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At its meeting held on September 29, the RF Government discussed the draft federal law On amendments to the federal law On the federal budget for year 2005 and invalidation of certain provisions of the federal law On amendments to the federal law On the federal budget for year 2005. This draft federal law is aimed at the adjustment of main characteristics of the federal budget and its execution in the first six months of 2005, as well as provision of financial resources necessary for implementation of measures not envisaged by the federal law On the federal budget for year 2005 (hereinafter referred to as the budget law) (taking into account federal law No. 84 FZ of July 5, 2005, On amendments to the federal law On the federal budget for year 2005 (hereinafter referred to as federal law No. 84). Estimates of the parameters envisaged by the draft law are also based on the indicators of the preliminary evaluation of the execution of the federal budget as on September 1, 2005, and the forecast of the execution of the federal budget by the end of this year and take into account all changes occurred in January through August of 2005 as reflected in the consolidated revenues and expenditures of the budget for year 2005 over this period.

In 2005, revenues of the federal budget were evaluated on the basis of the updated forecast of the major parameters of social and economic development of the Russian Federation in the current year, actual revenues of the federal budget in January through August of this year, and expected assessment of revenues due in September through December of this year. The amount of revenues of the federal budget in 2005 is planned at Rub. 4 979.8 billion, what should be by Rub. 1 653.7 billion, or 49.7 per cent above the indicators approved by the law on budget. Without UST and financial resources due to the RF Stabilization Fund, according to the preliminary estimates the revenues should make Rub.

3 473.4 billion, what is by Rub. 801.6 billion above the indicators envisaged by the law on budget.

The expected increase in revenues of the federal budget for this year was affected by such factors as changes in macroeconomic indicators, additional revenues generated by the actions taken by tax agencies, and a number of other factors.

It is expected that in 2005 tax revenues of the federal budget should make Rub. 3 055.5 billion, what is by Rub. 822.8 billion above the indicators set by the law on budget (not taking into account the changes introduced by federal law No. 84 FZ). In 2005, the tax revenues without USF and transfer of financial resources to the RF Stabilization Fund are estimated to make Rub. 2 291.0 billion (what is by Rub. 476.6 billion above the indicators set by the law on budget). Expected tax revenues of the federal budget exceed the indicators approved by the law on budget (taking into account the changes introduced by federal law No. 84 FZ) by Rub. 638.9 billion (or by Rub. 292.7 billion if the revenues transferred to the RF Stabilization Fund are not taken into account). Non-tax revenues of the federal budget in 2005 are expected to make Rub. 1 841.0 billion, what is by Rub. 747.6 billion, or 68.4 per cent, above the indicators set by the law on budget (or by Rub. 741.0 billion taking into account the changes introduced by federal law No. 84 FZ). Without transfers to the RF Stabilization Fund, non-tax revenues in 2005 will make Rub. 1 099.1 billion (what is by Rub. 241.8 billion above the indicators set by the law on budget).

The predictive appraisal of additional revenues of the federal budget in 2005 and retrenchment of expenditures in the section Servicing of the public and municipal debt permit to envisage in the draft law additional appropriations aimed at the financing of instructions given this year by the RF President and the RF Government, as well as the measures recommended for implementation by the resolution of the State Duma not set by the law on budget (the version of law No. 84). The calculation of the new parameters of expenditures was carried out on the basis of the updated consolidated revenues and expenditures of the federal budget for year 2005 as on September 1, 2005.

In January through August of 2005, expenditures of the federal budget were adjusted for the total amount of Rub. 366.82 billion. The retrenchment of expenditures pertaining to the section Servicing of the public and municipal debt (not taking into account the adjustments made with respect to the consolidated revenues and expenditures of the federal budget in January through August of 2005) is approximately assessed to make Rub. 13.14 billion by the end of the year (as on September 1, 2005); it was formed at the expense of lower expenditures for servicing of the public foreign debt and was determined by such factors as appreciation of the Ruble against the US dollar in comparison with the planned figures, as well as early repayment of a certain portion of the public foreign debt to the Paris Club member countries in accordance with the arrangements made in the course of negotiations held in the city of Paris (France) on May 13, 2005.

