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Compensation of some expenditures for the repayment of interest on credits received by agricultural commodity producers, organizations being components of the agri-industrial complex, peasant (farmer) households, organizations of consumer cooperation, repair and agricultural supply organizations from Russian credit institutions (No. 81 of February 9, 2006);

Compensation of some expenditures for the repayment of interest on investment credits received by agricultural commodity producers, organizations being components of the agri-industrial complex of all forms of ownership, and peasant (farmer) households from Russian credit institutions for terms up to three years in 2003 through 2006 (No. 85 of February 13, 2006);

Compensation of some expenditures for the repayment of interest on investment credits received by agricultural commodity producers and organizations being components of the agri-industrial complex of all forms of ownership, as well as peasant (farmer) households from Russian credit institutions for terms up to five years in 2004 through 2006, including investment credits for purchase of all types of agricultural equipment of domestic manufacture and breeding stock, seeding of perennial plantings and vineyards, construction and reconstruction of animal production units and enterprises engaged in processing of flax and flax fiber (No. 88 of February 14, 2006).

III. ORDERS 1. Order of the RF Finance Ministry ON THE APPROVAL OF THE PROCEDURES GOVERNING THE REDUCTION OF the ceiling amounts of fiscal commitments in the case of revealing of facts of unauthorized use of funds provided from the federal budget AS ESTABLISHED BY THE FEDERAL SERVICE OF FINANCIAL AND BUDGETARY SUPERVISION and THE AUDIT CHAMBER OF THE Russian FEDERATION No. 162n of December 26, Registered by the RF Justice Ministry on February 7, 2006, No. The procedures approved by this document have been elaborated pursuant to articles 166 and 231 of the RF Budget Code, in accordance with which the RF Finance Ministry is entitled to carry out the blocking of expenditures of the federal budget the reduction of the ceiling amounts of fiscal commitments entrusted with the principal administrator of the funds of the federal budget in the case of revealing of facts of unauthorized use of funds provided from the federal budget as established by the Rosfinnadzor (Federal Service of Financial and Budgetary Supervision) and the RF Audit Chamber.

In the case the RF Finance Ministry takes the decision to revoke the decision on the blocking of expenditures of the federal budget the ceiling amounts of fiscal commitments entrusted with the principal administrator of the funds of the federal budget should be reestablished.

The changes in the ceiling amounts of fiscal commitments entrusted with the principal administrator of the funds of the federal budget should be carried out by the RF Treasury in accordance with Order of the RF Finance Ministry No. 50n of June 10, 2003, On the approval of the Procedures governing the organization of work on the implementation of changes in the amounts of budgetary allocations, ceiling amounts of fiscal commitments, and amounts of financing of expenditures of the federal budget via territorial agencies of the RF Federal Treasury. 2. Order of the RF Finance Ministry ON THE INTRODUCTION OF AMENDMENTS TO THE INSTRUCTION ON GOVERNMENT ACCOUNTING APPROVED BY ORDER OF THE FINANCE MINISTRY OF THE RUSSIAN FEDERATION No. 70n OF AUGUST 26, 2004 No. 25n of February 10, This order lays out the new version of the charts and correspondence of accounts of the budgetary accounting records, and changes the order of the chart of accounts.

In particular, the order establishes that in the case of absence of the budgetary accounts of operations reflecting the activities of institutions in the correspondence of accounts, the principal administrators of budgetary funds should have the right to determine the correspondence of accounts necessary to be reflected in the budgetary accounting as far as it is in compliance with the Instruction on government accounting.

There has been introduced a new off balance sheet account account 19 Unidentified budget receipts of prior years. The account is introduced in order to enable the bodies engaged in the organization of the administration of budgets to take into account the unidentified budget receipts registered in past reporting periods, which have been included in the profit and loss accounts of past reporting periods pertaining to the cash execution of the budget on the basis of final account turnovers, but being subject to adjustment in the next financial year. The analytical accounting pertaining to this account is carried out in the Ledger of accounting for unidentified receipts.

