The report also points out that at present the existing mechanism of medium term planning represented by FTP in fact is not linked to the budget process of medium term planning: the mechanism of selection of problems solved via FTP in accordance with the priorities of the social and economic development of the country is underdeveloped. As a result, the number of programs is too large, while certain programs are insignificant in terms of their respective sizes and are aimed at the settlement of insignificant specific problems not requiring introduction of the performance budgeting approach.
It was noted in the report that the importance of reorientation and development of the programming framework, first of all, of FTP, is the key area of implementation of the concept of performance oriented budgeting.
According to the priorities and criteria of selection of programs approved by the RF Government proposed to be financed from the federal budget, the implementation of FTP approved by the RF Government according to the established procedures was aimed primarily at the development of social infrastructure, a rational system of economic regulation, ensuring of internal and external security, and more active development of tools creating incentives for enhancement of innovation activities.
The limitation of the number of current and future FTP permitted to bridge the gap between the demand for program financing and the possibilities of the federal budget and to begin the practical implementation of the principle of full and timely financing of programs. There was optimized the structure of FTP and respective subprograms, there were excluded the programs not answering the priorities set forth by the RF Government, what permitted to concentrate the budget allocations for the settlement of urgent problems.
E. A. Bolshakova Review of economic legislation: June of In June, there were introduced the following changes in the legislation currently in force: there was suspended the regulation stipulating that insurers having licenses for life insurance should have no right to reinsurance risks relating to property insurance assumed by the insurers until July of 2007;
there was approved the amended version of “General principles of issuance and circulation of state savings bonds”; the RF Government approved the regulations with respect to protection of interests of the Russian Federation as a creditor in the course of reviewing of bankruptcy cases and implementation of bankruptcy procedures; since June 15, there was reduced the discount rate of the Bank of Russia (from 14 per cent to 13 per cent per annum). The RF President presented his annual statement about situation in the country and the key guidelines of the state policy.
I. Address of the President of the Russian Federation Address of the President of the Russian Federation to the Federal Assembly of May 26, In accordance with article 84 of the RF Constitution, the President of the Russian Federation made an annual statement about the situation in the country and the key guidelines of the state policy addressed to the Federal Assembly of the Russian Federation. The statement determined the most urgent problems, first of all, the improvement of quality and availability of housing, modernization of the public health care system, and development of education, as well as the problems of poverty and unemployment. The President outlined the package of measures necessary to settle these problems.
Thus, according to the President, in order to settle the housing problem it was necessary to form financial mechanisms permitting to improve housing conditions not only at the expense of wages, salaries, and available savings, but also at the expense of future incomes of citizens. Mortgage should become an available means to settle the problems encountered by people with medium level incomes, eliminate monopoly on construction markets, establish guarantees of property rights of bona fide purchasers of housing. It was also noted that obtainment of housing via social rent agreements should become available for those who is really in need of social housing.
The major objective of modernization of health care is to improve availability and quality of medical aid provided to the broad sectors of the population. The guarantees of free medical aid should be generally known and understandable. Standards of medical services should be worked out and approved for each illness and include a mandatory list of medical and diagnostic procedures and medicines, as well as minimal requirements concerning the conditions of provision of medical aid.
In the address, there were pointed out the following target benchmarks in the sphere of education.
Graduates of schools independently of status of their parents should have the possibility to enter higher education establishments in accordance with the level of their knowledge, for these purposes there is needed a transparent and objective system of evaluation of the level of knowledge. There should be set the objective that the majority of graduates of educational institutions worked in accordance with their area of expertise. However, it does not mean that the system of directive distribution of graduates should be restored, it is necessary to prognosticate the need of the state in certain specialists. It was also pointed out that a system of modern educational standards should be put in place.
There were outlined the most important national objectives faced by the country: in particular, there was stressed the need for streamlining of interbudgetary relations and budget planning, implementation of reforms in the tax sphere, reasonable utilization of mineral resources and development of the transport infrastructure, modernization of the armed forces, integration of the Russian economy in the world economy.
