Monitoring of the Federal Legislation dated 21.03.2007

Order of the Federal Service for Financial Markets No. 07-4/pz-n of January 25, 2007 on the Endorsement of the Standards of Issue of Securities and Registration of Prospectuses of Securities

Endorses the new standards of issue of securities and registration of prospectuses of securities regulating the issue of stocks, issuer options and the bonds of legal entities (except for the state and municipal securities, bonds of the Central Bank of Russia), as well as the procedure of registration of prospectuses of appropriate securities.
      Registered in the Ministry of Justice of the Russian Federation on March 15, 2007. Reg. No. 9121.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-06/1/23 of January 23, 2007

Provides explanations on the issues of profit taxation of a Russian organisation being affiliated to a foreign organisation - resident of the USA - possessing more than 20% of the registered capital of the organisation.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-05-01/37 of February 13, 2007

The taxpayer is entitled for a property tax exemption for the incomes tax from natural persons in the amount actually spent for the new construction or purchase of a flat on the territory of the Russian Federation. The total amount of the property tax exemption may not be greater than Rbl 1,000,000.