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E. Bolshakova A Review of Economic Legislation in the Russian Federation in June In June 2005, the following amendments were made to Part II of the RF Tax Code: on a single agricultural tax, individual income tax, corporate income tax, the single tax on imputed income for various type of activity; the procedure of recovery from the federal budget of a share of expenses incurred from payment of interests on credits obtained in 2005 from Russian credit organizations by Russian organizations exporting industrial products within a period of at least three years was established; explanations on various issues on application of the legislation on indirect taxes were provided; the data which are used for calculation of the mineral tax relating to oil production were updated on the basis of the data on May 2005.

I. Federal Laws of the Russian Federation 1. ON AMENDMENTS TO ARTICLE 346.9 OF PART II OF THE TAX CODE OF THE RUSSIAN FEDERATION issued on 03.06.2005 No. 55 FZ.

The Law is to come into force on 01.01.2006.

Amendments were made to the procedure of calculation and payment of the single agricultural tax stipulated in Article 346.9 of Part II of the RF Tax Code. It was established that advance payments on the single agricultural tax shall be paid within a period of 25 days from the end date of the accounting period. The single agricultural tax payable upon the end date of the accounting period shall be paid by organizations and self-employed entrepreneurs within the periods provided for by Clauses 1 and 2 of Article 346.10 of the RF Tax Code for these particular categories of taxpayers for submission of tax returns.

2. ON AMENDMENTS TO PART II OF THE TAX CODE OF THE RUSSIAN FEDERATION AND SOME OTHER LAWS AND REGULATIONS ON TAXES AND DUES OF THE RUSSIAN FEDERATION issued on 06.06.2005 No. 58 FZ.

The Law is to come into force on 01.01.2006, save and except for the provisions which are subject to come into effect otherwise.

Amendments were made to Chapter 23 dedicated to Individual income tax and Chapter 25 dedicated to Corporate profit tax the RF Tax Code.

Amendments were made to the provisions of Chapter 23 of the RF Tax Code dedicated to determining a tax base for individual income tax where income is generated as material benefit, incomes generated from transactions with securities and instruments relating to futures transaction with basic asset being represented by securities. The amendments also related to property deductions for individual income tax. At present, in calculating individual income tax on sold securities, the taxpayer may reduce at his/her own discretion the obtained income either by the amount of incurred and documented costs or property deductions ( Clause 3 of Article 214.1 of the RF Tax Code ). According to sub-clause 1 of Clause 1 of Article 220 of the RF Tax Code, the deduction shall be equal to: the obtained income, but not more than 125000 rubles, provided that sold securities were held by the physical body at least within a period of three years; total amount of the obtained income, provided that securities were held by the seller within a period of three years or above that period. From 2007, property deduction shall not be provided in case of selling securities, while income may only be reduced by the amount of confirmed and documented costs.

Chapter 25 of the RF Tax Code specifies changes in the regulation relating to the procedure for determining income and expenditures allowed for in calculating the corporate income tax base; procedure for determining the value of depreciable assets; methods and procedure of calculation of amortization amounts; expenses which are not included for the purpose of taxation in calculating the corporate income tax base; specific features for determining the profit tax on various operations. Specific features for determining the tax base of REPO transactions with securities and the procedure for determining expenses of trade operations were specified.

Chapter 25 was supplemented with new Article 267.1 Expenses Incurred for Building Up the Reserves of Upcoming Expenses on Social Protection of the Disabled. The expenses incurred for building up the reserves shall not be included into the corporate income tax base, provided that the reserve funds are used for the purpose of providing social protection of the disabled.

The law specifies the procedure for calculating the corporate income tax base by organizations which are primary holders of the internal public foreign exchange loan bonds of IV and V series.

It was established that in 2006 the aggregate amount of suffered loss must not exceed 50% of the corporate income tax base in none of the reporting ( fiscal ) periods. It was established that the natural loss standards, which were previously approved by corresponding federal executive authorities, shall be applied until the natural loss standards approval according to the procedure provided for by SubClause 2 of Clause 7 of Article 254 the RF Tax Code.

3. ON AMENDMENTS TO ARTICLE 346.26 OF PART II OF THE TAX CODE OF THE RUSSIAN FEDERATION issued on 18.06. 2005 No. 63 FZ.

The Law is to come into force on 01.01.2006.