II. FEDERAL LAWS of the Russian Federation 1. “ON AMENDMENTS TO ARTICLES 4, 14, AND 21 OF THE FEDERAL LAW ‘ON VETERANS’” No. 49 FZ of June 19, Privates and officers of establishments and bodies of the penal system, who were disabled due to wounds, concussions, or deceases resulting from execution of their official duties in the areas of combat operations should be granted the status of invalids of the Great Patriotic War. The said persons should be entitled for privileges granted to the war disabled, at the same time benefits granted to the family members of killed (deceased) war disabled, participants of the Great Patriotic War and veterans of combat operations should be extended to their family members.
2. “ON SUSPENSION OF ITEM 3 OF ARTICLE 13 OF THE LAW OF THE RUSSIAN FEDERATION ‘ON ORGANIZATION OF INSURANCE BUSINESS IN THE RUSSIAN FEDERATION’” No. 57 FZ of June 21, Enters into force on the day of promulgation.
Item 3 of article 13 of the RF law No. 4015-1 of November 27, 1992, “On organization of insurance business in the Russian Federation” was suspended until July 1, 2007, with respect to insurance organizations founded prior to the entry into force of federal law No. 172 FZ of December 10, 2003, “On amendments to the law of the Russian Federation ‘On organization of insurance business in the Russian Federation and invalidation of certain legislative acts of the Russian Federation.’” The new law stipulates that insurers having licenses for life insurance should have no right to reinsurance risks relating to property insurance assumed by the insurers. Therefore, there was introduced the “transition period” until July 1, 2007, so the insurers could divide these two types of operations.
This federal law should concern the legal relations originated since the date of entry into force of federal law No. 172 FZ of December 10, 2003.
III. RESOLUTIONS OF THE GOVERNMENT of the Russian Federation 1. “GENERAL PRINCIPLES OF ISSUANCE AND CIRCULATION OF STATE SAVINGS BONDS” No. 262 of June 2, There were approved the new version of the “General principles of issuance and circulation of state savings bonds” earlier approved by Resolution of the RF Government No. 771 of November 6, 2001.
The general principles of issuance and circulation of state savings bonds (which are a type of federal securities) are subject to approval by the RF Government on the basis of the federal law “On specifics of issuance and circulation of state and municipal securities.” The amendments made to the “General principles of issuance and circulation of state savings bonds” concern certain conditions envisaged by the law and mandatory included in this regulatory act: a) fixed terms of this type of securities; b) specifics of execution of obligations envisaging the right to receive non-cash property equivalent; c) limited group of persons having the right to own these securities on terms of title or other property law.
Alongside with medium and long term state savings bonds, from now on there may be issued also short term savings bonds maturing in the period up to one year. Only certain legal entities, residents of the Russian Federation, are entitled to own such bonds. The general principles contain the closed list of such entities which does not include management companies of unit investment funds, but includes the RF Pension Fund and “other state extra-budgetary funds of the Russian Federation” with the clause that investing of the financial reserves of these funds in state securities should be envisaged in the legislation of the Russian Federation. The law introduces the stipulation directly granting management companies of non-state pension funds of the Russian Federation and the RF Pension Fund carrying out the management of the financial resources of joint stock investment funds the right to purchase bonds in the case these funds answer the requirements to the composition and the structure of assets of joint stock investment funds stipulated by the legislation of the Russian Federation. It should be noted that the Finance Ministry is granted the right to place the bonds not only via auctions by the way of conclusion of respective agreements with organizers of trade on the stock market, but also on the terms of closed subscription at the prices set by the Ministry via organizers of trade on the stock market. Owners and management companies should have the right to exchange for other federal securities in accordance with the procedures envisaged by the terms of issuance and circulation of the said bonds.
