* * * In the report “On the development of the RF transport infrastructure” presented on the RF Government session of July 7, the RF minister of transport, Levitin I.E. noted, in particular, that an analysis of realization of the federal target program “Modernization of the transport system of Russia for 20022010” (hereinafter referred to as Program) demonstrates sharp deviations in its financing from the approved values of relevant indicators and priorities determined by the RF Transport strategy. The program was funded from all the sources by 68,9%, in 2003 - 66,2%, while in 2004 - 58,0%. The need arose to perform a complex of measures for reconsidering the targeted measures and indicators of their financing.
In correcting the Program for all types of transport the same period of implementation of targeted measures had been established, with single starting data for the prospects of socio-economic development of the country of up to 2010. The tasks, goals and measures were coordinated with the priority areas of the RF transport strategy and planned volumes of financial resources. Concurrence and complexity of solving the sectoral and regional tasks had been provided. One of major principles of Program correction is reality of its implementation, to what end the planned measures must really satisfy the actual possibility of their implementation in terms of work performance time and availability of necessary resources. To consider those factors during correction of the Program, an analysis was made of investment potential of the transport industry, as well as domestic and external risk factors. Major sources of financing of investment projects are own means of transport organizations, operators and big freight owners, as well as the funds of investors; resources of the federal and regional budgets are to be used for the development of objects being in the sphere of responsibility of the state.
Also, the minister mentioned an urgent (for the moment) issue – implementation of toll highway projects. In particular, according to the report, tenders were conducted for the development of justification of investment in construction of the speed highway Moscow – St. Petersburg and the central ringway of Moscow region (both tenders were won by consortiums with participation of international companies). For the construction of bypasses of Klin and Solnechnogorsk cities development of an engineering project for the construction of the section from Sheremetyevo airport to the border of Moscow region had been completed. Justification of the investment into construction of toll highway titled "West Speed Diameter" in St.-Petersburg was agreed at the regulatory bodies, expert opinions were obtained, an act of route location was signed, inventory made up and legal regime of the use of lands and real estate objects in the corridor of routes established. The city transferred to the authorized capital of JSC "West Speed Diameter", organized for the project implementation, the right of use (for 49 years) of the land sites and owned by the city real estate objects (within the borders of the highway route), withdrawn for the government and social needs. Main activities for the construction of the firstorder of the road are planned for 2006-2007. Also, justifications of investment in the construction of a number of roads have been developed currently.
In addition, the finance minister, Kudrin A.L., presented on July 7 a report “ On the course of enforcement the RF legislation on compulsory insurance of civil liability of transport means’ owners and the measures for its improvement”. According to the report, the number of insured automobile transport reached 35,8 million (data of the Ministry of Internal Affairs of Russia). Within the first year the legislation was in effect, the above number of insured automobiles make up 76,6% of the number of transport means. Based on the accountancy data of insurance organizations, since July 1, 2003 to December 31, 2003 above 12 million contracts were signed, the amount of insurance premium made up Rb 25.3 bn, about 95 thou. insured accidents declared, more than 57 thou. of them are settled. The total amount of payments for insured accidents – Rb 1.1 bn. In 2004, over 23 million insurance contracts were concluded, the amount of insurance premium constituted Rb 49.2 bn, around 1 million insured accidents declared, almost 900 thou. of them are settled. Insurance payments made up Rb 19.bn.
The report presented on July 14 by the minister of finance Kudrin A.L. “On the outcome of realization of programs of the state domestic and external borrowings of Russian Federation for 2004, and on draft programs of the state domestic and external borrowings of Russian Federation for 2006” noted the following.
