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16. According to the Letter of the RF Ministry of Finance from January 12, 2010 No 03-02-07/19 the question on the accounting of the expenses that were not accounted in the preceding taxation periods is clarified. For instance, the RF Ministry of Finance explained that the sums of the underaccounted expenses for the profit tax over the preceding periods which resulted in excessive payment of the tax can be taken into account when recalculating the taxation base in the taxation (accounting) period when the mistake was revealed. It should be remembered, that in case the taxpayer finds a mistake which resulted in the reduction of the tax liabilities, the taxpayer has to recalculate the tax liabilities for the period to which the mistake refer (point 1 article 54 of the RF Tax Code).
17. According to the Letter of the RF Ministry of Finance from January 12, 2010 No 03-1106/2/01 the question on the accounting the expenses for the purchase of fixed assets when applying the simplified taxation system is clarified.
According to subpoint 4 point 2 article 346.17 of the RF Tax Code the expenses for the purchase (construction, production) of the fixed assets are accepted for deduction after these fixed assets have been put into implementation and for the purposes of the simplified taxation system are reflected on the last day of the accounting (taxation) period at the rate of the sums paid. Within the taxation period the expenses are accepted for accounting periods in equal shares. That is, as the RF Ministry of Finance explained, the expenses for fixed assets put into implementation in 2010 and paid by parts in the period from 2010 and 2011 can be taken into account when defining the taxation base for the simplifies taxation system during 2010 at the rate of payments made.
REVIEW OF ECONOMIC LEGISLATION REVIEW OF ECONOMIC LEGISLATION I.Tolmacheva At the end of December 2009 – January 2010 the changes were made to the legislative acts concerning the issues of formation of the authorized capital of economic entities; the possibility for the receipt of the status of scientific centers by the scientific organization regardless their organization and legal form was stipulated; the refinancing rate of the Bank of Russia was decreased down to 8.75 % per annum; the procedure for making monthly payments established by the Federal Law on “monetization of privileges” was changed.
I. Federal Laws of Russian Federation 1. “ON MAKING CHANGES TO SOME LEGISLATIVE ACTS OF THE RUSSIAN FEDERATION CONCERNING THE RECONSIDERATION OF THE LIMITATIONS FOR THE ECONOMIC ENTITIES WHEN FORMING THE AUTHORIZED CAPITAL, RECONSIDERATION OF THE WAYS TO PROTECT THE RIGHTS OF C`REDITORS WHEN REDUCING THE AUTHORIZED CAPITAL, CHANGES IN THE REQUIREMENTS TO THE ECONMIC ENTITIES IN CASE THE VALUE OF AUTHORIZED CAPITAL DOES NOT CORRESPOND TO THE VALUE OF NET ASSETS, RECONSIDERATION OF LIMITATIONS CONNECTED WITH THE EMISSION OF BONDS BY ECONOMIC ENTITIES” from 27.12.2009 No 352-FZ Came into effect on 31.12.In concordance with the changes made to the Civil Code of the Russian Federation, Federal laws “On joint-stock companies”, “On securities market”, “On banks and banking activity”, “On state registration of the economic entities and individual entrepreneurs”, for instance, the possibility of the use of the attracted funds to form the authorized capital of a crediting organization is specified as well as the possibility to pay for the authorized capital of a limited liability company in case the authorized capital is increased by settling the claims to the company, the procedures required for a joint-stock company to implement upon adoption the decision on the decrease of its authorized capital is specified. The limitations for the output of the bonds by a company as well as the consequences of the authorized capital of a company being inconsistent with the value of its net assets were changed. New norms regulating in detail the emission of the bonds by economic entity were established.
2. “ON MAKING CHANGES TO ARTICLE 5 OF THE FEDERAL LAW “ON SCIENCE AND STATE SCIENTIFIC AND TECHNICAL POLICY” from 27.12.2009 No 358-FZ The possibility to receive a status of the state scientific centers by a scientific organization regardless of its organization and legal form was established by law. Such a change has been made to article 5 (“Scientific organization”) of the Federal Law “on science and state scientific and technical policy”. Before the mentioned amendment was made the status of a state scientific center could be granted only to a scientific organization that had been under the authority of a federal executive body or the state academy of sciences and its regional divisions.
II. Decree of the Government of the Russian Federation 1. “ON APPROVING THE REGULATIONS FOR RENDERING SERVICES ON ORGANIZATION OF TRAFFIC OF TRANSPORT VEHICLES ALONG THE PAID MOTORWAYS OF THE GENERAL USE OF FEDERAL IMPORTANCE, OF PAID STRETCHES OF SUCH MOTORWAYS” from 19.01.2010 No “Regulations of services rendering for organization of traffic of transport vehicles along paid motorways…” have come into the effect. The use of a paid motorway (paid stretch of a motorway) is made according to the contract made, for instance, by paying for the passing card, paying for the pass at the point of payments receipt, entrance to the paid motorway. The amount of payment is established by the operator (owner of a paid road, concessioner, in case the paid road is used RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES according to the concession). The maximum size of such payment is established by the Government of the Russian Federation. The collection of other payments except for the payment for passing is prohibited. The size of the payment for passing may differ for different types of transport vehicles depending on the time of the day, day of the week or month. The operator has to submit full and exact information on the rendered services to the user. This information should contain the following: the scheme of the paid road with the marks for the points of payment and the road for alternative free passing, information about the operator, the size of the payment for passing, list of privileged users. The regulations also define the rights and liabilities of the operator and user of the paid motorway.