2. “ON PROTECTION OF INTERESTS OF THE RUSSIAN FEDERATION AS A CREDITOR IN THE COURSE OF REVIEWING OF BANKRUPTCY CASES AND IMPLEMENTATION OF BANKRUPTCY PROCEDURES” No. 257 of May 29, There were approved the Regulations determining the procedures which govern the putting forward and consolidation of claims for making mandatory payments to budgets of all levels, as well as state extra-budgetary funds and claims concerning monetary liabilities to the Russian Federation in relation to bankruptcy cases and implementation of bankruptcy procedures.
According to the Resolution, in the case the debtor fails to comply with the claims put forward by the Russian Federation in the amount set forth by the federal law “On insolvency (bankruptcy),” the authorized body should take a decision to submit an application requiring an arbitration court to declare the debtor bankrupt.
It was established that until its transformation in the Federal Tax Service, the RF Ministry of Taxes and Fees should be the body authorized to represent the interests of the Russian Federation as concerns claims related to mandatory payments and monetary liabilities to the Russian Federation and in bankruptcy cases and in the course of implementation of bankruptcy procedures. After the establishment of the Federal Tax Service, this agency should be the body authorized to carry out these activities.
There were invalidated resolutions of the RF Government No. 218 of April 15, 2003, “On the procedures governing putting forward claims concerning liabilities to the Russian Federation with respect to bankruptcy cases and implementation of bankruptcy procedures” and No. 688 of November 14, 2003, “On the Interdepartmental commission for determination of the feasibility to put forward applications for declaring debtors bankrupt.” IV. INSTRUCTIONS, REGULATIONS, AND ORDERS 1. Telegram of the RF Central Bank No. 1443-U of June 11, 2004, “ON THE RATE OF REFINANCING SET SINCE JUNE 15, 2004” Since June 15, 2004, the refinancing rate of the Bank of Russia has been reduced from 14 per cent to 13 per cent per annum.
2. Telegram of the RF Central Bank No. 1444-U of June 11, 2004, “ON THE RATE OF INTEREST ON OVERNIGHT CREDITS ESTABLISHED SINCE June 15, 2004” Since June 15, 2004, the rate of interest of the Bank of Russia on overnight credits has been reduced from 14 per cent to 13 per cent per annum.
3. Telegram of the RF Central Bank No. 1445-U of June 11, 2004, “ON CHANGES IN NORMS OF MANDATORY RESERVES OF CREDITING ORGANIZATIONS AND CARRYING OUT OF EXTRAORDINARY REGULATION OF THE AMOUNT OF MANDATORY RESERVES” Since June 15, 2004, the norm of mandatory reserves pertaining to borrowings of legal entities denominated in Russian currency and borrowings of legal entities and individuals denominated in foreign exchange have been reduced from 9 per cent to 7 per cent.
The norm of mandatory reserves pertaining to Ruble denominated deposits of individuals shall remain at the rate of 7 per cent. There were determined the specifics of extraordinary regulations of the amounts of mandatory reserves of crediting organizations and the Sberbank of Russia by the territorial offices of the Bank of Russia.
4. Letter of the RF Tax Ministry No. 14-3-03/1712-6 “ON RULING NO. 4243/03 OF OCTOBER 7, 2003, OF THE PRESIDIUM OF THE SUPREME ARBITRATION COURT” The letter was published to inform and instruct tax authorities that according to ruling No. 4243/of October 7, 2003, of the Presidium of the RF Supreme Arbitration Court the tax card for registration of incomes and the amount of tax on incomes of individuals approved by order No. BG-3-08/379 of November 1, 2000, is a basic document of tax accounting; however, due to the fact that article 120 of the RF Tax Code, which stipulates responsibility for gross violations of the rules governing registration of incomes and expenditures, as well as objects of taxation does not definitely stipulate that the definition of basic documents should include basic documents of tax accounting, it is inadmissible to call tax agents to account for the absence of tax cards.
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