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To be granted a status of resident the industrial-production SEZ must make capital investments in rubles in the amount equivalent to no less than EUR 10 million (not including intangible assets) at the rate of Central Bank of Russia as of the date of submitting an application for conclusion an agreement on carrying out the industrial and production activity. In this case SEZ resident must make capital investments in rubles in the amount equivalent to no less than EUR 1 million (not including intangible assets) at the same rate of within a year from the date of signing the above agreement. The land lots located within the border of SEZ, are granted into possession and use only as a result of lease agreement with the right of redemption by SEZ residents owners of real estate objects created by them, located under the above objects of land lots within the border of SEZ territory.

The bill introduces the special administrative regime in relation to SEZ residents, involving carrying out measures of control by the state control bodies in relation to SEZ residents, excluding the customs and tax control, exclusively in the form of planned comprehensive checks, conducted, within two weeks, no more often than once in three years, while the customs and tax control on the territory of SEZ in accordance with the existing RF legislation. Tax treatment of SEZ residents will be stipulated directly in the RF Tax Code.

The bill includes direct effect norms that introduce the customs regulations of free customs zone, pursuant to which foreign goods are placed and used within the territory of SEZ payment of customs duties, taxes, and also without prohibitions and restrictions of economic character, placed according to legislation on government regulation of foreign trade activity, while Russian goods are placed and used on the terms applied for exportation pursuant to customs regime of export with payment of excise and without payment of export customs duties. In order that industrial-production or technicaland-introduction activities be maintained, goods are placed by SEZ residents under the customs regime of free customs zone. In exportation of foreign and Russian goods (placed under the customs regime of free customs zone) from SEZ to other territory of the RF, the customs bodies collect customs duties and taxes due and payable. In their exportation outside of the customs territory of RF, import customs duties and taxes are not collected, while export customs duties are payable in accordance with the export customs regime.

Bolshakova E.A.

Review of legal documents concerning the issues of taxation for February - March 2005.

1. By the Letter of Federal Tax Service of the RF (FTS RF) N -6-03/167, of March 2, 2005, the procedures of application are clarified for the Agreement, that came into force since January 1, 2005, between the Government of the Russian Federation and the Government of Republic of Belarus on principles of collection of indirect taxes in the course of exportation and importation of goods, performing activities, and rendering services.

In accordance with the Agreement, the indirect tax amounts paid for goods, brought from the territory of the state of one of the Parties to the territory of the state of the other Party, are subject to deductions in an order as per national legislation of the Parties.

Therefore, once goods are imported in the territory of Russia, taxpayers have the right to lower the general amount of VAT by equivalent tax deductions, in the case the goods imported in the territory of Russia are registered (basing on primary documents) and used for operations subject to VAT.

2. By the Letter of FTS RF N 03-1-03/297/13, of March 2, 2005, the procedures of application is VAT rate are specified in selling by publisher, in 2005, its periodicals by subscription.

In 2005, VAT rate 10 percent was retained for selling periodicals, except for those concerning advertising or of erotic character; books concerned with science, culture and education.

Since 1.01.2005 rendering services is laid on for general rate 18 % concerned with forwarding and delivery of periodicals and books; editorial and publishing books; service for placement of ads and messages; services for formalization and execution of subscription contracts, including the delivery of periodicals to subscriber.

3. By Letter of the RF Finance Ministry N 03-03-01-02/6525, of February 2005, it is clarified that until approval of a new form of tax return for the corporate profit tax, as well as order of its filing by taxpayer, tax returns for this tax are to be submitted to taxation bodies in the form approved by decree N BG-3-02/614, of 11.11.2003, of the Ministry of Taxation of Russia "On Approval of the Form of Tax Return on Corporate Profit Tax". Here, an order of procedures of registration in tax return of targeted collections, as well as the types of such collections, are clarified:

a) the amounts of pension savings (including insurance contributions for compulsory social insurance intended for financing the funded part of labor pension), b) funds received by professional organization of underwriters for funding compensatory payments within the frame of CMI (Compulsory motor insurance), as well as contributions for forming the funds as per international CMI systems;

c) revenues in the form of means gained by medical organizations that perform activities in the system of compulsory medical insurance, for rendering medical services to insured persons from insurance organizations maintaining the compulsory medical insurance of these persons.

By the same letter, specific character of individual operations is specified in tax return with securities and of revenues from the share participation because of changes in dividends taxation rates, interests on municipal securities, mortgage bonds etc.

4. By joint Letter of FTS RF and Sberbank of Russia N -6-10/143/07-125 of 18.02.changes are introduced in the form of payment documents for transferring by taxpayers - physical persons, taxes (collections), penalties and fines to the RF budget system: form N PD (tax) and form N PD-4sb (tax)", approved by the Ministry of Taxation of Russia and Sberbank Russia by Letter N FS-810/1199/04-5198 of 10.09.2001.

It is clarified that the form of payment document (notification) of a physical person, form N PD (tax), will be forwarded, when completed, to taxpayers physical persons, together with tax notification or tax (fee) payment request in accordance with Article 69 of the Tax Code of the Russian Federation.

Payment documents, formalized since 1.05.2005 as a form, are obligatory for accepting by all structural subdivisions of Sberbank of Russia.

L. Anisimova A review of economic legislation: March of In March, there were introduced the following changes in the legislation currently in force: there were raised the thresholds set with respect to the value of assets subject to state control of the creation, reorganization, and liquidation of commercial organization, purchase of shares in the authorized capital; there was set forth the subsistence level in Russia to be applied in the 4th quarter of 2004; there was taken a number of measures aimed at the implementation of the federal law On federal budget for year 2005; there were approved the procedures governing the reduction of the limits on the budget liabilities in the case of misallocation of the federal budget funds; the Tax Service brought to the notice of all concerned parties the parties the data used for the calculation of the mineral extraction tax rate on oil in January of 2005.

