Monitoring of the Federal Legislation dated 2.09.2008

Direction of the Central Bank of Russia No. 2055-U of August 26, 2008 on Amending Direction of the Bank of Russia No. 1376-U of January 16, 2004 on the List, Forms and Procedure for Compiling and Submitting Forms for Credit Institutions' Reports to the Central Bank of the Russian Federation

Amendments are made in some forms for credit institutions' reports, as well as the procedure for filling out and submitting these forms to the Central Bank of Russia is modified. It is caused, in particular, by introduction of new requirements for the denomination of a legal entity, creation of new legal basics for the development of small-scale and medium-scale business in the Russian Federation and the necessity of improving the system of indices of monitoring mortgage credit lending within the framework of the Federal Target Programme Housing.
New forms for reports are introduced that concern acquisition of securities by a credit institution (0409116), granting of large loans (0409117) and housing loans (0409316). In the Report according to Form 0409116 shall be included data on a credit institution's investments into debt securities (except for bills of exchange) and equity securities, except for investments into securities of the Russian Federation and into stocks (participatory shares) of branch and dependent companies. Reports drawn up according to Form 0409117 shall include data on 30 largest loans to legal entities which are noncredit organisations. In reports drawn up according to Form 0409316 shall be cited data on the territorial structure of housing loans granted to borrowing natural persons, as well as on the volume and sources of preschedule repayment thereof and refinancing methods. The new wording describes Form 0409024 Data on Making a Contract of Auditing the Activities of a Credit Institution, of a Banking (Consolidated) Group and a procedure for filling it out. The report shall be submitted at latest 5 working days after the date of making a contract of holding an audit inspection with an audit institution, a supplementary agreement to a contract of holding an audit inspection with an audit institution and a contract of holding an audit inspection made with another audit organisation. In so doing, information on a supplementary agreement shall be shown in a separate line for each kind of reports (annual, quarterly or annual consolidated ones) which is subject to auditing. Data on the starting and end dates of rendering audit services shall be additionally stated in the Report.
The procedure for filling out forms of reports concerning provision of data on affiliated persons is corrected, this being caused by introduction of a new procedure for keeping records and supplying information about affiliated persons of a credit institution (Regulations of the Bank of Russia No. 307-P of July 20, 2007). A special procedure for filling out and submitting the Turnover Balance Sheet of Accounts of a Credit Institution for Re-Organised Credit Institutions is introduced. The Profit-and-Loss Report of a Credit Institution shall additionally specify outlays on exercising business activities, in particular outlays on maintenance of fixed assets, advertising, business missions, insurance etc.
The Direction is to be published in the "Vestnik Banka Rossii" and shall enter into effect as of October 1, 2008. The new forms of reports shall be drawn up starting from January 1, 2009.

Letter of the Department of Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-04-05-01/309 of August 21, 2008

The issue of granting a property tax deduction in respect of tax on income of natural persons, when a natural person sells premises transferred from the category of residential premises to the category of non-residential ones, is dealt with herein.
For the purpose of applying the cited deduction, the term of premises' ownership by the taxpaying seller thereof shall be counted from the date of registration of this person's ownership of an immovable property item in the form of non-residential premises (the date cited in the certificate), rather than from the date of acquisition of these premises as residential ones. Thus, if by the time of selling premises the term of this person's ownership in respect of it is less that three years, the deduction shall be granted in the amount of money derived from selling it but 125 000 roubles at most. If the cited time period is equal to three years or exceeds this time period, the deduction shall be equal to the total sum of money derived from selling it.