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4) Further amendments should be made both, to Chapter 21 of the Tax Code and to tax administration practice, aimed at VAT enhancement, countermeasures should be developed against one-day companies, etc. However, it should be noted, that an effective resistance to one-day companies is not feasible exclusively through legislative measures; it is a comprehensive, time-consuming procedure.

I. Trunin Issues considered at the meetings of the RF Government on October 4 and 19, At the meetings of the RF Government that took place on October 4 and 19, 2006, the following issues were considered: a draft law on increasing the responsibility at financial markets, in order to protect investors rights; the issue of reforming the housing and utilities sector of the Russian Federation, the issue of vesting Russias Ministry of Finance and Russias Federal Treasury with additional powers in connection with the upgrading of the procedures for state purchases, and the issue of vesting the Federal Tariff Service with additional powers in connection with the implementation of reforms of electrical power engineering.

*** At the meeting of the RF Government on 4 October, the draft law On the Introduction of Alterations in the Russian Federations Code of Administrative Violations in the Part of Strengthening the Administrative Responsibility for Violating the Russian Federations legislation on Joint Stock Companies, Limited Liability Companies, on the Securities Market, and on Investment Funds was considered. The draft law is designed so as to protect investors rights at financial markets; it increases the maximum amount of fines to be imposed for violating the Russian Federations legislation for law violations at financial markets (i. e., the use of insider information, violation of the requirements concerning the disclosure of information, uncovered emission, etc.), from fifty to two hundred minimum salaries (or 20 thousand roubles) for office holders, and from five hundred to ten thousand minimum salaries (or 1 million roubles) for juridical persons. Also, the draft law establishes administrative responsibility for price rigging at the securities market, for violating the requirements of legislation as regards documents custody, the procedure for calling, preparing, and conducting general meetings of shareholders, the members of limited liability companies, and the owners of investment units of closed unit investment funds. Apart from this, it is planned to vest the Federal Service for Financial Markets with certain powers associated with the consideration of cases of administrative violations.

At the meeting of the RF Government on 19 October, there was the hearing of the Minister for Regional Development of the Russian Federations report on the present situation in Russias housing and utilities sector, which is now extremely unsatisfactory. According to the conclusions drawn in this report, a number of related agencies were instructed that a plan of measures aimed at reforming the housing and utilities sector should be developed. Also, the RF Ministry for Regional Development the RF Ministry for Economic Development, and the RF Ministry of Finance, with the participation of the Bank of Russia, were instructed to complete the draft federal law concerning the financial recovery of the organizations belonging to the RF housing and utilities sector, and to present it, once again, in accordance with the established procedure, to the Government of the Russian Federation.

At the same meeting, the alterations to be introduced in the Provision on the Ministry of Finance of the Russian Federation and the Provision on the Federal Treasury were considered. The alteration in the Provision on the Federal Treasury was introduced in pursuance of the Decree of the RF Government On the Federal Body of Executive Authority Authorized to Keep a Register of the State Contracts Concluded in the Name of the Russian Federation by the Results of the Placement of Orders, which had established that, from 1 January 2007 onwards, the Federal Treasury should perform the functions of a federal body of authority empowered to keep the register of the state contracts concluded in the name of the Russian Federation in accordance with the results of the placement of orders.

The alteration in the Provision for the Ministry of Finance of the Russian Federation, introduced for purposes of keeping the accounting records of the spending responsibilities of the Russian Federation and of the accounting records pertaining to the sanctioning of the expenditures of the federal budget, has vested the RF Ministry of Finance with the power to carry out the methodological guidance in respect to the keeping of the register of the state contracts concluded in the name of the Russian Federation on the basis of the results of the placement of orders.

