Besides the Statement envisages the opportunity to direct means to finance the activity of investment funds that are created in the subjects of the Russian Federation.
To provide for the efficiency of the investment decisions made as well as to control the use of the budget funds, the project of the decree of the Government of the Russian Federation “On establishing the procedure to implement control and monitoring of the course of investment projects that have received governmental support at the expense of the Investment fund o the Russian Federation fulfillment”.
The project of the regulatory act “On establishing the rules for provision of government warranties of the Russian Federation for fulfillment of the investment projects within the framework of the Investment Fund of the Russian Federation”, that is aimed at the increase of the efficiency of the use of the funds’ means.
These rules will make possible the fulfillment of yet another form of governmental support granting - government warranties.
At the meeting of the Government of the Russian Federation on 21 February the bill of the federal law “On making changes to some legislative acts of the Russian Federation in connection with adoption of the Federal law “On additional measures for governmental support of families having children”.
The bill makes changes to the Federal Laws “On individual (personificated) account in the system of the compulsory pension insurance”, “On investments for financing of the savings’ part of the retirement pension in the Russian Federation”, “On compulsory pension insurance in the Russian Federation”, “On retirement pensions in the Russian Federation”, “On non-governmental pension funds”.
In concordance with the aims of the Federal Law “On individual (personificated) account in the system of the compulsory pension insurance” the persons that directed a part of maternity (family) capital to the formation of the saving part of the retirement pension are equated to the insured persons according to the Federal Law “On additional measure for the governmental support of the families with children”.
The amendments are also introduced in the Law that oblige the Pension Fund of the Russian Federation to take separate account of the means of maternity (family) capital and results of their investments as a part of pension savings of the insured person.
Besides that, the bill envisages the regulation obliging the Pension Fund of the Russian Federation to inform the persons insured on the sum of the means of the maternity (family) capital that were directed to the formation of the savings part of the retirement pension.
The bill also makes a number of changes to the Federal Law “On investing of the funds to finance savings part of the retirement pension in the Russian Federation”:
- the notion of pension savings is expanded by inclusion in their number the means of maternity (family) capital and income from their investments;
- the Pension Fund of the Russian Federation is obliged to keep separate account of the means of maternity (family) capital that were directed to form savings part of the retirement pension;
- the procedure of transfer of maternity (family) capital means transfer from the Pension Fund of the Russian Federation to managing companies and non-governmental pension funds is regulated;
- the duty of the managing companies to transfer the means of the maternity (family) capital to the Pension Fund of the Russian Federation in order to fulfill the application of the person who has a right for additional measures of the governmental support is postulated;
- the procedure for transfer of maternity (family) capital means directed to the formation of the savings part of the retirement pension after the death of the insured person is regulated.
In the Federal Law “On retirement pension in the Russian Federation” the notion of the “special part of the individual personal account” is expanded by including in it the data on maternity (family) capital, it is also established that the procedure for payment of the pension savings to the heirs of the died insured person is not applied to the means of the maternity (family) capital that were directed to the savings part of the retirement pension.
The changes in the Federal Law “On non-governmental pension funds” reflect the procedure for keeping account of the means of maternity (family) capital in the non-government pension funds and their transfer in accordance with the application of persons who have a right of additional measures of the government support.
Review of Economic Legislation over February I. Tolmacheva In February the Government of the Russian Federation established the new procedure for auditing service licensing; rules for submission of application to manage funds (part of funds) of maternity (family) capital;
the value of minimum subsistence level in the Russian Federation on the whole over the third quarter of 2007; the Bank of Russia established new refinancing interest rate; the Federal Tax Service of the Russian Federation prepared the data used to calculation of the severance tax in regard to oil for January 2008 for application.
I. Decrees of the Government of the Russian Federation 1. “ON ESTABLISHING THE MINIMUM SUBSISTENCE LEVEL PER CAPITA AND PER MAIN SOCIAL AND DEMOGRAPHIC GROUPS OF POULATION IN THE RUSSIAN FEDERATION OVER III QUARTER 2007 THROUGHOUT THE RUSSIAN FEDERATION ON THE WHOLE” from 05.02.2008 No 47.
The minimum subsistence level per capita over the 3rd quarter of 2007 in the Russian Federation is established at the rate of RUR 3879, for able-bodied citizens – RUR 4197, for pensioners – RUR 3085, for children - RUR 3704.
2. “ON APPROVAL OF THE STATEMENT ON AUDITING SERVICE LICENSING” from 16.02.No The procedure for licensing of auditing service that is carried out by legal entities and individual entrepreneurs is determined. For instance, the Ministry of Finance of the Russian Federation is the body that issues licenses, the license is granted for the period of five years, the period of license validity can be prolonged according to the application of license holder in concordance with the procedure envisaged for redrafting of the document that confirms the license granting.
3. “ON ESTABLISHINF THE RULES FOR SUBMISSION OF THE APPLICATION TO DISPOSE FUNDS (PART OF FUNDS) OF MATERNITY (FAMILY) CAPITAL” from 16.02.2008 No 82.
The application on disposal can be submitted at any time after 2 years and 6 months after the birth (adoption) of second, third and next children.