The list of forms of documents of 05 class as determined by OKUD (the All-Russian Classifier of Management Documentation) Unified system of financial, recording, and reporting accounting documentation of budget funded institutions and organizations has been supplemented with the form of the physical stocktaking report. The form of the report on the writing off of soft goods and other implements has been changed.

The instruction has been supplemented with three new annexes: the Table of correspondence between the code of account of the budgetary accounting record and the code of classification of revenues, the in-house functional classification of budgetary expenditures and classification of the sources of financing of the budgetary deficit; the Classification of operations of the government sector; the List of changes introduced in the normative legal acts of the RF Finance Ministry.

The Order should be in force as concerns the relations established since January 1, 2006.

Ye. M. Khegai An overview of normative documents on the issues of taxation, adopted in January-February 1. Letter of the RF Federal Tax Service, No MM-6-03/110, of 1 February 2006, clarifies the issues concerning the entry into force of the changes in the rules of VAT payment, at a zero rate, on the goods (or work or services) realized, in accordance with Federal Law, No 19-FZ, of 22 July 05. In particular, it clarifies the procedure for refunding the amount of previously paid VAT in the event of goods (or work or services) being taxed at a zero rate. If the package of documents, envisaged by the RF Tax Code as needed for the confirmation of the right to tax rebate, is not collected and submitted to the taxation body by the 181st day, counting from the day of placing the goods under the tax treatments for exporting, transiting, and moving supplies, the above body has the right to additionally charge VAT on realization transactions, because the monies received by the taxpayer from a foreign buyer, as payment for the goods, before the date of the goods release by the customs, will be taxed in the general procedure (i.e., as an advance payment). When calculating the value added tax on transactions at a zero rate, taxpayers have the right to deduct the previously paid VAT amount only on the basis of a separate tax declaration, and on condition of having timely submitted the specified package of documents to the taxation body. The general rules concerning the determination of the moment of realization of the transition of property rights to goods (or work or services) are not to be applied to the transactions taxed at a zero rate.

2. By Letter of the RF Federal Tax Service, No GI-6-04/66, of 26 January 2006, Order of the RF Ministry of Finance, No 153 n, of 23 December 2005, On the Approval of the form of tax declaration for Personal Income Tax (Form 3-NDFL) and on the Procedure for Its Filling-In, registered at the RF Ministry of Justice on 24 January 2006 under No 7409, was sent to taxation bodies 3. By Letter of the RF Federal Tax Service. No MM-6-03/63, of 25 January 2006, Letter of the RF Ministry of Finance, No 03-04-15/01, of 16 January 2006, concerning the procedure for determining, after 1 January 2006, the VAT tax base when performing construction and installation work for personal use, which involves the utilization of goods (or work, or services) acquired and repaid in the year 2005, was circulated as a guideline.

From 1 January 2006, the moment for determining the tax base in the event when construction work (including work performed without outside help) is being performed has become a months last day in each tax period. That is, after 1 January 2006, when performing construction work for personal use, it is necessary for the taxpayer to include in the VAT tax base the amount of this taxpayers actual expenses on the volume of this construction and installation work [performed during the corresponding tax period].

VAT deduction by the organizations, which are constructing objects for their own use, must be carried out as the taxes paid to the budget. Bearing in mind that VAT will be charged on a monthly basis, tax deductions can also be claimed for recovery on a monthly basis, on condition that the acquired goods (or work, or services) are to be put on record, and the actual invoices are available.

As regards the deduction of VAT paid in 2005, the general procedure for VAT deduction must be applied that is, deduction is to be carried out on the basis of invoices and documents confirming the actual payment of the tax amounts, as corresponding objects completed in terms of capital construc tion are put on record, or when an object not completed in terms of capital construction is being utilized.

In the event an organization no longer utilizes a real-estate object, which has been constructed by the cost accounting method, in course of a VAT-taxed activity, the previously deducted amounts of VAT on construction and installation work must be restored in the tax base (except for the amounts of amortization charged on these objects).