Also considered at the meeting was the draft decree On the approving of the regulations for the carrying out of control over the compliance, by juridical persons and individual entrepreneurs, with the ban on the possibility to combine the activity consisting in the transfer of electrical power and on line supervisory control in electrical power engineering with the activity consisting in the production, purchase and sale of electrical energy, and on the introduction of an alteration in the Provision of the Federal Anti Monopoly Service approved by Decree of the Government of the Russian Federation, of 30 June 2004, No 331, put forth by the Federal Anti Monopoly Service (FAS of Russia). The aforesaid draft decree introduces an alteration in the Provision on the Anti-Monopoly Service, which consists in vesting the FAS of Russia with the powers to carry out the control and supervision of the implementation, by juridical persons and individual entrepreneurs, and from the date of the completion of the transition period of reforming in electrical power engineering by groups of persons and affiliated persons within one and the same price zone of the wholesale demands market, of the compliance with the ban on the possibility to combine the activity consisting in the transfer of electrical power and on line supervisory control in electrical power engineering with the activity consisting in the production, purchase and sale of electrical energy, including the control over the compliance with the specific rules established for the functioning of those economic subjects who operate in the field of electrical power engineering, predominantly for purposes of their own production needs.

M. Goldin An overview of economic legislation adopted in October In October, the following changes were introduced in existing legislation: the RF Government increased the first grade tariff rate of the Unified Tariff Scale; the RF Ministry of Finance considered some issues relative to the calculation of the rate of return on the investments of pension savings; the Tax Service issued information concerning the special stamps designed for the marking of tobacco and tobacco products; the average value of 1 square meter of aggregate dwelling space (in roubles) was authorized, for each RF subject, for the period of Q 4 2006; the new form for the federal state statistical observation (Form No 2), entitled The Data Concerning the Performance of Scientific Research and Development.

I. DECREES OF THE GOVERNMENT of the Russian Federation 1. ON INCREASING, FROM 1 OCTOBER 2006, THE SIZE OF THE TARIFF RATE (OR SALARY)) OF THE FIRST GRADE OF THE UNIFIED TARIFF SCALE FOR THE REMUNERATION OF THE LABOR OF THE EMPLOYEES OF FEDERAL STATE INSTITUTIONS, of September 2006, No 590.

From 1 October 2006, the size of the tariff rate (or salary) of the first grade of the Unified Tariff Scale for remuneration of the Labor of the employees of federal state institutions, set at the amount of 1,100 roubles by Decree of the RF Government, of 29.04.2006, No 256, was increased by 1.11 times.

II. ORDERS, LETTERS 1. Letter of the RF Ministry of Finance, of 16 October 2006, No 05-01-05/27, ON SOME ISSUES CONCERNING THE PERFORMANCE OF THE CALCULATION OF THE RATE OF RETURN ON THE INVESTMENT OF PENSION SAVINGS FUNDS The Ministry of Finance pointed to the necessity, for the companies engaged in the entrusted management of pension savings funds, to comply with certain requirements in order to achieve a uniform approach to calculating the rate of return on the investment of the abovesaid funds. Also, it was recommended that special attention should be paid by the managing companies to determining the date of the withdrawal of pension savings funds; to determining the accounting period; to the necessity of keeping accounting records of the value of the net assets as of the date of the pension saving funds being entered in the investment portfolio, or as of the date of their withdrawal from the investment portfolio; and to the validity of the data concerning the amount of the pension savings funds being withdrawn.

2. Letter of the RF Federal Tax Service, of 25 September 2006, No ChD -6-07/953@, ON THE ISSUANCE OF INFORMATION ON THE SPECIAL STAMPS FOR MARKING TOBACCO AND TOBACCO PRODUCTS It was announced that the transactions aimed at the realization of special stamps for marking tobacco and tobacco products should be taxable by the value added tax, with no special preferences.

That is, when realizing the stamps, the producer organization must increase the value of the stamp (4.5 copecks) by the appropriate VAT amount, and to indicate this amount as a special entry in the invoice drawn up at the moment of the stamps being dispatched, as well as in the initial settlement and accounting documents. It was clarified that, when acquiring the stamps, the organizations producers of tobacco and tobacco products were to transfer the related monies, with the due amounts of VAT included, to the account of an appropriate territorial body of the Federal Treasury; and, accordingly, the territorial tax bodies were to transfer these monies, also with the due amounts of VAT included, to the settlement account of the organization producer of tobacco and tobacco products. It was also clarified that the organizations producers of tobacco and tobacco products, when transferring such monies, were to specify the VAT amount as a separate entry in their payment orders.

