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4. According to the letter of the Ministry of Finance of the Russian Federation and Federal Tax Service of the Russian Federation the issue on the procedure of inclusion into amortization groups of immovable property in case registry office refuses registration of rights for immovables.

For instance, it is clarified that fixed assets, rights for which belong to the government registration in accordance with the legislation of the Russian Federation are included in the corresponding amortization group from the moment of testified by some documents fact of papers submission for registration of the rights mentioned (paragraph 8 clause 258 of the Tax Code of the Russian Federation). If later according to the decision of the department authorized to conduct registration of rights for immovables the rights for the fixed assets are recognized as not subject to registration, paragraph 8 clause 259 of the Code that establishes the procedure for inclusion in amortization group the property rights for which are subject to registration is not applicable to this property.

This means the following. In accordance with clause 256 of the Tax Code of the Russian Federation it is the property, results of intellectual activity or other objects of intellectual property that belong to the taxpayer by the right of property, are used by him to make profit and whose value is paid off by means of amortization charges that is referred to as depreciable property. The Tax Code of the Russian Federation at the same envisages some exceptions from the general rule. For instance, such an exception is ownership of the property not by the right of property but on some other basis if they are directly envisaged by chapter 25 of the Tax Code of the Russian Federation. For example, chapter 25 of the Tax Code of the Russian Federation specifies particular procedure to charge amortization for the property given (received) by leasing. According to paragraph 8 clause 259 taxpayers having given (received) fixed assets that are subject to leasing contract, signed before chapter 25 of the Tax Code of the Russian Federation came into effect, have a right to charge amortization, applying methods and regulations existing at the moment of giving (receiving) the property, and to apply coefficient 3 for accelerated depreciation.

Thus, the letter of the Ministry of Finance and Federal Tax Service of the Russian Federation from 25 December 2007 No 02-1-07/43@ clarifies that immovables included in amortization group on the date of documents submission to the registration and later recognized as not subject to registration is not depreciable and rues for calculation of amortization and accelerated depreciation, established for fixed assets, given (received) according to a leasing contract are not applicable to it.

Review of the Budgetary Legislation over January M. Goldin In January 2008 in the sphere of the budgetary legislation a number of Decrees of the Government of the Russian Federation came into effect: Regulation, that details the procedure of the budgetary process while complying the projects of the federal budget and budgets of governmental off-budget funds of the Russian Federation for the next financial year and planned periods, procedures for management of National Welfare Funds means and Fund for Development, standards for expenditures formation for maintenance of government authorities of a subject of the Russian Federation.

The Decree of the Government of the Russian Federation from 29.12.2007 No 1010 On the procedure for making federal budget project and projects for budgets of governmental off-budgets funds of the Russian Federation for the next financial year and planned period.

According to the Decree the Statute on making federal budget project and projects for budgets of governmental off-budgets funds of the Russian Federation for the next financial year and planned period is approved. The Statute establishes the authority of the Government of the Russian Federation, Ministry of Finance, Ministry for Economic Development and Trade, Ministry for Health Care and Social Development, Ministry of Regional Development of the Russian Federation as well as the subjects of budget planning while making federal budget project and projects for budgets of governmental off-budgets funds of the Russian Federation for the next financial year and planned period. Besides, the Statute specifies the statement of the Budget Code of the Russian Federation on procedures for making of the projects mentioned.

According to the Decrees of the Government of the Russian Federation from 29.12.2007 No 955 and from 19.01.2008 No 18 the Procedure for management of the means of Reserve Fund and National Welfare Fund and Requirements for financial assets where these funds means can be placed, correspondingly, are established. Both of the Funds were created in place of the Stabilization Fund that was abolished in 2008.

There are two ways for the Ministry of Finance to manage Funds means (of each of them or both of them simultaneously):

) by purchasing at the expense of the Reserve Fund and National Welfare Fund of foreign currency in the form of US dollars, Euros, Pound Sterling and its depositing to the bank accounts opened in the Central Bank of the Russian Federation in foreign currency for which these operations are allowed in accordance with the banking account contract between the Federal Treasury and the Central Bank of the Russian Federation. The interest that is established by the banking account contracts must be paid by the Central Bank of the Russian Federation for the use of monetary assets deposited at the banking account keeping record of the Reserve Fund and National Welfare Fund;

) by investment of the means of the Reserve Fund and National Welfare Fund in the following forms of financial assets, nominated in foreign currency allowed for these operations:

promissory notes of the foreign countries;

promissory notes of the foreign government agencies and central banks;

promissory notes of international financial organizations, included those in the form of securities;

deposits in foreign banks and crediting institutions.

It should be noted that recently the Ministry of Finance has managed the means of the Fund by the first method (depositing means at accounts in the Central Bank of the Russian Federation in the foreign currency).

According to the Decree of the Government it is also established that the limiting proportions of financial assets in the total volume of the means place for both of the funds are the following:

Minimum proportion of promissory notes of foreign countries - 50 per cent;

Maximum proportion of promissory notes of foreign countries 100 per cent;

Maximum proportion of promissory notes of foreign government agencies and central banks - 30 per cent;

Maximum proportion of promissory notes of international financial organizations, including those in the form of securities 15 per cent;

Maximum proportion of deposits in foreign banks and credit institutions - 30 per cent.

