Chapter 21 of Part 2 of the Tax Code of the Russian Federation and on Invalidation of Individual Provisions of the Acts of Legislation of the Russian Federation on Taxes and Fees

Removes inaccuracy occurred from the moment of introduction of amendments to the Tax Code pursuant to adoption of the Federal Law on the special economic zones of the Russian Federation. According to the amendments, from January 1, 2006, the list of documents necessary for the confirmation of the reasons of application of the 0% VAT rate must be extended to include those confirming the fact of supplies of commodities to the resident of the special economic zone. This list includes, in particular, the contract with the resident of the special economic zone, payment documents for the commodities, copy of the certificate of registration of the entity as a resident of the special economic zone and other. The presence of such provision did not permit taxpayers to apply the VAT exemption.

The Federal Law specifies that the mentioned documents must be presented only if placing the commodities under the customs regime of the free customs zone.

Besides, the Law refines the procedure of application of the VAT exemption for capital construction for objects where construction began before January 1, 2006. The given rectification provides for opportunity of application of the mentioned exemption only in case of an actual payment of the value added tax, preventing from unmotivated reimbursement of VAT amounts in 2006.

The Federal Law is entered into force no sooner than one month after the day of publication and no sooner than the 1st of the subsequent tax period for the value added tax. The mentioned amendments apply to legal relations emerging from January 1, 2006.

Decision of the Government of the Russian Federation No. 106 of February 26, 2006 on the Amendments to the Decision of the Government of the Russian Federation No. 1027 of December 30, 2000

Employees of individual bodies of the federal bodies of executive power in the sphere of defence, law enforcement activities and state security shall get monthly monetary reward in the amount of 1 salary for the occupied position.

When endorsing the labour remuneration funds for the given employees, in excess of resources allocated to pay out the salaries for the occupied position resources are envisaged to pay out the monthly monetary reward in the amount of 12 salaries for the occupied position (per year).

The Decision applies to legal relations emerging from January 1, 2006.

Decision of the Government of the Russian Federation No. 105 of February 26, 2006 on the Medical Aid, Sanatorium and Resort Support and Individual Payments to Persons Dismissed from the Federal Bodies of the Tax Police Entitled for the Pension with the Length of Service of 20 Years and More (Including the Grace Period), As Well As the Members of Their Families

In 2006, employees after dismissal from service in the federal bodies of the tax police entitled for the pension with the length of service of 20 years and more (including the grace period) may get underpaid monetary compensation for the leaves for the years 2003-2005 in the amount of Rbl 600 per pensioner, for the years 2003-2004 - Rbl 150 per spouse and each of the underage child, for the year 2005 - Rbl 300 per spouse and each of the underage child. The mentioned payments shall be made at the place where these persons get their pensions.

Appropriate changes on the payments to persons dismissed from the federal bodies of the tax police are introduced in the Decision of the Government of the Russian Federation No. 911 of December 31, 2004 on the procedure of rendering medical aid, providing sanatorium and resort support and making individual payments to some categories of servicemen, employees of law enforcement bodies and members of their families.

Decision of the Government of the Russian Federation No. 101 of February 22, 2006 on the Measures to Implement the Federal Law on the Federal Budget for the Year 2006

Accepts for execution the federal budget for the year 2006. The federal bodies of executive power and budget organisations get orders to execute the federal budget for the year 2006.

Chief administrators of resources of the federal budget must provide for the closing until December 31, 2006 of accounts opened for the federal institutions supervised by them in institutions of the Central Bank and credit organisations for operations with resources received for temporary use of the federal institutions, and the Federal Treasury - provide for the opening for them in its territorial bodies of personal accounts for resources received for temporary use. The federal institutions are ordered to submit estimates of incomes and expenses for resources obtained from entrepreneurial and other profitable activities endorsed according to established procedure to appropriate territorial body of the Federal Treasury.

The Federal Treasury is also ordered to carry out an experiment in 3 subjects of the Russian Federation to carry out and register operations of use of subsidies and subventions allocated from the federal budget to the budget of the subject of the Russian Federation, as well as to use the resources of the budget of the subject of the Russian Federation allocated to institutions of the Ministry of Internal Affairs and the Ministry of Emergency Situations of Russia on the personal account of the budget of the subject of the Russian Federation.

The Ministry of Finance of Russia is entitled to buy out in coordination with the Central Bank the bonds of the state republican internal loan of the RSFSR of 1991 owned by the Central Bank at their nominal cost without interest.

Conciliation agreements between debtors in monetary obligations to the Russian Federation and agents of the Government of the Russian Federation, as well as the Federal Tax Service, shall be concluded on the basis of Decisions taken by the Ministry of Finance of Russia.

Amends a number of acts of the Government of the Russian Federation.

Letter of the Central Bank of Russia No. 28-T of February 22, 2006 on Application of Item 1.9.2 of the Instruction of the Bank of Russia No. 124-I of July 15, 2005 on the Amounts (Limits) of Open Currency Positions, Method of Their Estimation and Particulars of Enforcement of Their Observation by Credit Organisations

According to the explanation of the Central Bank of Russia, in the determination of the amount of claims and/or obligations under letters of credit in the estimate of the net position for guarantees and letters of credit, letters of credit are included in the estimate of the net position from the moment of occurrence of a professional judgment with the credit organisation of the possibility of risk of execution of the letter of credit by it at own expense.

Letter of the Central Bank of Russia No. 24-T of February 20, 2006 on the Registration of Amounts of Foreign Currencies Where the Rouble Rate Is Not Officially Established by the Bank of Russia

If the rate of the foreign currency to the rouble is officially established by the central (national) bank of the issuer state of this currency, it is necessary to use the rate of the mentioned national currency.

If such rate is not established by the national bank, it is necessary to use cross-rates. When choosing the cross-rate to recalculate monetary resources, it is preferable to use the rates officially established by the central (national) bank of the issuer state of the currency where the rate to the rouble is not/has not been established officially by the Bank of Russia, as well as information systems Reuters and Bloomberg, sites of central (national) banks, newspaper Financial Times.

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