3. Order of the RF Ministry of Regional Development, of 28 September 2006, No 108 ON THE AVERAGE VALUE OF 1 SQUARE METER OF AGGREGATED DWELLING SPACE, BY SUBJECT OF THE RUSSIAN FEDERATION, FOR THE FOURTH QUARTER OF THE YEAR 2006 Registered at the RF Ministry of Justice on 11 October 2006, No 8369.

The Order authorizes the average market value of 1 square meter of aggregate dwelling space (in roubles) for the period of Q 4 2006. The average market value must be applied by the federal executive bodies and the executive bodies of RF subjects when calculating the amounts of the subsidies granted to all categories of citizens, whose subsidies are being granted from the federal budgets funds earmarked for the acquisition of housing premises.

4. Decree of the Federal State Statistical Service, of 15 September 2006, No 50, ON THE AUTHORIZATION OF THE STATISTICAL INSTRUMENTS FOR THE ORGANIZATION OF STATISTICAL OBSERVATION OF THE ACTIVITY IN THE SPHERE OF SCIENCE, FOR THE YEAR 2007 The Decree authorizes and introduces, starting from the moment of report for the year 2006 being submitted, the Annual Form of Federal State Statistical Observation (Form No 2-science), entitled The Data Concerning the Performance of Scientific Research and Development. From the same date, Decree of the RF Federal State Statistical Service, of 27 July 2006, No 46, On the Authorization of the Statistical Instruments for the Organization of Statistical Observation of the Activity in the Sphere of Science, Investments and Labor, for the Year 2007, is to be deemed null and void in the part pertaining to the sphere covered by Form No 2-science.

The data, which are to be entered in Annual Form No 2-science, are as follows:

- the personnel engaged in scientific research and development, including the number of workers performing scientific research and development, as of the end of an accounting year; the number of the persons who are combining jobs and the persons working on civil law contracts; the distribution of researchers by field of science (except for the persons combining jobs and the persons working on civil law contracts); the age distribution of researchers (except for the persons combining jobs and the persons working on civil law contracts);

- the expenses on scientific research and development in the reporting year (expenses on scientific research and development; the amortization deductions from the value of fixed assets in the accounting year; the sources for the financing of the internal costs of scientific research and development in the priority areas of science and technology; the internal costs of scientific research and development of socio economic orientation).

I. Tolmacheva The Review of Legal Documents on Taxation Issues between September and October 1. With its verdict of September 19, 2006, # 13322/4, the residuum of the RF Arbitration Court confirmed the appropriateness of application of Letter by the RF Ministry of Finance of 10 June # 03-02-05/2/35 On taxation account of leasing operations.

The Letter clarifies procedures of payment of the corporate profit tax with reference to the Statute On leasing. Whereas the lessor holds property rights on the leased object through the whole period of the validity of the contract, at the moment of assignment of the object to the leaseholder may not include in his costs the initial value of the leased object. The amount of the redemption value of a given property should be included in the composition of the lessors revenues in the course of receipt of the payments, that is, leasing payments are included in the tax base, while expenses are written off at a time, upon the re-assignment of the property right on the object of leasing.

The Court also clarified that the declarant is not deprived of a right to apply to an arbitration court if his rights are abused resulting from the application of Letter by the RF Ministry of Finance of 10 June 2006 # 03-02-05/2/35 On taxation account of leasing operations.

2. Letter of the Federal Tax Service of September 21, 2006, # GV-6-21/947 and that of the RF Ministry of Finance of 10 June 2006 # 03-02-05/2/36 clarify issues of appropriateness of tax bodies charging fines on the levy for the use of objects of the animal world.

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