Establishment of the following belongs to the authority of the ministry of Finance:

1. Standard currency structure of funds means, procedure of adjusting of real currency structure of the funds in concordance with the standard one;

2. Standard proportion of allowed financial assets in the total volume of invested financial assets, procedures for calculation of real proportions of allowed financial assets in the total volume of the invested funds means and adjusting it in concordance with the standard proportions;

3. Standards for minimum and maximum periods of settling of promissory notes of foreign countries, promissory notes of foreign government agencies and central banks, promissory notes of international financial organizations including those in the form of securities;

4. Lists of foreign government agencies, to whose promissory notes the funds means can be invested;

5. Standards for minimum and maximum periods of funds means investment to the deposits in foreign banks and credit institutions.

Requirements for financial assets include requirements for promissory notes of foreign countries, promissory notes of foreign government agencies and central banks, promissory notes of international financial organizations including those in the form of securities as well as requirements for deposits in foreign banks and credit institutions.

The Decree of the Government of the Russian Federation from 29.12.2007 No 990 On approving standards for expenditures formation for maintenance of government authorities of a subject of the Russian Federation for 2008.

The Decree establishes the guidelines for calculation of standards for expenditures formation for maintenance of government authorities of a subject of the Russian Federation for 2008 in whose budgets the proportion of interbudgetary transfers (excluding subventions) from the federal budget exceeded 20 per cent of the own earnings of the consolidated budget of the subject of the Russian Federation for last 2 or 3 financing accounting years.

The Guidelines were developed and approved in order to fulfill clause 130 of the Budget Code of the Russian Federation. According to this clause the subjects of the Russian Federation to which this clause applies do not have a right to:

1) establish and fulfill expenditure obligations not connected with the solution of problems that are referred to the authority of government bodies of the subjects of the Russian Federation by the Constitution of the Russian Federation and federal laws;

2) exceed the standards for expenditures formation for government civil employees of the subject of the Russian Federation and (or) maintenance of government authorities of the Russian Federation that are established by the Government of the Russian Federation.

The Guidelines define the procedure for calculation of the standards for expenditures formation for maintenance of government authorities of a subject of the Russian Federation for 2008 that limit the maximum amount of expenditures of the subject of the Russian Federation for the goals mentioned (further referred to as the standard). The amount of the standard in its turn establishes the proportion of expenditures for maintenance of government bodies of a subject of the Russian Federation in the total amount of tax and non-tax earnings, subsidies for equalization of budget provision of a subject of the Russian Federation.

It is stated by a paragraph of the Guidelines that in connection with the specific features of the expenditures formation for maintenance of the government bodies in the Republic of Chechnya and the Republic of Ingushetia the rate of the standards for them are established basing on the proportion of expenditures for maintenance of government authorities of the subjects of the Russian Federation by the state of affaires on September 2007 indexed by 20 per cent. Thus, such a tool of budget control as standards for expenditures formation for maintenance of government bodies in a subject of the Russian Federation is recognized as inefficient in these regions.

Comparison of the Income Declared by a Tax-Payer with his Living Standard. Some Aspects of Legislation and Procedures in the Great Britain N. Kornienko In 2007 tax amnesty was conducted in Russia. According to the primary estimations of different experts, including tax officers themselves, its results are not very optimistic. Among the reasons both badly organized advertising campaign and undeveloped of the law on amnesty concerning regulations are cited. One of the main arguments is perhaps the absence of legal guarantees for protection of the persons participating in the amnesty and declaring their incomes. However despite the shortcomings the amnesty was conducted and from 1 January 2008 taxation bodies will intensify the administration measures on control over the payment of income tax by natural persons. Russian taxation bodies have accumulated sufficient experience on administration of taxes levied on the legal entities but this can hardly be said with regard to control over natural persons income taxes payment. The aim of this article is to acquaint the readers with some examples from the practice of foreign taxation bodies as to control over taxes payments by natural persons. Let us consider the experience of taxation bodies of the Great Britain on conducting of audit of the incomes that are really obtained by a natural person and data from his tax declaration.

Initial calculation of tax liability of a natural person is usually conducted on the basis of his tax declaration. Besides a thorough examination of a tax declaration can be conducted, which is possible with the visit of a tax-payer in case he owns a company.

The thoroughness of the examination depends on several factors, for instance on the risk and difficulty implied, the amount of the sum in question, etc. As well as the general policy for selection of tax-payers for audit, that is assumed in a particular department of taxation service35.

This article is devoted to the consideration of a part of this procedure, that is the methods and approaches applied while comparing the data of tax declaration with the supposed or obvious quality of life of the taxpayer and possible actions of taxation bodies in case difference has been found.

It should be underlined from the very beginning that there is no special legislative statement in the Great Britain that allows or prescribes the tax inspector to apply one or another specific method to establish the taxable income.

While filling the tax declaration the taxpayer must give complete and reliable information on his taxable income. The tax inspector has a right to ask the tax-payer any questions that he thinks are necessary to set the taxation liability. This includes specification of some paragraphs of the declaration, check of the data that seem doubtful and collection of additional data in case of suspicion of taxpayer submitting incomplete information. Neither of these steps is definitely stipulated in the legislation. All of them belong to the general authority of the inspector36.

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