Rendering personal services shall be deemed one of the business activities listed in Clause 2 of Article 346.26 of the RF Tax Code, that may be subject to the taxation scheme in terms of the single tax on imputed income for various type of activity, which depends on the decision by a constituent entity of the Russian Federation. In accordance with the amendments made, since January 2006, in determining the types of activity that should be subject to the single tax on imputed income, constituent entities of the Russian Federation may select specific personal services, which are classified as such by the All-Russian Classifier of Services Rendered to General Public, that shall be subject to this taxation treatment.

4. ON AMENDMENTS TO ARTICLE 346.29 OF PART II OF THE TAX CODE OF THE RUSSIAN FEDERATION issued on 18.06.2005 No. 64 - FZ.

The Law is to come into force on 01.01.2006.

In accordance with Clause 6 of Article 346.29 of the RF Tax Code, constituent entities of the Russian Federation may adjust ( multiply ) base income by using the 2 adjusting factor in determining the amount of base income which is used to calculate the amount of imputed income. In this case, constituent entities of the Russian Federation were entitled to determine only the value of 2 adjusting factor which considers the set of specific features of business activity, including a product range ( works and services ), seasonal factor, hours of work, amount of generated income, work place details and other details. These amendments specify the mechanism of calculation of the 2 adjusting factor and constituent entities of the Russian Federation are entitled to determine a calculation procedure of this factor.

II. Rules Issued by the Government of the Russian Federation 1. ON APPROVAL OF THE PROCEDURE OF RECOVERY FROM THE FEDERAL BUDGET A SHARE OF EXPENSES INCURRED FROM PAYMENT OF INTERESTS ON CREDITS OBTAINED IN 2005 FROM RUSSIAN CREDIT ORGANIZATIONS BY RUSSIAN ORGANIZATIONS EXPORTING INDUSTRIAL PRODUCTS issued on 06.06.2005 No. 357.

The procedure of recovery from the federal budget of a share of expenses incurred from payment of interests on credits obtained in 2005 from Russian credit organizations by Russian organizations exporting industrial products within a period of at least three years was established. A list of requirements to be met by these organizations as well as documents to be submitted by them for recovery is provided. It is specified that the amount of recovery, which must be duly calculated in accordance with the forms approved, shall depend on the currency of a credit obtained ( Russian rubles or foreign currency ), on interest rate on the credit ( below or above the refinance rate as established by the RF Central Bank which is effective on the date of interest payment ), as well as adequacy of limits of budget liabilities provided for by the RF Ministry of Industrial Electric-Power Industry. The decision on recovery shall be made by the RF Ministry of Industrial Electric-Power Industry jointly with the RF Ministry of Economic Development and Trade and the RF Ministry of Finance upon processing of all submitted documents.

III. Orders, Instructions and Regulations 1. A letter of the Federal Tax Service on EXPLANATIONS OF VARIOUS ISSUES RELATED TO APPLICATION OF THE LEGISLATION ON INDIRECT TAXES issued on 17.05.2005 No.

-6-03/404@ Explanations on various issues on application of the legislation on indirect taxes in Q1 of 2005, which are represented by questions of taxpayers and answers of the RF Federal Tax Service to a particular issue, were provided to tax authorities for information and application. The explanations concern mostly the value added tax ( VAT ). Presented are letters of the RF Federal Tax Service with answers to personal questions of taxpayers on objects of taxation, activities that are subject to tax exemptions, VAT deductions, etc.. In addition, presented are some letters of the RF Federal Tax Service with explanations relating to the issues of excise payment: operations that are considered objects of taxation, details of determining tax base in case of selling oil products, as well as excise payment procedure.

2. A newsletter of the RF Federal Tax Service ON CALCUALTION OF MINERAL TAX RATE IN MAY 2005 issued on 16.06.2005 No. -6-21/493@ The data which are used for calculation of the mineral tax relating to oil production were updated on the basis of the data on May 2005:

- average price of Urals oil in the Mediterranean and Rotterdam oil markets 44,66 US dollars per barrel ;

- average USD/RUR exchange rate over all days of the fiscal period 27,9206 ;

- value of Ks factor 3,8147 ;

- tax rate with Ks factor 1598,3593 rubles per ton.

I. Tolmachiova

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