Monitoring of the Federal Legislation dated 20.04.2007

Decision of the Government of the Russian Federation No. 234 of April 14, 2007 on the Invalidation of Some of the Acts of the Council of Ministers of the RSFSR, the Government of the Russian Federation and on Invalidation on the Territory of the Russian Federation of Some of the Acts of the Council of People's Commissars of the USSR and the Council of Ministers of the USSR on Communication Issues

To further improve the legislation on communication, invalidates some of the acts of the Council of Ministers of the RSFSR and the Government of the Russian Federation, as well as invalidates on the territory of the Russian Federation the acts of the Council of People's Commissars of the USSR and the Council of Ministers of the USSR on communication issues.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-02-07/2-69 of April 13, 2007

The Ministry of Finance supports the position whereby the beginning of the cameral tax check is associated with the presence of two simultaneous conditions, namely, submission by the taxpayer of the tax declaration (estimate) and submission of the necessary documents attached to the declaration in cases envisaged in the Tax Code. Calculation of the time limit of the cameral tax check begins with the day when the tax declaration (estimate) and the last of the mentioned documents are submitted to the tax body.

Letter of the Federal Tax Service No. 04-2-03/7 of February 1, 2007 on the Taxation of Incomes Obtained from Sale of Stocks

The legislation envisages a three-year period of possession of securities as a prerequisite enough for the incomes from sale of such stocks obtained in 2002-2006 to be exempted from the incomes tax from natural persons through the granted proprietary tax exemption in the full amount of incomes obtained from the sale of such stocks.