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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 2.05.2006

Decision of the Government of the Russian Federation No. 256 of April 29, 2006 on the Amount of the First-Grade Tariff Rate (Salary) and on the Inter-Grade Tariff Coefficients of the Uniform Tariff of Labour Remuneration of Employees of Federal State Institutions

From May 1, 2006, the first-grade tariff rate (salary) of the Uniform Tariff of Labour Remuneration of Employees of Federal State Institutions is fixed in the amount of Rbl 1,100. This is in correspondence with the change of the minimum amount of labour remuneration, which is also increased from May 1, 2006 from Rbl 800 to Rbl 1,100.

New inter-grade coefficients are introduced in the Uniform Tariff of Labour Remuneration of Employees of Federal State Institutions. Tariff rates (salaries) for grades 2 to 18 are determined by multiplying the fixed tariff rate (salary) by the appropriate inter-grade coefficient.

Decision of the Government of the Russian Federation No. 246 of April 25, 2006 on the Indexing in 2006 of the Amounts of Compensations and Other Payments to Citizens Having Been Exposed to Radiation Because of the Disaster at the Chernobyl Nuclear Power Station

Indexes from January 1, 2006 amounts of compensations and other payments to citizens having been exposed to radiation because of the disaster at the Chernobyl Nuclear Power Station using the factor of 1.085 proceeding from the level of inflation specified in the Federal Law on the federal budget for the year 2006.

The indexing applies to individual monthly, annual and lump sum compensations and other payments specified in the Law of the Russian Federation on the social protection of citizens having been exposed to radiation because of the disaster at the Chernobyl Nuclear Power Station, monthly monetary compensation and the monthly monetary amount specified in Part 1 and Part 2 of Article 2 of the Federal Law No. 5-FZ of February 12, 2001.

Specifies the procedure of determination of maximum amounts of the mentioned monthly monetary compensation and the monthly monetary amount taking into account the indexing.

Persons entitled for the given compensations and payments in 2006 shall get them together with indexing taken into account.

Decision of the Government of the Russian Federation No. 241 of April 25, 2006 on the Amendments to the Regulation on the Ministry of Education and Science of the Russian Federation

The amendments refine individual authority of the Ministry of Education and Science. The Regulation specifies that the Ministry, among other things, shall provide normative and legal regulation of activities in the sphere of trusteeship. The amendments restrict such regulation and specifies that it can only apply to trusteeship over children.

The sphere of reference of the Ministry is refined in organisation and legal support of training and retraining of the teaching staff of educational institutions. According to the amendments, the Ministry shall adopt a regulation on the professional development of specialists; regulation on the personnel occupying positions of the scientific and teaching staff of institutions of higher professional education; regulation on the training of the scientific and teaching personnel; as well as, as an innovation, a regulation on external studies in institutions of the secondary professional and higher professional education and a regulation on the industrial (professional) practice of students of institutions of the secondary professional education.

Also emphasised is the authority of the Ministry to coordinate the appointment of the heads of the state bodies of management of education in the subjects of the Russian Federation.

Meanwhile, the Ministry will not work out the procedure of introduction of educational qualifications for the teaching staff.

Direction of the Central Bank of Russia No. 1668-U of March 10, 2006 on the Adjustment of Individual Acts of the Bank of Russia

Invalidates Regulations of the Bank of Russia No. 110-P and No. 111-P of April 3, 2000 defining the particulars of issue and registration of securities of credit organisations supervised or being transferred under supervision of the Agency of Restructuring of Credit Organisations.

Invalidation of the mentioned acts is stipulated by the adoption of the Instruction of the Bank of Russia No. 128-I of March 10, 2006 on the rules of issue and registration of securities by credit organisations on the territory of the Russian Federation.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.

Letter of the Ministry of Finance of the Russian Federation No. 03-03-02/84 of April 13, 2006 on the Taxation of Repo Operations

Explains the procedure of taxation of operations envisaging a repurchase agreement of participants for the securities. Such transaction implies that one party sells to the other a packet of securities of certain value with an obligation to buy them back at specified price.

Provisions of Article 282 of the Tax Code may apply to only those repo operations where the time between the dates of execution of the first and the second parts is not greater than one year. If the committed operation is not a repo one, its taxation is done according to the articles regulating the procedure of determination of the taxable base when committing operations with securities.

When applying the method of accruing, expenses are recognised as of the date of payments according to the terms of concluded contracts or as of the date of presenting of documents to the taxpayer serving as grounds to make the payments, or as of the last day of the reporting (tax) period. Such expenses reduce the taxpayer taxable base determined according to Article 274 of the Tax Code of the Russian Federation and do not form the taxable base for operations with securities.

The taxable base for the profit tax is formed with the seller under the first part of the repo agreement only as of the date of sale or the final redemption of the nominal cost of the security with amortisation of the debt. The seller under the first part of the repo agreement forms only the taxable base subject to the 24% rate if the securities sold by him are purchased under another repo operation.

For repo operations, the interest is accumulated using the method of accruing as of the end of the reporting (tax) period for organisations applying the method of accruing for the purposes of taxation of profit. The interest for taxation purposes is accrued proceeding from the interest base (price of the first part of the repo operation taking into account the accumulated coupon income if available), repo rate and the repo period. For organisations applying the cash method, incomes (expenses) for the repo operation are recognised for taxation purposes according to Article 273 of the Tax Code of the Russian Federation.

Operations of sale of securities in repo operations are exempted from the value added tax.

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