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Monitoring of the Federal Legislation dated 27.04.2006

Regulation of the Central Bank of Russia No. 283-P of March 20, 2006 on the Procedure of Forming Reserves for Possible Losses by Credit Organisations

To determine the amount of the reserve, estimate values are grouped into five categories of quality (earlier, five categories of risks), amounts of estimated reserves determined in percent of the amount of elements of the estimate base have not changed. Estimate values are classified on the basis of professional judgement.

In cases of change of residues on appropriate accounts in foreign currencies because of their reassessment, regulation of the amount of the earlier formed reserve is made at least once a month as of the reporting date.

To exclude duplication of reporting forms submitted to the Bank of Russia, information on the reserves according to Form 0409155 "Information on the Reserves for Possible Losses" shall be submitted according to the form specified in the Direction of the Bank of Russia No. 1376-U of January 16, 2004. The Regulation also excludes the section pertaining to accounting work for the reserves for possible losses (this procedure is defined in the Regulation of the Bank of Russia No. 205-P of December 5, 2002).

The Regulation introduces a procedure of assessment of the credit risk for the portfolio of similar claims (conditional obligations of credit nature). Also defines the rules of writing off of debts desperate for collection.

The Regulation is entered into force from June 1, 2006.

Registered in the Ministry of Justice of the Russian Federation on April 25, 2006. Reg. No. 7741.

Direction of the Central Bank of Russia No. 1672-U of March 20, 2006 on the Amendments to the Instruction of the Bank of Russia No. 110-I of January 16, 2004 on Obligatory Normatives of Banks

Pursuant to introduction of the new procedure of forming of reserves for possible losses by credit organisations endorsed by the Regulation of the Bank of Russia No. 283-P of March 20, 2006, appropriate changes are introduced in the set of notions of the Instruction of the Bank of Russia No. 110-I of January 16, 2004.

The Direction is entered into force from June 1, 2006.

Registered in the Ministry of Justice of the Russian Federation on April 25, 2006. Reg. No. 7740.

Order of the Ministry of Finance of the Russian Federation No. 55n of April 7, 2006 on the Endorsement of the Form of the Tax Declaration for the Profit Tax from Organisations in Product-Sharing Agreements and Its Filling Procedure

Endorses the form of the tax declaration for the profit tax from organisations in product-sharing agreements (KND form 1151082) and its filling procedure. Declarations drawn up to the endorsed form shall be submitted beginning with the first reporting period of 2006.

Registered in the Ministry of Justice of the Russian Federation on April 25, 2006. Reg. No. 7733.

Order of the Federal Service for Tariff Rates No. 60-e/5 of March 21, 2006 on the Endorsement of the Procedure of Generation of the Summary Balance Forecast of Production and Supplies of Electric Power in the Framework of the Joint Power Supply System of Russia for the Subjects of the Russian Federation

The main tasks of the summary balance forecast of production and supplies of electric power are: satisfying the demand of consumers of electric power; providing reliable supplies of electric power to consumers; minimisation of expenses for production and supplies of electric and thermal power; the balance of the total cost of electric power supplied to the wholesale market of electric power and sold from it; quality of electric power.

The Order endorses the schedule of flow of documents to endorse the summary balance forecasts of production and supplies of electric power in the framework of the Joint Power Supply System of Russia for the subjects of the Russian Federation. The Federal Service for Tariff Rats shall form according to this schedule the balance forecast of production and supplies of electric power in the framework of the Joint Power Supply System of Russia for the subjects of the Russian Federation.

The basis for the drawing up of balance forecasts of electric power for the Joint Power Supply System of Russia on the whole are balance forecasts of electric power of each of the power supply (power sales) organisations - subjects of the wholesale market of electric power, balance proposals of power stations - subjects of the wholesale market of electric power and balance proposals of the buyers - subjects of the wholesale market of electric power, as well as the network companies pertaining to purchase of eclectic power for compensation of losses, including those from export and import operations.

Registered in the Ministry of Justice of the Russian Federation on April 25, 2006. Reg. No. 7729.

Decision of the Higher Arbitration Court of the Russian Federation No. 10539/04 of March 15, 2006

The applicant demands to invalidate Paragraph 7 of the Letter of the Ministry of Finance of Russia No. 03-02-05/2/35 of June 10, 2004 on the registration of leasing operations in the tax bodies, since this item prevents from proportional reduction of incomes from sale of leasing services by amounts of expenses (investments) of the lessor to purchase the object of leasing accepted by the lessee on the balance.

Earlier, proceedings for this case were terminated because the act challenged by the applicant is not a normative legal act, since it is issued in the form of a letter and is not published officially.

However, the Higher Arbitration Court of the Russian Federation explained that any act of the Ministry of Finance of Russia may be challenged in court, if it entails the right of the tax bodies to present claims to taxpayers.

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