As a result, the planned parameters of expenditures envisaged by the draft law should make Rub.

3 539.45 billion, what is by Rub. 491.52 billion above the amounts approved by the law on budget, of which Rub 124.7 billion are additional budget appropriations envisaged by this draft law. The allocation of the said additional budget appropriations across items of the functional classification of expenditures borne by RF budgets should be as follows.

As concerns the section National issues, it is envisaged to increase budget appropriations by Rub.

46.6 billion (hereinafter the amounts of additional appropriations across items of the functional classification of expenditures borne by RF budgets are indicated without taking into account the state capital investments), National defense Rub. 24.15 billion, National security and law enforcement activities Rub. 11.22 billion, National economy Rub. 8.29 billion, Education Rub. 700.67 million (not taking into account the redistribution of funds under the program of external borrowings), Culture, cinematography, and mass media Rub. 148.64 million, Health care and sports Rub. 4.billion, Social policy Rub. 5.05 billion, Interbudgetary transfers Rub. 17.14 billion.

An increase of expenditures pertaining to state capital investments by Rub. 20 703.3 million was determined by the necessity to ensure financing of especially important measures implemented in in the framework of the Federal targeted investment program, as well as individual construction projects and objects.

E. A. Bolshakova A Review of the Russian economic laws issued in September The following amendments were made to the applicable law of the Russian Federation in September 2005: rules of payment of a minimum defined contribution as part of obligatory pension insurance were approved; a provision on arrangement of a tender for selection of applications for creation of special economic zones, as well as rules of execution and submission of such applications were introduced; a Unified Taxpayer Service Standard which is subject to application by all territorial agencies of the Federal Tax Service of the Russian Federation was approved; practical data used for assessing the mining tax in oil production in July 2005 were communicated; the data on average market value of 1 square meter of gross residential area for Quarter 4, 2005 was communicated.

I. REGULATIONS issued by the GOVERNMENT OF THE Russian Federation 1. ON APPROVAL OF THE RULES OF PAYMENT OF A MINIMUM DEFINED CONTRIBUTION AS PART OF OBLIGATORY PENSION INSURANCE issued on 26.09.2005, No. 582.

The minimum defined contribution as part of obligatory pension insurance shall be paid by selfemployed entrepreneurs, lawyers, private detectives and private practice notaries. The amount of the minimum defined contribution shall be 150 rubles per month 100 rubles of which shall be transferred to finance the insured part of the labor pension, 50 rubles shall be transferred to finance the cumulative part of the labor pension. The defined contribution paid to finance the cumulative part of the labor pension shall be obligatory for persons born in 1967 and beyond. The cases when the defined contribution shall not be paid are listed. The defined contribution may be paid as a lump-sum equal to the annual payment amount for the current financial year, or by installments equal to the amount not less than the monthly payment amount to be paid during the year.

2. ON APPROVAL OF A PROVISON ON ARRANGEMENT OF A TENDER FOR SELECTION OF APPLICATIONS FOR CREATION OF SPECIAL ECONOMIC ZONES issued on 13.09.2005, No. 563.

Special economic zones shall be created on the territories of the constituent entities of the Russian Federation and municipalities on the basis of the decisions of the RF Government taken on the basis of the results of an open tender for selection of applications for creation of special economic zones.

The RF Ministry of Economic Development and Trade shall be entrusted with collecting applications from superior government bodies of the constituent entities of the Russian Federation to be submitted jointly with executive-administrative bodies of municipalities. In addition, the RF Ministry of Economic Development and Trade shall take a decision on arrangement of such tender, approve its results and tender documentation, as well as on arrangement of a tender for each type of a special economic zone. Authorities of the Federal Agency for Management of Special Economic Zones were defined.

Preparation and arrangement of tenders, sum-up of tender results, as well as criteria and procedure of assessment and comparison of applications were brought under regulation.