As concerns the state domestic borrowings in 2004, the actual attraction of monetary funds due to placement of government bonds made up Rb 176.19 bn. The balance on the state domestic borrowings in redemption in the amount of Rb 80.05 bn was Rb 96.14 bn versus Rb 140.65 bn, provided by the Federal law “On the federal budget for 2004”. The volume of actual government issue in 2004 constituted Rb 176.24 bn. Duration of the market debt increased within 2004 from 2,7 to 4,8 years and reached the level characteristic for the markets for debt of the developed nations. In 2004, of all the RF government guarantees in the amount of Rb 57.8 bn, was in fact issued Rb 7.5 bn of them. With regard to the state external borrowings in 2004 there were received the last tranches of IBRD financial loan in the amount of USD 40.8 million for the development of budgetary federalism and reforming regional finances. The volumes of actual use of means of the loans of international financial institutions proved lower by USD 274 million than those approved by the Federal law “On the federal budget for 2004”. The volume of use of credits of the governments of foreign states, banks and firms constituted USD 332.2 million (USD 453.6 million in the Finance Act) or 76% of that projected.
The program of state domestic borrowings of the Russian Federation for 2006 is drawn up with consideration of the major avenues of the RF debt policy for 2006-2008, which provides lowering of public debt to GDP, pursuing conservative policy in the field of state borrowings, changing the structure of public debt of the RF (increase in the proportional weight of domestic debt in the structure of aggregate public debt, lessening external debt). In 2006, due to placement of government papers on the domestic market it is planned to attract Rb 238.20 bn in redemption of government papers for Rb 68.44 bn. Net balance for attraction of government papers will make Rb 169.76 bn, borrowings will predominantly be of mid- and long-term. By an estimate of the Ministry of Finance of Russia the domestic public debt in terms of government papers will be increased from Rb 913.22 bn, as of the beginning of 2006, to Rb 1 093.75 bn for the same period of 2007 (market constituent will rise to Rb 770.52 bn), in which connection expenditures for servicing the public foreign debt will also be increased and will make in 2006 Rb 66.07 bn.
In drawing up the draft program of state external borrowings of the Russian Federation for the Ministry of Finance of Russia was governed by perspective financial plan of the RF for 2006 - 2008 and major avenues of the RF debt policy for 2006-2008, providing, among other things, minimization of new sovereign borrowings from IMF, their concentration for implementation of most important projects, attraction of IMF loans against sovereign guarantee based on the preliminary estimate of their efficiency with account of the government budget potential, cutting ineffectively used loans, possibility to correct the volumes of sovereign borrowings from IMF according to the federal budget needs in a relevant fiscal year, expanding the practice of attraction of IMF means for funding loss-free commercial projects realized with participation of private investments etc. As concerns a number of current projects, it is planned to partly substitute the IMF loans’ means by Russian co-financing using the federal budget means under the federal programs, including the use of a scheme of public-private partnership. In 2006, it is planned using IMF credits (loans) of the total volume of USD 959.94 million, credits (loans) of the governments of foreign states, banks and firms, of the total volume of USD 152.9 million, granting guarantees from non-commercial risks for a total volume of USD 83.15 million, granting state guarantees for the support of the export of Russian industrial products (goods, works and services) for a total amount of USD 1000.0 million.
E. Bolshakova Review of the Economic Laws for July In July, changes were introduced into the second part of the RF Tax Code: chapters 26.1 “Taxation system for agricultural manufacturers (single agricultural tax)”, 23 “Personal income tax”, 22 “Excise”; Gift and inheritance tax was abolished; amendments were made to the laws “On currency regulation and currency control” and “On the customs tariff”; changes are introduced into Part 1 of The Civil Code of the RF, in particular, limitation period is reduced for the cancellation of void transaction from ten to three years; The RF government approved the indexation coefficients of calculated pension capital of insured persons, indexation of the base and insurance parts of labor pensions, additional increase of the size of insurance part of labor pension.
I. FEDERAL LAWS of the Russian Federation 1. No. 68-FZ of 29.06.2005 “ON INTRODUCING CHANGES INTO CHAPTER 26.1 OF PART II OF THE TAX CODE OF RUSSIAN FEDERATION”.
The law comes into force since 01.01.2006.
