Monitoring of the Federal Legislation dated 30.05.2007

Federal Law No. 85-FZ of May 17, 2007 on the Amendments to Chapters 21, 26.1, 26.2 and 26.3 of Part 2 of the Tax Code of the Russian Federation

The amendments to the Tax Code of the Russian Federation eliminate drawbacks in the application of the simplified system of taxation, system of taxation in the form of the uniform imputed income tax for individual types of activities and the value added tax.
      The Federal Law is entered into force from January 1, 2008, however, no sooner than one month after the day of its official publication except for some norms on the value added tax and the simplified system of taxation covering legal relations emerging from January 1, 2007.

Decision of the Government of the Russian Federation No. 321 of May 26, 2007 on the Amendments to the Customs Tariff of the Russian Federation

From July 1, 2007, introduces on the permanent basis the zero rates of the import customs duties that were in effect until June 30, 2007 for more than 600 names of technological equipment, mechanical devices, instruments.
      July 1, 2007 will also be used to apply on the permanent basis the rates of the import customs duties presently in use for individual types of cheeses, shoes and parts thereof, ores, cinder, ferrous metals, items of germanium, ground vehicles.

Order of the Federal Antimonopoly Service No. 5 of January 17, 2007 on the Endorsement of the Administrative Regulation of the Federal Antimonopoly Service for the Execution of the State Function of Identification of the Dominating Position of the Economic Subject in Cases of Violation of the Antimonopoly Legislation and in the Course of State Control of Economic Concentration

Endorses the Administrative Regulation defining the time limits and the sequence of actions (administrative procedures) for the Federal Antimonopoly Service of Russia and its territorial bodies in the course of implementation of the state function to identify the dominating position of the economic subject.
      Registered in the Ministry of Justice of the Russian Federation on May 23, 2007. Reg. No. 9541.

Letter of the Ministry of Finance of the Russian Federation No. 03-11-02/151 of May 29, 2007

When calculating the uniform imputed income tax, one should use from January 1, 2007 the K1 coefficient specified in the Order of the Ministry of Economic Development of Russia No. 359 of November 3, 2006 (in the amount of 1.096). The amounts of the uniform imputed income tax calculated for the I quarter of 2007 using the deflator coefficient K1 in the amount of 1.241 must be recalculated.