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2.9 % to the SIF1; 3.1 % to the Federal Compulsory Medical Insurance Fund FCMIF2; and 2.% to a TCMIF3. The base to be levied by the insurance contributions has been indexed. In the ceiling established for the amount of annual earnings to which insurance contributions are to be charged will be 463 thousand Rb (in 2010 this ceiling was set at 415 thousand Rb). The list of payers entitled to applying a lower tariff has been extended. The timelines for submitting reports and the composition of the reporting documentation forms have also been altered. It is stated that now the RF PF must receive not only the calculations of insurance contributions, but also the information concerning personified registers. Reports must be submitted no later that on the 15th day of the second calendar months following the end of a reporting period. In 2011, the dates established for submitting reports are as follows: 15 February, 16 May, 15 August, 15 November.

Besides, from 2011 those employers whose staff amounts to more than 50 persons as of 1 January 2011 will be able to submit electronic reporting forms (previously this threshold amounted to persons.) 2. Information released by the RF PF as of 14 January The RF Pension Fund established a transition period until 1 April 2011 for the submitting of applications by citizens concerning their refusal of the receipt of in kind welfare services, or the renewal of the period thereof. It should be reminded that certain alterations have been introduced in the Federal Law On State Social Assistance, which are to enter into force from 1 January 2011.

Thus, in particular, from 1 January 2011 federal benefit recipients (including veterans of WW 2, veterans of combat actions, survivors of the WW2 siege of Leningrade, disabled persons) are endowed with the right to receive a package of welfare services to the value of 705 Rb per month, which is to include:

provision with pharmaceuticals, medical products and dietary nutrition products for disabled children (543 Rb per month);

health resort services package (84 Rb per month);

free of charge travel to and from the place of medical treatment (78 Rb per month).

It should be reminded that since 1 April 2010 the value of the welfare services package adjusted by the indexation was nearly the same 705 Rb 10 kopecks, but then the package consisted of only two services: supplementary medical care 627 Rb per month; free of charge use of public transport 78 Rb kopecks (see the RF PFs information release of 8 September 2010). Those citizens who have made up their minds as to the form in which they are willing to receive their welfare services are to submit their applications to the RF PF before 1 October 2010. To ensure better adaptation of citizens to the new package of services the RF Pension Fund has provided them with an opportunity to submit the relevant application until 1 April 2011. The applications will enter into force from the first day of the month following the month during which the application was submitted.

1 The Social Insurance Fund of the Russian Federation.

2 The Federal Compulsory Medical Insurance Fund of the Russian Federation.

3 A Territorial Compulsory Medical Insurance Fund.

RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES AN OVERVIEW OF THE RF GOVERNMENTS MEETINGS IN DECEMBER M.Goldin In January, at the meetings of the Government Presidium of the Russian Federation, among other documents, the Draft Federal Law On the Introduction of Alterations in the Federal Laws On Insolvency (Bankruptcy) and On Execution Proceeding in the Part Relating to the Improvement of the Procedures Applied in Bankruptcy Cases of Strategic Organizations, and the Federal Law On the Introduction of Alterations in Article 27 of the Federal Law On Higher and Postgraduate Education and Article 5 of the Federal Law On Science and State Science and Technology Policy.

On 20 January, at the meeting of the RF Government Presidium, the Draft Federal Law On the Introduction of Alterations in the Federal Laws On Insolvency (Bankruptcy) and On Execution Proceeding in the Part Relating to the Improvement of the Procedures Applied in Bankruptcy Cases of Strategic Organizations was discussed. The Draft Law had been introduced by the RF Ministry of Economic Development.

The declared purpose of the Draft Law is the preservation of strategically important production entities, more specific elaboration of certain provisions stipulated in the Federal Laws On Insolvency (Bankruptcy) and On Execution Proceeding and those addressing the specificity of the bankruptcy procedure applied to strategic organizations.

For the purposes of preventing abuse of a creditors right to file an application to deem a debtor to be bankrupt, the newly introduced amendments establish that bankruptcy proceedings against a strategic organization can be initiated by an arbitration court, provided that the amount claimed from the debtor is not less than 5 mln Rb. Previously this limit was set at 500 thousand Rb.

It is also established that the decision to accept for consideration the application to deem a strategic organization to be bankrupt should contain an indication that the debtor is indeed a strategic organization. The arbitration court should then forward copies of its decision to accept for consideration the application to deem the strategic organization to be bankrupt to the applicant, the debtor, the control (supervisory) body, the declared self-regulatory organization of valuators, and also to the federal executive body responsible for the implementation of uniform state policies in the branch of the economy where the said strategic organization is operating.

The Draft Law envisages yet another limitation a strategic organization cannot be deemed to be bankrupt, and no bankruptcy proceedings can be initiated against it in the event of the total amount of its creditors claims not exceeding the value of property which is not included in the single production-and-technological complex owned by the debtor.

The Draft Law regulates the procedure for the sale of the single production-and-technological complex and the enterprise which comprises the single production and technological complex belonging to a strategic organization, as well as the procedure for its exclusion from the list of that strategic organizations property.

In the event of the activities relating to the sale of the said property being included in the external administration plan, and also in the event of such property being sold in the course of bankruptcy proceedings, the arbitration manager should ensure an independent valuation of such property.

