Monitoring of the Federal Legislation dated 6.02.2008

Order of the Ministry of Finance of the Russian Federation No. 162n of December 29, 2007 on the Endorsement of the Form of the Tax Declaration for the Incomes Tax from Natural Persons (Form 3-NDFL) and Its Filling Procedure

Endorses a new form of the declaration on the tax on incomes of natural persons (form 3-NDFL), as well as its filling procedure. The new wording is stipulated by introduction of some changes entering into force from January 1, 2008.

Order of the Ministry of Finance of the Russian Federation No. 163n of December 29, 2007 on the Endorsement of the Form of the Tax Declaration for the Uniform Social Tax for Taxpayers Making Payments to Natural Persons and Its Filling Procedure

The Federal Law No. 216-FZ of July 24, 2007 adjusted the procedure of calculation and payment of the uniform social tax by the persons making payments to natural persons.

Direction of the Central Bank of Russia No. 1975-U of February 1, 2008 on the Amount of the Rate of Refinancing of the Bank of Russia

To restrain inflation and reduce the dynamics of the monetary mass, the rate of refinancing of the Bank of Russia is increased from February 4, 2008 from 10% to 10,25% annual.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 123 of December 18, 2007 on Some Issues Pertaining to Application of the Provisions on the Calculation of the Amounts of Tax Due from Independent Entrepreneurs Using the Simplified System of Taxation or the System of Taxation in the Form of the Uniform Imputed Income Tax

According to the Tax Code of the Russian Federation, taxpayers using the simplified system of taxation with the object of taxation "incomes" are entitled for an exemption to within 50% of the amount of tax, in particular, amount of insurance contributions for obligatory pension insurance paid for the same period of time.