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- Claims of crediting organizations pertaining to the rights (claims) obtained in the result of transactions (assignment);

- Claims of crediting organizations pertaining to mortgages purchased on the secondary market;

- Claims of crediting organizations pertaining to sales (purchase) contracts as concerns financial assets on the conditions of postponement of payment (delivery of financial assets);

- Claims of crediting organizations against the payers with respect to paid letters of credit (as concerns the unpaid export and import letters of credit);

- Claims against contracting parties with respect to the repayment of funds pertaining to the second stage of transactions involving the purchase of securities or other financial assets under the obligation to repurchase such securities in the case the securities being the subject of such transactions are not quoted in accordance with the normative acts issued by the RF Central Bank, or in the case other financial assets being the subject of such transactions are not traded on the organized market, as well as in the case that in accordance to the conditions of such transactions there exist limitations on the sales of such securities or other financial assets on the part of the respective purchaser;

- Claims of crediting organizations (leasers) to lessees pertaining to the operations of financial leasing.

2. Letter of the Federal Tax Service No. KB-6-24/351 of April 27, 2005, explains that in accordance with item 2 of article 28 of the RF Tax Code taxpayers (organizations and individual entrepreneurs) should inform the tax authorities of the respective jurisdictions (place of location or place of residence of such taxpayers) about the opening and closing off of their current foreign exchange accounts, transit foreign exchange accounts, and special transit foreign exchange accounts.

It should be noted that the accounts, about which taxpayers should inform the respective tax authorities are listed in Instruction of the RF Central Bank No. 116-I of June 7, 2004, On the types of special accounts held by residents and nonresidents. This Instruction envisages that authorized banks should open special foreign exchange accounts of types F, R1, and R2 for individuals, legal entities, and individual entrepreneurs for the purposes of carrying out operations related to payments and transfers as concerns granting of credits and loans denominated in foreign currencies by residents to nonresidents; payments and transfers related to the receipts of credits and loans denominated in foreign currencies by residents from nonresidents; operations with external securities, including the payments and transfers related to the transfer of external securities (rights, certified by external securities); fulfillment of the obligations related to external securities by residents.

Special foreign exchange bank accounts of residents should be opened as separate personal accounts of the balance account No. 40819 Special bank foreign exchange accounts of residents of the crediting organizations.

Since the respective accounts answer the indications set by article 11 of the Code for the term bank account (accounts), the obligation to forward the respective notices to the tax authorities should be extended to the accounts of the types R1 and R2.

3. Informational letter of the Federal Tax Service No. GV-6-21/414@ of May 18, 2005, ON CALCULATION OF THE MINERAL EXTRACTION TAX RATE IN APRIL OF 2005 The letter informs about the data used for the calculation of the mineral extraction tax with respect to oil in April of 2005:

- the average level of Urals oil prices on the Mediterranean and Rotterdam markets (US $ 46.per barrel);

- value of the Kts coefficient (4,0356);

- tax rate adjusted for the Kts coefficient (Rub. 1690,9164 per metric ton).

L. Anisimova An overview of economic legislation in May In May, a Law was enacted, which changes the procedure and timelines for the citizens to execute their right to make a choice of an asset management company or a non-government pension fund for proving them with mandatory pension insurance, and the right to switchover to the RF Pension Fund from a non-government pension fund; the rules were approved for the payment in the year 2005 of a preliminary compensation (or compensations) to certain categories of citizens of the Russian Federation on their deposits with the RF Sberbank as of 20 June 1991; there was adopted a new version of the norms for organizations expenditures on per diem allowances to their employees during business trips to foreign countries; the Tax Service approved the procedure for organizing the procedures for granting deferrals, payment extensions, tax credits, investment tax credits in respect to taxes and levies, as well as for imposing fines.

I. FEDERAL LAWS of the Russian Federation 1. ON INTRODUCING AMENDMENTS TO THE FEDERAL LAWS ON MAKING INVESTMENTS TO FINANCE THE FUNDED COMPONENT OF LABOR PENSION IN THE RUSSIAN FEDERATION, ON NON-GOVERNMENT PENSION FUNDS AND ON INDIVIDUAL (PERSONALIZED) RECORDS IN THE MANDATORY PENSION INSURANCE SYSTEM as of May 2005, No 48-FZ The newly adopted law changes the procedures and timelines established for the citizens execution of their right to make a choice of an asset management company or a non-government pension fund for providing them with mandatory pension insurance, and their right to switchover to the RF Pension Fund from a non-government pension fund.

Thus, the timeline for the execution, by the RF Pension Fund, of its annual duty to send to insured persons the information concerning the status of the special part of their individual personal accounts and the results of investing the pension savings: this information must be sent to the citizens no later than on 1 September (previously - no later than on 1 July). As the same time, the application of an insured person concerning his or her choice of an asset management company must be submitted to the RF Pension Fund no later than on 31 December of a current year, instead of on 1 October, as it had been established previously, and to be considered by the Pension Fund before 1 March of the next year, instead of before 1 December of a current year. Similarly were changed the timelines for an insured persons switchover from a non-government pension fund to the RF Pension Fund.

According to the changes in the calendar timelines for informing an insured person and for this persons making a choice of an asset management company, the procedure for calculating the sum of pension savings being transferred, with the RF Pension Funds participation, from one asset management company to another was also changed. In the event of an insured persons switchover from one company to another, the sum of pension savings is to be calculated as of 1 January of the year following the year during which the application concerning the choice an asset management company was submitted, and not as of 1 January of a current year, i.e., with taking into account the changes in the said sum that occurred during that year.