The valuators report is subject to mandatory expert examination at the self-regulatory organization of valuators whose members include the valuator who has drawn up the valuation report.

It should be mandatory that the valuators report and the results of the mandatory examination at the self-regulatory organization of valuators whose members include the valuator who has drawn up the valuation report should be forwarded by the arbitration manager to the federal executive body responsible for the implementation of uniform state policies in the branch of the economy where the corresponding strategic organization is operating.

Within one month after the date of receipt of the valuators report and the results of the expert examination at the self-regulatory organization of valuators, the federal executive body AN OVERVIEW OF THE RF GOVERNMENTS MEETINGS IN DECEMBER responsible for the implementation of uniform state policies in the branch of the economy where the corresponding strategic organization is operating or a relevant state corporation should have the right to announce the exercise of their right of preferential acquisition of the property at the price determined in the valuation report and confirmed by the expert examination carried out by the self-regulatory organization.

The corresponding statement should be forwarded by the federal executive body responsible for the implementation of uniform state policies in the branch of the economy where the corresponding strategic organization is operating or the relevant state corporation to the arbitration manager and the arbitration court which considers the bankruptcy case.

At its meeting on 20 January 2011, the RF Government also considered the Draft Federal Law On the Introduction of Alterations in Article 27 of the Federal Law On Higher and Postgraduate Vocational Education and in Article 5 of the Federal Law On Science and State Science and Technology Policy. The Draft Law had been introduced by the Ministry of Education and Science of the Russian Federation. The aforesaid Laws, in their present wording, stipulate that, in the event of scientific and educational institutions becoming founders of economic societies, they should have the right to contribute to the charter capital of such societies their rights of use of intellectual activity results, while the exclusive rights to the said results should continue to be vested in the scientific and educational institutions. The rights of use of intellectual activity results that have been contributed to the charter capital of the economic societies founded by scientific and educational institutions cannot be transferred, under a contract or for any other reason, to third parties throughout the entire license period. According to the RF Ministry of Higher Education and Science, the fact that the economic society is legally prohibited from transferring, under a contract or for any other reason, the right of use of intellectual activity results to third parties is counterproductive because it hampers the actual introduction of intellectual activity results, especially in the spheres of software development and pharmaceutics.

In order to lift this ban, the Draft Law introduces alterations to this effect in the two aforesaid Laws. The adoption of the proposed legislation is intended to eliminate those provisions in the Laws that do not allow economic societies to transfer, under a contract or for any other reason, their rights of use of intellectual activity results to third parties.

At the same time, the Draft Law introduces no changes in the provisions stipulating that the exclusive right to intellectual activity results should be vested in a scientific or educational institution.

RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES A REVIEW OF REGULATORY DOCUMENTS ON TAXATION FOR DECEMBER 2010 JANUARY L.Anisimova 1. The Federal Law of December 28, 2010 N 395FZ On Amendments to Part II of the Tax Code of the Russian Federation and some legislative acts of the Russian Federation in view of the lawmakers had to be primarily technical in nature, but in fact, it contains innovations that require particularly careful study. Let us review changes in accordance with the Law context order.

1) Changes relate to the date on which the project Skolkovo participant can claim for the right for benefits under VAT and income tax and the order of presentation of eligibility. In the previous version, the documents providing the right for exemption, the project participant should have sent to the tax authority no later than 20th day of the first month of the tax period from which the participant had the right for benefit. In the new version, the right for a benefit can be used before the 1 st date of the month, following the month in which the status of the project participant was obtained.

2) The Law has provided VAT exemption for the operations of state and municipal property, not assigned to the state (municipal) treasury 3) Much of the amendments concerns the retention by tax agent of income tax of an individual (PIT) for the sale of securities and financial instruments, traded and not traded in an organized market. There provided a definition of a person who is recognized as a tax agent in respect of such transactions. Of particular interest is the attempt to legally regulate the procedure for transfer to a tax agent by a physical person (the owner of the securities and financial instruments) of documents written by third parties on the previously committed transactions for purposes of the tax agent personal income tax base assessment. The problem is that the duty of the fiscal agent to assess the tax base should be carried with the documents, issued by other persons and for which it therefore can not perform due diligence of confidence. The only mechanism to protect the fiscal agent in this case would be that such documents under the Act must be submitted with the application of the client and originals or properly certified copies. In order to avoid the situation where the tax authorities will challenge the authenticity of the documents and, therefore, apply some sanctions to the fiscal agent, we believe that tax agents should be encouraged to work only with certified copies (i.e., copies certified by independent legal structures), although this can significantly increase the overhead costs of investors.

4) Highly controversial is the newly introduced benefit for exemption from tax income earned from the sale (redemption) of shares in the authorized capital of Russian companies that are not traded on an organized market, provided that on the date of sale (redemption) of such shares (interest) they were permanently owned by the taxpayer or were in the ownership or other proprietary interest over five years. This rule essentially creates a way for tax evasion in regard to personal income tax and corporate profit tax. Let us explain it by example. Lets say, a Russian owner of the shares of Russian company sold to a foreign company, also owned by him (that is, to himself), the shares for a very high price, and immediately bought them back much cheaper. The outcome of the first stage: no losses, the money for crossborder transaction entered into Russia without tax, but without violating the law of the country, derived from capital, because in this country on the balance sheet there were reflected losses from the commission of the transaction.

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