It is envisaged that application on disposal of the funds (part of funds) of maternity (family) capital is submitted with all the documents necessary to the regional branch of the Pension Fund of the Russian Federation by the place of residence (stay) or by the real place of residence in person or through a representative by those, who received government certificate for maternity capital. The citizens of the Russian Federation that left for the permanent place of the residence the territory of the Russian Federation and do not have a place of residence confirmed by the registration in the territory of the Russian Federation submit the application directly to the Pension Fund of the Russian Federation.
Submission of application with all the papers necessary can be made by post. In this case not originals but notarized copies are to be sent.
The time constraints for application submission, list of papers submitted together with the application is also established.
In case it be necessary the territory body of the Pension Fund of the Russian Federation can request additional information from appropriate institutions.
Application for disposal can be annulated at the will of the person who obtained the certificate.
II. Letters, Orders, Instructions 1. Order of the Central Bank of the Russian Federation from 01.02.2008 No 1975-U “ON THE REFINANCING INTREST RATE OF THE BANK OF RUSSIA”.
Comes into effect on 1 February 2008.
From 4 February 2008 the refinancing interest rate of the bank of Russia is established at the level of 10.25 per cent of interest per annum. Earlier the level of refinancing interest rate was 10 per cent yearly interest.
2. Letter of the Federal Tax Service of the Russian Federation “ON DATA, NECESSARY TO CALCULATE SEVERANCE RATE IN REGARD TO OIL FOR JANUARY 2008” dated 19.02.2008, No SchS-63/115@ The data, applied to calculation of the severance tax in regard to oil for December 2007, are prepared for application:
- average level of prices for oil grade Urals – USD 89.61 per barrel;
- average US dollar exchange rate against ruble of the Russian Federation over all the days of the tax period – 24.5014;
- Cp coefficient value – 7.5673.
Review of Budgetary Legislation over February M. Goldin In February 2008 the following events took place in the sphere of the budgetary legislation: the volume of advance payments, which the recipients of federal budget funds have a right to anticipate upon signing agreements (government contracts), was specified; federal target program “South of Russia 2008-2012” and Rules for price formation by the producer for weapons and defense technology for which there are no analogues in Russia were established.
Decree of the Government of the Russian Federation from 11.02.2008 No 65 “On making amendment to paragraph 6 of the Decree of the Government of the Russian Federation from 14 November 2007 No “On measures to fulfill the federal budget for 2008 and for the planned periods of 2009 and 2010”.
The decree has specified the volume of advanced payments which the recipients of federal budget funds have a right to anticipate upon signing agreements (government contracts) on goods supply, work execution or service rendering, including the agreements, that are to be paid at the expense of means obtained from paid services rendering or other profitable activity. At present the recipients mentioned have a right to envisage advance payments:
- at the rate of 100 per cent of the contract sum but no more than the limits of budgetary liabilities that are to be fulfilled at the expense of federal budget in the corresponding financial year by contracts of communication services rendering, printed materials subscription and purchase, training at the extension courses, airplane and railway tickets purchase, tickets for municipal and local transport purchase, authorization for sanatorium and spa treatment, by contracts of motor third-party liability insurance of the motor vehicles owner;
- at the rate up to 30 per cent of the contract’s sum but no more than 30 per cent of budget liabilities limits that are to be fulfilled in the corresponding financial year, by other agreements (contracts) if not envisaged otherwise by the legislation of the Russian Federation.
Decree of the Government of the Russian Federation from 14.01.2008 No 10 “On Federal Target Program “South of Russia: 2008-2012” The aim of this Federal Target Program is to increase the welfare and life quality of the population of the republics that are a part of the South Federal Okrug, which will contribute into the reduction of their lagging from the average Russian standards; increase of financial self-maintenance of the republics; decrease of the social tension in the region.
The total sum of the expenses for 2008-2012 that is planned to be spent to fulfill the program is equal to RUR 146379.4 mln (in the prices of the corresponding years), including: RUR 52100 mln from the federal budget, of which: RUR 52100 mln of capital investments; RUR 11876 mln of the funds of the subjects of the Russian Federation; RUR 82403.4 mln – from the off-budget sources.
Decree of the Government of the Russian Federation from 25.01.2008 No 29 “On approval of the rules for price formation for Russian weapons and defense technologies for which there are no Russian analogues and whose production is carried out by the single producer”.
These rules were established in concordance with the Federal law “On order placement for goods supply, work execution, service rendering for governmental and municipal needs”.
The rules define the procedure for formation of producer prices for weapons and defense technologies for which there are no Russian analogues. It is established that producers of such military equipment should be included in the list of the single suppliers of the Russian weapons and military equipment.
The rules also establish that the single supplier forms the price for the unit of defense products basing on the costs for its production and sale, defined according to the approved procedure taking into account special features of production of some kinds of defense products, or by indexation of prices by expense items applying the corresponding producers’ price indices by kinds of economic activities, starting from the price for the product that was registered earlier according to the established procedure and taking into account factors that decrease production costs.
On calculating the price by indexation the single supplier can use forecast and real indices of producers’ prices according to the procedure established if there is a necessity to take into consideration index prices on average over the quarter.
While calculating the price the profit is defined by the agreement with the government customer depending on the proportion of material expenditures, labor remuneration expenditures, accrued amortization sums and other expenditures or basing on the calculated profit volume that creates conditions for effective functioning of the single supplier depending on demand in investments in the fixed assets, taking into account expenditures for taxes, fees and other compulsory liabilities payment, which are envisaged by the legislation of the Russian Federation, and interests on credits. At the same time profit standard should not exceed 25 per cent of the costs.