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7. Letter of the RF Finance Ministry No. 03-03-02-04/1/88 of March 25, 2005, explains the issues pertaining to the accounting for the expenditures for purchase of fixed assets with respect to the organizations operating in accordance with the simplified taxation system for taxation purposes. In accordance with subparagraph 1 of item 1 of article 346.16 of the RF Tax Code, as concerns the determination of the object of taxation the taxpayers using the simplified system should reduce their proceeds by the amount of expenditures for purchase of fixed assets. Therefore, the said expenditures should be taken into account as concerns the tax deduction after the object of taxation is officially registered. Capital investment should not be included in the fixed assets.

The letter also explains that the value of leased fixed assets should not be included in the composition of expenditures. In this case, in the course of determination of the tax base of the single tax there should be taken into account the lease payments for the leased fixed assets. Therefore, as concerns the organizations holding leases and using the simplified system of taxation, the value of the fixed assets obtained in accordance with lease agreements may be taken into account in the reporting period, when there occurs the transition of the ownership rights of such fixed assets.

8. Resolution of the RF Government No. 156 of March 23, 2005, introduces changes in the list of the codes of types of food products in accordance with the All-Russian Classifier of products, the sales of which are subject to the value added tax at the rate of 10 per cent.

9. Letter of the RF Finance Ministry No. 03-04-08/60 of March 22, 2005, explains the issues pertaining to the taxation with the value added tax of the services relating to the transfer of the complex of exclusive property rights in accordance with the economic concession agreements. For the purposes of taxation with the value added tax, the location of rendering of the services relating to the transfer in ownership or the assignment of patents, licenses, trademarks, copyrights, or other similar rights should be defined as the territory of the Russian Federation in the case the purchaser of such services performs the operations in the territory of the Russian Federation. The location of the purchasers operations should be defined as the territory of the Russian Federation in the case the purchaser is registered in the territory of the Russian Federation and in the case the purchaser has no such registration the location is defined basing on the information indicated in the constituent documents etc. Proceeding from these considerations, the remuneration paid to the owner of the respective rights (a Russian organization) in the form of single (lump sum) payments and recurring (royalty) payments by the user (a foreign company), the location of whose operations is not the territory of the Russian Federation, should not be subject to the value added tax collected in the territory of the Russian Federation.

L. Anisimova A review of economic legislation: April of In April, there were introduced the following changes in the legislation currently in force: the provisions setting forth the procedures governing the election of the heads of newly created municipal entities and the formation of contest commissions examining the candidates intending to take the offices of the heads of local administrations of municipal districts (town okrugs) on the contractual basis were introduced in the federal law On the general principles of organization of local governments in the Russian Federation; there was approved the list of goods in the course of production and (or) sales of which organizations should not be exempted from the payment of the land tax as concerns the plots of land used for production and (or) sales of such goods; the joint Statement of the RF Government and the RF Central Bank determined the strategy of development of the national banking sector in the period until 2008; the Tax Service brought to the notice of all concerned parties the data used for the calculation of the mineral extraction tax rate with respect to oil in March of 2005.

I. FEDERAL LAWS of the Russian Federation 1. ON AMENDMENTS TO ARTICLE 85 OF THE FEDERAL LAW ON THE GENERAL PRINCIPLES OF ORGANIZATION OF LOCAL GOVERNMENTS IN THE RUSSIAN FEDERATION No. 34 FZ of April 18, The law enters into force on the date of its promulgation.

Article 85 of federal law No. 131 FZ of October 6, 2003, On the general principles of organization of local governments in the Russian Federation, which determines the transitional provisions, was supplemented with regulations governing the election of the heads of newly created municipal entities and the formation of contest commissions examining the candidates intending to take the offices of the heads of local administrations of municipal districts (town okrugs) on the contractual basis. In particular, the state authorities of RF subjects were vested with the right to determine via laws of RF subjects the procedures governing the election of the heads of newly created municipal entities for their first terms in office, as well as the status of the said posts in the structure of local governments in the cases, where the structure of local governments had not been set forth in the course of a local referendum (meeting of citizens) in accordance with section 5 of articl3 34 of federal law No. 131 FZ of October 6, 2003.