Changes are introduced into the chapter “Taxation system for agricultural manufacturers (single agricultural tax)”. Thus, the list of the types of organizations and individual entrepreneurs, who are recognized by agricultural manufacturers in the objectives of chapter 26.1, includes the Russian local economic and city-forming fisheries organizations provided for by paragraph 3, item 7 of article 333.of the Tax Code of the RF. One of conditions has been changed of transition of organizations and individual entrepreneurs to payment of single agricultural tax. Agricultural manufacturers are granted the right to pay a single agricultural tax on condition that the share of revenues from selling of their agricultural products is no less than 70% in the total volume of revenues received according to results of the calendar year that precedes the year, in which organization or individual entrepreneur is applying for transferring to paying the above tax. Organizations or individual entrepreneurs, transferred to the taxation system in the form of a single presumptive tax for individual types of activity according to chapter 26.3 of the RF Tax Code are excluded, since January 1, 2006, from the list of individuals who cannot be transferred to paying a single agricultural tax.
In addition, the list of expenditures for which payers of single agricultural tax have the right to lessen their obtained revenues is added with another one – expenditures for training in educational institutions of secondary and higher level of vocational education for taxpayers. Such expenditures may reduce the tax base on condition that an agreement has been signed with trained specialists that after completion of their educational course they will be working “ex professo” no less than three years.
2. No. 71-FZ of 30.06.2005 “ON INTRODUCING CHANGES INTO ARTICLE 217 OF PART II OF THE TAX CODE OF RUSSIAN FEDERATION” The law comes into force within a month from the date of its official publishing, excluding article 1, that will come into force since 01.01.2006.
Changes are introduced into article 217 “Not taxable incomes (exempted from taxation)” of chapter 23 “Personal income tax”, which come into force since January 1, 2006. Thus, the amount of incomes is increased (from Rb 2 000 to Rb 4 000), exempted from personal income tax, obtained, in particular, by taxpayers as gifts from organizations or individual entrepreneurs, prizes in money or in physical terms, material assistance provided by employers to their employees, and also on other grounds provided for by item 28 of article 217 of the RF Tax Code. Also exempted from personal income tax will be assistance (in money or physical terms) and also gifts received by Great Patriotic War veterans, disabled veterans of the Great Patriotic War, widows of servicemen, who died in the years of war with Finland, war with Japan, and the Great Patriotic War, widows of died disabled veterans of the Great Patriotic War and the former prisoners of Nazi concentration camps, jails and ghettoes, as well as former minor prisoners of concentration camps, ghettoes and other places of military custody, created by fascists and their allies in the period of World War II, concerning the amount not exceeding Rb 10 over the taxable period.
It is established that also not taxable are incomes in the form of assistance as well as gifts, received in 2005 by the same categories of citizens, while the amounts of personal income tax that have already been paid in receiving the above incomes as of the date this Federal law comes into force, are to be returned to taxpayers. This norm outspreads to legal relations that came into being since January 1, 2005.
3. No. 76-FZ of 30.06.2005 “ON INTRODUCING CHANGES INTO ARTICLE 182 OF PART OF THE TAX CODE OF RUSSIAN FEDERATION”.
Changes are introduced into article 182 of chapter 22 “Excises” of part two of the TC of the RF.
The changes concern the object of taxation by excises. In particular, it is specified that an excise for oil products is collected exclusively in carrying out operations in the territory of the Russian Federation.
This document has an effect on legal relations initiated since January 1, 2003.
4. No. 78-FZ of 01.07.2005 “ON RECOGNIZING SOME LEGISLATIVE ACTS (PROVISIONS OF LEGISLATIVE ACTS) OF THE RUSSIAN FEDERATION AS LOOSING EFFECT AND INTRODUCING CHANGES INTO SOME OF LEGISLATIVE ACTS OF THE RUSSIAN FEDERATION BECAUSE OF CANCELLATION OF GIFT AND INHERITANCE TAX”.
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