4. By Letter of the RF Federal Tax Service, No MM-6-03/62, of 25 January 2005, Letter of the RF Ministry of Finance, No 03.04-15/116, of 19 December 2005, on some issues concerning VAT payment, was circulated as a guideline.

In particular, it is clarified that the VAT amounts, paid by a taxpayer when acquiring a parcel of land to be used for the conducting of operations taxable by the value added tax, must be accepted for deduction in accordance with the general procedure. In the event of industrial buildings and structures being used for the conducting of operations both taxable by the value added tax and exempted from it, the tax amount must be subjected to a corresponding division into a recoverable and not recoverable parts, with taking into account the value of the land parcel on which the industrial buildings and structures are situated.

In the event when a Russian founder transfers assets imported into the territory of the Russian Federation, as a contribution to the charter (or contributed) capital of an organization, the VAT amounts paid on importing must not be accepted for deduction. As regards the transfer of goods, by a foreign founder, as a contribution into the charted (or contributed) capital of an organization, bearing in mind that the decision to carry out such a transaction is taken at the moment when the goods are situated outside of the limits of RF territory, this transaction is to be considered as also having been carried out outside of the limits of RF territory. Therefore the VAT amounts paid to the customs authorities at the expense of the Russian organization forming its charter capital must be accepted for deduction in accordance with the general procedure.

Also, the Letter clarifies the issues concerning the payment of VAT on differences between amounts, on residence in dormitories, etc.

L. Anisimova.

An overview of economic legislation adopted in February In February, the following changes were introduced in existing legislation: the alterations in a number of legislative acts of the Russian Federation, designed to unify the regulations used in the sphere of state (municipal) purchases; the second phase of implementing the Federal Targeted Program Housing for the years 2002-10 was approved; the new Regulations, determining the procedure and conditions for recognizing a person as disabled, were adopted; and the regulation, concerning VAT taxpayers, for conducting the inventory of debit and credit indebtedness as of 31 December inclusive, was clarified.

I. FEDERAL LAWS of the Russian Federation 1. ON THE INTRODUCTION OF ALTERATIONS IN CERTAIN LEGISLATIVE ACTS OF THE RUSSIAN FEDERATION AND ON RECOGNIZING AS NULL AND VOID SOME OF THE PROVISION OF LEGISLATIVE ACTS OF THE RUSSIAN FEDERATION IN CONNECTION WITH THE ADOPTION OF THE FEDERAL LAW ON THE PLACEMENT OF ORDERS FOR THE SUPPLY OF GOODS, THE PERFORMANCE OF WORK, AND THE PROVISION OF SERVICES FOR STATE AND MUNICIPAL NEEDS, No 19-FZ of 2 February In connection with the entering into force, from 1 January 2006 onward, of Federal Law No 94-FZ of 21 July 2005 On the Placement of Orders for the Supply of Goods, the Performance of Work, and the Provision of Services for State and Municipal Needs, corresponding alterations were introduced in legislative acts of the Russian Federation so as to unify the regulations applied in this sphere, and also to eliminate the contradictory and duplicative regulations that exist in legislation on purchases.

Thus, alterations were introduced in the RF Tax Code, Part 2 of the RF Civil Code, the RF Code of Administrative Violations, the Patent Law, and some other federal laws.

In accordance with the amendment made to Part 1 of the RF Tax Code, tax authorities are obliged, on a request from a state or a municipal customer, or on requests from the bodies of power authorized to perform the functions dealing with the placement of orders for the supply of goods, the performance of work, and the provision of services for state or municipal needs, to submit, within a ten-day period from the day of receiving such a request, the information concerning the existence of arrears of taxes, charges, and other mandatory payments to the budgets of any level or to state off-budget funds, due for the previous calendar year, concerning the appeals against the existence of such arrears, and concerning the results of such appeals having been considered.

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