3. ON APPROVAL OF THE RULES OF EXECUTION AND SUBMISSION OF APPLICATIONS FOR CREATION OF A SPECIAL ECONOMIC ZONE issued on 13.09.2005, No. 563.

The Rules specify the procedure of execution and submission of applications for creation of a special economic zone of industrial and technologically promotional types, as well as a list of documents to be attached to such applications. In addition, the Rules provide regulation of the procedure of making amendments to and withdrawal of an application. It was established that bidders superior government bodies of the constituent entities of the Russian Federation jointly with executiveadministrative bodies of municipalities shall submit applications for the tender for selection of applications for creation of special economic zones to the RF Ministry of Economic Development and Trade. Standard forms of a cover note to be attached to the application for participation in the tender for selection of applications for creation of a special economic zone, as well as passports of an area where a special economic zone is expected to be created, were listed as attachments to a document.

II. ORDERS, INSTRUCTIONS and REGULATIONS 1. An Order ON APPROVAL OF A UNIFIED TAXPAYER SERVICE STANDARD issued by the Federal Tax Service of the Russian Federation on 02.09.2005, No. -3-25/422@.

The Unified Taxpayer Service Standard which is subject for application by all territorial agencies of the Federal Tax Service of the Russian Federation interacting with taxpayers was approved. The Unified Taxpayer Service Standard contains the following sections: provision of services relating to registration and keeping records of taxpayers; provision of services relating to filing of tax returns and other documents, provision of information on activity and income of citizens; provision of information on budget settlements; provision of KKT registration services; provision of services relating to issuance of permits, licensing, expert evaluations and registration of gambling-related establishments;

provision of information services regarding all types of activity of taxpayers. Terms of realization and form of provision of such services were specified, and a legal basis of service provision was established.

2. A letter ON FORWARDING OF A LETTER OF THE MINISTRY OF FINANCE ISSUED ON 15.09.2005 No. 03-11-02/37 issued by the Federal Tax Service of the Russian Federation on 21.09.2005, No. GI-6-22/785@.

The Federal Tax Service of the Russian Federation forwards a letter of the RF Ministry of Finance for practical usage, which specifies the procedure of application of various provisions of Article 346.27 of the Tax Code of the Russian Federation. In particular, for the purposes of applying the unified imputed income tax ( UIIT ) in retail sales, it is lawful for the time being to recognize cash sales to be applicable not only for physical bodies but also legal entities, i.e. regardless of the type of contracts under which goods are actually sold. From January 1, 2006, in accordance with the amendments made to Federal Law of 21.07.2005 No. 101-FZ, sales under retail purchase and sale contracts only will be attributed to retail sales. It was also informed that for the purpose of the UIIT application, only cash sales operations, including those using debit cards, shall be attributed to retail sales. From January 1, 2006, sales of goods to physical bodies under retail purchase and sale contracts will be attributed to retail sales regardless of a settlement type.

3. A letter ON FORWARDING OF A LETTER OF THE MINISTRY OF FINANCE ISSUED ON 15.08.2005 No. 03-05-02-03/40 issued by the Federal Tax Service of the Russian Federation on 14.09.2005, No. GI-6-05/763@.

The Federal Tax Service of the Russian Federation forwards a letter of the RF Ministry of Finance for practical usage, which specifies various issues of application of the unified social tax ( UST ). In particular, the payments payable to the workers employed at public extra-budgetary funds shall not be exempted from the UST, since such organizations are funded from the budget; additional payment to workers employed at enterprises of coal, shale industries and mine construction payable for the specified time of their movement from the groove to the work place and back to the groove shall not be exempted from the UST as well, since such additional payment is attributed to wage costs. It was also explained that the social benefits ( in particular, lump-sum retirement benefits ) approved by the laws of constituent entities of the Russian Federation shall not be subject to the UST.

4. A Newsletter ON CALCULATION ON MINRAL TAX RATE FOR AUGUST 2005 issued by the Federal Tax Service on 20.09.2005, No. GI-6-21/778@.

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