II. RESOLUTIONS OF THE GOVERNMENT of the Russian Federation 1. ON THE APPROVAL OF THE LIST OF GOODS, IN THE COURSE OF PRODUCTION AND (OR) SALES OF WHICH ORGANIZATIONS SHOULD NOT BE EXEMPTED FROM THE PAYMENT OF THE LAND TAX AS CONCERNS THE PLOTS OF LAND USED FOR PRODUCTION AND (OR) SALES OF SUCH GOODS No. 223 of April 15, The list of goods was approved in accordance with item 5 of article 395 of chapter 31 Land tax of the second section of the RF Tax Code, which stipulates that the organizations, whose total authorized capital consists of the contributions of national nongovernmental organizations of disabled persons, on the condition that the average number of disabled persons on payroll thereof is at or above 50 per cent and the share of such disabled persons in the wage bill is at or above 25 per cent should not be exempted from the payment of the land tax as concerns the plots of land used for production and (or) sales of goods including those mentioned in the list subject to the approval of the RF Government after reaching a respective agreement with the national nongovernmental organizations of disabled persons.

The list of goods includes: tires for vehicles, hunting guns, yachts, cutters (with the exception of special purpose cutters), products of ferrous and nonferrous metallurgy (with the exception of recycled resources and hardware), precious stones and precious metals, fur articles (with the exception of fur articles for children) high quality crystal and china articles, sturgeon and salmon caviar, off the shelf delicacy products made of valuable species of fish and sea products.

III. INSTRUCTIONS, REGULATIONS, and ORDERS 1. Statement of the RF Government No. 983p - P13 and the RF Central Bank No. 01-01/1617 of April 5, 2005, ON THE STRATEGY OF DEVELOPMENT OF THE NATIONAL BANKING SECTOR IN THE PERIOD UNTIL 2008 The joint Statement of the RF Government and the RF Central Bank sets forth the strategy of development of the national banking sector in the period until 2008. Besides, the joint statement presents an assessment of the current standing of the banking sector.

The key objective of the development of the banking sector for the medium term outlook is the improvement of stability of the national banking system and the enhancement of efficiency of the functioning of the banking sector. The RF Government and the RF Central Bank intend to focus their efforts on the issues pertaining to the functioning of the system of deposit insurance, bureau of credit reports, and the system of inter-bank payments in the real time regime, as well as the taxation of credit institutions. The attraction of foreign capital is indicated as an important factor of development of the national banking sector. The regime of admission of foreign capital in the Russian banking sector should be to a more significant degree oriented towards the development of market relations and competition in the national banking sector. For the purposes of development of consumer crediting it is proposed to elaborate the measures aimed at the creation of a respective more favorable environment, ensuring of guarantees of the rights of consumers in the framework of the use of consumer credits, and formation of mechanisms aimed at the protection of the said rights in the case of infringement thereon.

The statement also focused on such issues as servicing of household deposits and savings, development of the system of payments, improvement of corporate governance, risk management and internal control in crediting institutions.

The statement set froth the package of measures aimed at implementation of the Strategy of development of the national banking sector in the period until 2008 in 2005 and 2006.

2. Informational letter of the RF Tax Ministry No. GV-6-21/33@ of April 22, 2005 ON CALCULATION OF THE MINERAL EXTRACTION TAX RATE IN MARCH OF 2005 The letter informs about the data used for the calculation of the mineral extraction tax with respect to oil in March of 2005:

- the average level of Urals oil prices on the Mediterranean and Rotterdam markets (US $ 47.87 per barrel);

- value of the Kts coefficient (4,1128);

- tax rate adjusted for the Kts coefficient (Rub. 1723,2632 per metric ton).

I. Tolmacheva

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