Monitoring of the Federal Legislation dated 27.03.2009

Letter of the Federal Tax Service No. ShS-22-3/215@ of March 23, 2009 on the Procedure of Application of VAT Exemptions in Cashless Forms of Payments in the Transient Period

Amendments in the procedure of application of VAT exemptions have entered into force since January 1, 2009. However, in commodity exchange operations, claims rights off-setting, in estimates for securities, amounts of tax put forward to the taxpayer for the purchase of commodities (works, services) and accepted for exemption before December 31, 2008 inclusive, are subject to exemption according to the procedure that was in effect as of the date of their acceptance.

Letter of the Federal Tax Service No. ShS-22-3/216@ of March 23, 2009 on the Procedure of Application of Individual Provisions of the Federal Law No. 224-FZ of November 26, 2008

Beginning with the first tax period of 2009, tax declaration for VAT shows both the calculated amounts of tax and the amounts due for exemption.