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2. Letter of the Federal Tax Service of the RF ON PROCEDURE OF COLLECOTION OF INDIRECT TAXES IN THE EVENT OF IMPORTATION OF GOODS FROM THE TERRITORY OF REPUBLIC OF BELARUS of 18.10.2005 No. MM-6-04/877@ The question is clarified of inclusion in the tax base, for the purposes of payment of the value-added tax (VAT), of expenditures on transportation, loading, unloading, transshipment, transloading and forwarding in importation of goods from the territory of Republic of Belarus. In particular, it is specified that while assessing the cost of acquired goods (derived products) expenditures are included in the price of transaction on delivery of goods, regardless of the fact the transportation was carried by Russian importer itself or services on transportation, loading, unloading, transshipment, transloading and forwarding of the imported goods were provided by outside organizations. In the event such transportation services are rendered by outside organizations and include VAT, the tax base in importing of goods is assessed with account of the cost of these services, but without the value-added tax. Also, it is specified that in accordance with the procedure of employment of the zero rate of VAT ate in execution of activities (services), established in the Republic of Belarus, round-trips for carrying out some types of transport services in exporting these services from Republic of Belarus to the Russian Federation or from the Russian Federation to the Republic of Belarus are imposed a zero rate of VAT.

3. Information letter of the Federal Tax Service of the RF ON CALCULATION OF TAX RATE OF THE TAX ON EXTRACTION OF MINERAL RESOURCES OVER SEPTEMBER 2005 of 17.08.2005 No. GV-6-21/882@ The data were brought to notice for the use in work, employed in calculation of the Tax on Extraction of Mineral Resources with regard to oil, over September 2005:

The average price level of oil Urals on the Mediterranean and Rotterdam markets USD 57.91 a barrel;

Mean value of the dollar-to-ruble exchange rate set by the Central Bank of Russia over all the days of the tax period 28.3647;

The value of coefficient 5.3154;

The tax rate with account of coefficient Rb 2227.1526 per ton.

Tolmacheva I.V.

A review of regulatory documents concerning taxation issues, which were made public in October of 1. Letter of the Federal Tax Service No. MM-6-03/811 of October 3, 2005, and letter of the RF Finance Ministry No. 03-04-15/63 of September 12, 2005, explain the issue of taxation with the value added tax of the funds received from the budget by taxpayers engaged in sales of goods (works, services) at the state regulated prices.

State regulated prices should be defined as market prices only in the cases, where the respective budget compensate the actual losses suffered by taxpayers in relation to the setting of such prices by providing respective subsidies and subventions. At the same time, taxpayers should be the recipients of the said funds (budget recipients).

In the case budgets compensate to the taxpayer the loss of earnings (the amount of the difference between the selling and the state regulated price), such subventions and subsidies should be included in the added value tax base in accordance with subparagraph 2 of item 1 of article 162 of the RF Tax Code.

2. Letter of the Federal Tax Service No. GI-6-05/808 of September 30, 2005, was issued to instruct tax authorities about the use of explanation No. 03-05-01-03/86 issued by the RF Finance Ministry on September 13, 2005, with respect to the taxation of private notaries with the single social tax.

The tax base of notaries should be defined similarly to the profit tax base and the composition of expenditures permitted for deduction should be defined similarly to the procedures applied to the definition of the composition of expenditures set for payers of the profit tax by the respective articles of Chapter 25 of the RF Tax Code. Since the discounted amounts of tariffs paid by the eligible categories of the payers of the stamp tax for notary operations have not been defined in Chapter 25 of the RF Tax Code, the amounts of such expenditures should not be included in the composition of expenditures made by notaries as concerns the single social tax.

3. Federal law No. 129 FZ of October 2, 2005, made amendments to a number of laws, including the RF Tax Code. The amendments concern the regulation of the issues pertaining to the taxation with the land tax, individual property tax, and the tax on imputed incomes in newly established settlements.

In the case the law of the RF subject envisages that in the period from January 1 of 2006 till January of 2009 the issues of local importance in the newly established settlements should be resolved by the bodies of the municipal districts, in which such settlements are situated, the normative and legal acts of such districts should be applied to such settlements as concerns the land tax and the individual property tax. In the case there are no legal and normative acts adopted by municipal districts and town okrugs with respect to the enactment of the system of taxation in the form of the single tax on imputed incomes with respect to certain types of economic activities at the respective territories, prior to January 1 of 2007 there should be applied the provisions of the laws of the RF subject, in the territory of which such newly established settlements are situated, the respective regional types of economic activities, and values of the K2 coefficient.

4. Letter of the Federal Tax Service No. GI-6-04/835 of September 16, 2005, and letter of the RF Finance Ministry No. 03-05-01-03/90 of September 16, 2005, explain the procedures governing the taxation of material gain got at the expense of economy on interest for the use of borrowed funds granted by the migration service at the expense of the funds of the federal budget for construction (purchase) of housing by forced migrants.

The proceeds in the form of material gain got at the expense of economy on interest for the use of borrowed (credit) funds should be defined as such only in the case the taxpayer got such funds from organizations or individual entrepreneurs.

Long term interest free repayable loans for construction (purchase) of housing granted to families of forced migrants in accordance with law of the Russian Federation No. 4530-1 of February 19, 1993, should be financed at the expense of the funds of the federal budget earmarked for the implementation of the federal migration program, and not at the expense of any organization, therefore, the material gain got in the form of economy on interest should not be taxable as concerns the tax on incomes of individuals.

5. Letter of the Federal Tax Service No. GI-6-04/834 of October 7, 2005, and letter of the RF Finance Ministry No. 03-05-01-03/88 of September 13, 2005, explain the issues pertaining to the taxation of incomes of individuals derived from operations involving bank bills.

The presentation of the bill at the time of payment by the bill holder is not defined as an operation involving the sale or purchase of securities, and, therefore, the tax base of such operations should be defined under the general procedure.

In the course of repayment of an own bill by the bill issuer to the first bill holder there is paid a proceed amounting to the bill interest. The paid bill amount in this case should not be defined as proceeds, since the payment related to the amount of the bill is equal to the repayment of the amount of the debt registered by the bill. In the course of repayment of own discounted bill, the proceeds of the first bill holder should be defined as the amount of the respective discount. In the case the bill is interest free, the first bill holder does not derive any proceeds, and the bill issuer repaying own bill presented for payment should be free of the obligations as a tax agent.

As concerns the repayment of bills presented not by the first bill holder, the obligation of the calculation and declaration of proceeds in the form of interest or discount should be vested in the bill holder.

At the same time, in accordance with subparagraph 4 of item 1 of Article 228 of the RF Tax Code the individual receiving the bill related payment should make the tax declaration indicating the amount of the bill and the respective bill interest as proceeds, or, in the case of repayment of a discount bill, such taxpayer should indicate the total bill amount as the proceeds, and calculate the tax taking in the account the amount of the tax withheld by the tax agent in the course of the bill repayment.

6. Order of the RF Finance Ministry No. 124n of September 23, 2005, approves the form of the tax declaration pertaining to the land tax. The new form of the declaration should be used since January of 2006.

7. Letter of the RF Finance Ministry No. 03-04-11/246 of September 23, 2005, explains the issues pertaining to the application of the added value tax and accounting procedures in the case of purchase of nonresidential premises paid at the expense of both own and borrowed funds.

The letter explains that the amounts of the added value tax paid with respect to the purchase of nonresidential premises purchased at the expense of both own and borrowed funds should be deducted in the case the said premises are used for the operations taxable with the added value tax.

L. Anisimova

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