III. Orders, Letters, Instructions 1. Order of the Central Bank of the Russian Federation “ON REFINANCING RATE OF THE BANK OF RUSSIA” from 25.12.2009 No 2369-U Starting with December 28, 2009 the refinancing rate of the Bank of Russia is established at the level of 8.75% per annum. Earlier, from November 25, 2009 the refinancing rate of 9% per annum was in effect.
2. Order of the Ministry for Health Care and Social Development of the Russian Federation “ON MAKING CHANGES TO THE ORFER OF THE MINISTRY FOR HEALTH CARE AND SOCIAL DEVELOPMENT OF THE RUSSIAN FEDERATIONFROM NOVEMBER 30, 2004 NO 294 “ON ESTABLISHING THE PROCEDURE FOR MAKING MONTHLY MONETARY PAYMENTS TO SOME CATEGORIES OF CITIZENS OF THE RUSSIAN FEDERATION” from 17.12.2009 No 994n Registered in the Ministry of Justice of the Russian Federation on 29.12.2009 No The procedure for making monthly monetary payment set ion concordance with the Federal Law “on monetization of privileges” (from August 22, 2004 No 122-FZ). The Order of the Ministry of Health Care and Social Development regulating the procedure for making the payments mentioned defines the procedure for establishing this payment to the citizens without conducting additional reconsideration from January 1, 2010 – in contrast to the procedure that had been in effect before this date the payment will be established depending on group of disability and not the extent of the limited working ability; at the same time the correspondence between the groups of disability and the extent of limited working ability applied for the purposes of establishing the payment were defined. Besides, the procedure for recalculation of the set payment which will be made in case the disabled is given higher or lower group of disability.
CHANGES IN NORMATIVE BASIS OF BUDGET PROCESS CHANGES IN NORMATIVE BASIS OF BUDGET PROCESS M.Goldin In January 2010 the following changes were made to the normative basis of budget process in January 2010: according to the Decree of the Government of the Russian Federation the experiment on the stimulation of the purchase of new motor vehicles to replace those put out of operation and handed over for utilization is carried out; new regulations for formation and use of the Investment Funds of the Russian Federation are introduced.
According to the Decree of the Government of the Russian Federation from 31.12.2009 No “On conducting experiment on stimulation of the purchase of new motor vehicles to replace those put out of the operation and handed over to utilization and on creation in the Russian Federation the system of collection and utilization of the motor vehicles put out of the operation” starting with January 1, 2010 and till December 31, 2010 the experiment on stimulation of purchase of new motor vehicles to replace those out of operation and handed over to utilization.
The Decree has been adopted in concordance with part 5 article 24 of the Federal Law “On budget for 2010 and for the planning period of 2011 and 2012” and for the purposes of support of the Russian automobile industry, increase of the safety of road traffic and stabilization of the ecologic situation.
According to the Decree for fulfillment of the experiment the following sums of:
1. RUR 50 million is directed to organization of the experiment on stimulation of purchase of new motor vehicles, the total mass of which does not exceed 3.5 tons, to replace those out of operation and handed over to utilization, the total mass of which does not exceed 3.5 tons and the age of which exceeds 10 years and to creation in the Russian Federation the system of collection and utilization of the motor vehicles put out of the operation;
2. RUR 10 billion to grant subsidies to compensate for the losses of profits to the trading organization when selling motor vehicles within the framework of the experiment;
3. RUR 1 billion is directed to the direct granting of subsidies to compensate for the losses of the trading organizations evolving when transporting the motor vehicles that were put out of operation the total mass of which does not exceed 3.5 tons and the age of which exceeds 10 years to the utilization points.
Besides, the Decree establishes:
• Regulations for granting subsidies from the federal budget to compensate for losses of incomes of the trading organizations when selling the automobiles of Russian origin with a discount;
• Criteria for selection of the models and producers of new motor vehicles of Russian origin sold within the framework of the experiment.
It should be noted that earlier the measures to stimulate the demand for the purchase of motor vehicles have already been taken. For instance, the Regulations of granting the subsidies to the Russian crediting organizations from the federal budget to compensate for the lost income from the credits issued by the Russian crediting organizations to the natural persons for the purposes of motor vehicles purchase, adopted by the Decree of the Government of the Russian Federation from 19.03.2009 No 244, established the procedure and the conditions for granting the subsidies to the Russian crediting organizations from the federal budget to compensate for the lost income from the credits issued by the Russian crediting organizations to the natural persons for the purposes of motor vehicles purchase.
According to the Decree of the Government of the Russian Federation from 31.12.2009 No “On making changes to the Regulations on formation and use of budget allotments of the Investment Fund of the Russian Federation” new regulations of formation and use of budget allotments of the Investment Fund of the Russian Federation were developed.
RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES The amendments, for instance, envisage stricter requirements for the investors that want to take part in the project. For instance, it is established that the investor should correspond to the indices of the absolute and relative financial stability, approved by the Ministry of Regional Development of the Russian Federation. According to new statements the budget allotments of the Investment Fund are granted exclusively to finance the creation and (or) development of the objects of capital construction of transportation, energetic and engineer infrastructure, as well as for the realization of concession projects. The means of the fund will be granted only on condition that the proportion of financing at the expense of the investor’s funds of the project of the all-state significance is no less than 25%, and of regional investment project – no less than 50%.
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