I. FEDERAL LAWS of the Russian Federation 1. ON AMENDMENTS TO ARTICLES 17 AND 18 OF THE RSFSR LAW ON COMPETITION AND RESTRICTION OF MONOPOLISTIC ACTIVITIES ON COMMODITY MARKETS No. 13 FZ of March 7, The law raised the thresholds set with respect to the value of assets set forth by articles 17 and 18 of the RSFSR law No. 948-1 of March 22, 1991, On competition and restriction of monopolistic activities on commodity markets as follows:

- with respect to economic agents conducting their transactions and performing other operations on preliminary approval of the antimonopoly authority up to 30 million minimal wages (Rub. 3 billion).

At present this threshold is set at 200 thousand minimal wages (Rub. 20 million);

- with respect to economic agents, which should notify the antimonopoly authority about their transactions and other operations up to 2 million minimal wages (Rub. 200 million). At present this threshold is set at 100 and 200 thousand minimal wages (Rub. 10 and 20 billion).

II. RESOLUTIONS OF THE GOVERNMENT of the Russian Federation 1. ON THE DETERMINATION OF THE NATIONAL PER CAPITA SUBSISTENCE MINIMUM AND THE SUBSISTENCE MINIMUMS FOR MAJOR SOCIAL AND DEMOGRAPHIC GROUPS OF POPULATION IN THE RUSSIAN FEDERATION IN THE 4TH QUARTER OF 2004 No. 105 of March 2, The Resolution sets forth the national subsistence minimum across the different social and demographic groups of population in the 4th quarter of 2004 at Rub. 2451 in per capita terms, at Rub. for able bodied population, at Rub. 1849 for pensioners, at Rub. 2394 for children.

2. ON THE MEASURES AIMED AT IMPLEMENTATION OF THE LAW ON FEDERAL BUDGET FOR YEAR 2005 No. 107 of March 2, The federal budget for year 2005 was approved for execution. It is set forth that the execution of the federal budget should be carried out in accordance with the aggregate schedule of budget revenues and expenditures for year 2005 in accordance with the procedures set forth by the RF Finance Ministry.

The federal state authorities vested with the administration of the revenues of the federal budget were instructed to take measures aimed at the ensuring of collection of taxes, fees, and other mandatory payments, as well as reduction of the respective indebtedness; on the quarterly basis, prior to the 10th day of the month preceding the first month of the quarter, submit forecasts of monthly tax revenues of the federal budget to the RF Finance Ministry. It is also set forth that the RF Finance Ministry should have the right to more precisely determine the major sources of revenues assigned to the state authorities in the case the functions vested with such authorities change.

The resolution determines that in 2005:

- the limit on the granting of tax credits, respites, and deferrals with respect to the payment of federal taxes and fees (with the exception of cases related to the movement of goods across the customs border of the Russian Federation) in amount not exceeding Rub. 1000 million;

- the limit on the granting of tax credits, respites, and deferrals with respect to the payment of federal taxes and fees related to the movement of goods across the customs border of the Russian Federation in amount not exceeding Rub. 500 million;

The Federal Treasury was instructed to ensure that the territorial agencies of the Federal Treasury render cash services to the heavily subsidized subjects of the Russian Federation as concerns the administration of their budgets in accordance with the list contained in the Supplement to federal law No. 173 FZ of December 23, 2004 On the federal budget for year 2005 and the budgets of closed administrative territorial entities.

Besides, the Resolution approves the lists of acts of the RF Government prolonged for year and the changes introduced to the acts of the RF Government.


Basing on articles 166 and 231 of the RF Budget Code, the Finance Ministry has elaborated the procedure governing the blocking of expenditures of the federal budget the reduction of limits on budget liabilities granted to the chief administrator of the federal budget funds if the Federal Service of Financial and Budget Supervision, its territorial agencies, and the RF Audit Chamber establish the cases of misallocation of budget funds on the part of organizations being in the jurisdiction of the chief administrator. This document of the RF Finance Ministry sets forth the schedule (order and time) of actions to be performed by different authorities participating in the blocking of the expenditures of the federal budget. The order contains the forms of the documents used for the fixation of the respective decisions: the aggregate notification about the limits on budget liabilities, which should be reduced or restored; the statement concerning the changes in the limits on budget liabilities, and the notification about the changes in the limits on budget liabilities. The order sets forth the procedure of forwarding of these documents to the respective authorities and organizations. The order also sets forth that up to December 1, 2005, the changes in the limits on budget liabilities resulting from misallocation of federal budget funds should be made on the basis of approvals given by the RF Finance Ministry.

2. Informational letter of the RF Tax Ministry No. GV-6-21/157@ of February 28, 2005 ON CALCULATION OF THE MINERAL EXTRACTION TAX RATE IN JANUARY OF 2005 The letter informs about the data used for the calculation of the mineral extraction tax with respect to oil in January of 2005:

- the average level of Urals oil prices on the Mediterranean and Rotterdam markets (US $ 40.02 per barrel);

- value of the Kts coefficient (3.3202);

- tax rate adjusted for the Kts coefficient (Rub. 1391.1638 per metric ton).

The letter also informs that the parameters of the formula, according to which the Kts coefficient is calculated, are changed on January 1, 2005, as follows: Kts = (Ts 9) x R / 261), and the value of the mineral extraction tax rate is set at present at Rub. 419 per metric ton.

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