The procedure for an insured person submitting an application as to his or her choice of an asset management company, or a switchover from the RF Pension Fund to a non-government pension fund or vice versa, or a switchover from one non-government pension fund to another, was changed. The application forms and the guidelines for their filling-up are to be sent to insured persons with the information concerning the state of their personal accounts and the results of pension savings investment no later than on 1 September of a current year. An insured person may submit an application to the RF Pension Fund or to its territorial agency, and, in contrast to the previously established procedure, to any territorial agency and not only to that at the place of his or her residence; the application to the RF Pension Fund can be also submitted in an electronic form. In the event of an insured person submitting to the RF Pension Fund, during the established period, of more than one application concerning his or her switchover from one non-government pension fund to another, or an application concerning his or her choice of an investment portfolio (or an asset management company), the RF Pension Fund makes the decision as to whether this application should be approved or declined (if the procedure for submitting the application has not been complied with, or if the fund is chosen whose license has been annulled, etc.) on the basis of the application with the latest date of its receipt by the RF Pension Fund.

In the previous version of the Federal Law On non-government pension funds, the procedure for settling such cases was envisaged only when several applications had been submitted during one year with respect to the switchover from the RF Pension Fund to non-government pension funds, and it was designed differently the application was accepted for consideration with the earliest date of its registration at the RF Pension Funds agency.

An important change has been made in respect to certain categories of insured person males over 55 years of age and females over 50 years of age. The procedure for the execution of the right to switchover from one non-government pension fund to another for these categories of citizens is to be established by a special federal law; a similar norm was established previously in respect to the execution of the right of such citizens to a switchover from the RF Pension Fund to a non-government pension fund, or to a switchover from a non-government pension fund to the RF Pension Fund.

The introduced changes regulate the procedure for the payment of pension savings to the legal successors of a deceased insured person (to persons previously specified by the deceased, or to the categories of their next of kin listed in the Federal Law On labor pensions in the Russian Federation).

Pension savings are to be paid to legal successors on the condition that they apply for such a payment to the RF Pension Fund or to a non-government pension fund within six months after an insured persons death. If this condition is not complied with, the right thereto can be reestablished in the judicial procedure. The procedure for the application of the legal successors of deceased insured persons for these payments, as well as the procedure, timelines and periods for the making of such payments, and the procedure for calculating the amounts to be paid are to be established by the RF Government. The RF Government is also to establish the procedure for transferring pension savings from a nongovernment pension fund to the RF Pension Fund in the event when there are legal successors to a deceased insured person.

II. DECREES OF THE GOVERNMENT of the Russian Federation 1. ON THE PAYMENT, IN THE YEAR 2005, OF A PRELIMINARY COMPENSATION (OR COMPENSATIONS) TO CERTAIN CATEGORIES OF CITIZENS OF THE RUSSIAN FEDERA TION ON THEIR DEPOSITS WITH THE SAVINGS BANK (SBERBANK) OF THE RUSSIAN FEDERATION of 27 April 2005, No The rules were approved for the payment, in the year 2005, of the rules were approved for the payment in the year 2005 of a preliminary compensation (or compensations) to certain categories of citizens of the Russian Federation on their deposits with the RF Sberbank as of 20 June 1991, which represent guaranteed savings in accordance with the Federal Law of 10 May 1995, No 73-FZ On the recovery and protection of the savings of the citizens of the Russian Federation.

The preliminary compensation in the amount of up to 1,000 roubles is to be paid to the citizens born before the year 1950 inclusive, to Group I disabled persons, to Group II disabled persons born before the year 1960 inclusive, as well as to the parents and guardians of disabled children, to persons disables since childhood, and to the parents whose sons were recruited to the military service and were killed (or died) during the period of their military service in peace time. To the first-degree heirs belonging to said categories of citizens the preliminary compensation is to be paid irrespective of the age of the deceased owner of a deposit. The payment of the preliminary compensation on the deposits of the citizens of the Russian Federation born in the years 1949 - 1950 (including first-degree heirs belonging to the said categories of citizens) is to be effectuated from 1 September 2005. The citizens of the Russian Federation born before the year 1938 inclusive and Group I disabled persons (including heirs belonging to the said categories of citizens), to the parents and guardians of disabled children and persons disabled since childhood, as well as on the deposits earmarked for children, or on the deposits earmarked for orphans and children left without their parents care, the compensation is to be paid in the amount of the deposit balance as of 20 June 1991.

2. ON MAKING CHANGES TO THE NORMS FOR ORGANIZATIONS EXPENDITURES ON PER DIEM ALLOWANCES PAID TO THEIR EMPLOYEES FOR EACH DAY OF A BUSINESS TRIP ABROAD, WITHIN THE LIMITS OF WHICH, WHEN THE PROFITS TAX BASE IS DETERMINED, SUCH EXPENDITURES ARE TO BE CLASSIFIED AS OTHER EXPENDITURES ON PRODUCTION AND SALE OF PRODUCT, AS ENVISAGED BY THE DECREE OF THE GOVERNMENT OF THE RUSSIAN FEDERATION, OF 8 FEBRUARY 2002, NO 93 of 13 May 2005 No To come into force from 1 January 2006.

The new version establishes the norms for organizations expenditures on per diem allowances to their employees during business trips to foreign countries, within the limits of which, when the profits tax base is determined, such expenditures are recorded as other expenditures on production and sale of product, previously established by the RF Governments Decree of 8 February 2002, No 93. In particular, for business trips of up to 60 days the following norms for per diem allowances are established: in Austria 66 USD, Afghanistan 80 USD, Belgium 64 USD, the UK 69 USD, Germany 65 USD, Israel 70 USD, Italy 65 USD, the USA 72 USD.

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