On Priority Measures In The Area Of Budgetary And Tax Policy

Original Language Title: О первоочередных мерах в области бюджетной и налоговой политики

Read the untranslated law here: http://pravo.gov.ru/proxy/ips/?doc_itself=&infostr=x&backlink=1&fulltext=1&nd=102057391

RUSSIAN FEDERATION FEDERAL LAW on priority measures in the area of budgetary and tax policy adopted by the State Duma on December 16, 1998 the year approved by the Federation Council of the year December 23, 1998 (as amended by the federal laws of 02.01.2000 N 23-FZ;
from 05.08.2000 N 118-FZ; from 06.08.2001 N 110-FL;
from 08.08.2001 N 130-FZ; from 10.12.2003 N 173-FZ;
from 29.07.2004 N 95-FZ; from 22/08/2004, no. 122-FZ;
from 29.11.2004 N 141-FZ; from 03.12.2008 N 233-FZ), Article 1. With a view to normalize in the fourth quarter of 1998 year socio-economic situation in the country and create prerequisites for the 1999 stabilization year public finance to amend the Federal law on the federal budget for the year 1998 "(collection of laws of the Russian Federation, 1998, no. 13, p. 1464; N 29, art. 3398) the following amendments and supplements: 1. Article 26 supplement part read: "Allow the Government of the Russian Federation within the difference between the approved in 1998 a year of federal financial support to the subjects of the Russian Federation and to be an actual enumeration of the subjects of the Russian Federation the amounts of transfers pursuant to part three article 37 of this federal law implemented in the fourth quarter of the year 1998: financing costs associated with the content transmitted to municipal ownership in 1996-1998 years of housing and public utilities and social services;
repayment in accordance with the established procedure by mutual federal budget calculations with the budgets of the constituent entities of the Russian Federation previously obtained their budgetary loans for the payment of wage arrears to public sector workers, as well as covering cash gaps arising during the performance of the budgets of the constituent entities of the Russian Federation, up to $8.0 billion. rubles;
repayment in accordance with the established procedure by mutual federal budget calculations with the budgets of the Kemerovo oblast and Komi Republic previously obtained their budgetary loans to the content of objects of social sphere, transferred in 1996 year enterprises in the coal industries of the municipal property, in the amount of 335.0 million respectively. rubles and 116.0 million. rubles; repayment of the granted budget of Rostov oblast budget loan amounting to 47.0 million. rubles on the social support in the cities of Donetsk and Belaya Kalitva in connection with unplanned closure of mines in the territories of all the mentioned cities; repayment of Payables on utilities and damages on the content of objects of social sphere and housing the Altai Republic in the amount of 100.0 million. rubles. "
2. Article 37 supplement part as follows: "to establish that the funds in the fourth quarter of 1998 year of subjects of the Russian Federation Federal financial support to the subjects of the Russian Federation, are directed to the current payroll accrual of compulsory insurance contributions into the Pension Fund of the Russian Federation, the social insurance fund of the Russian Federation, the State Employment Fund of the Russian Federation and compulsory medical insurance, as well as child benefits."
3. Article 95 supplement the parts as follows: "the Ministry of Finance of the Russian Federation to implement in September-October 1998 year federal loan bonds issue with constant coupon yield (OFZ-PD) totaling $10.5 billion. rubles in payment of income twice a year at the rate of 10 percent annual interest rate and repayment since 2005 year 2005 year worth 4.5 billion. rubles, in 2009 year-4.0 billion. rubles, in year 2014-2.0 billion. rubles. The Central Bank of the Russian Federation acquire in September-October 1998 year federal loan bonds with constant coupon income totaling $10.5 billion. rubles on the secondary market (through the savings bank of the Russian Federation).
The Central Bank of the Russian Federation acquire in the fourth quarter of 1998 year federal issue bonds with constant coupon yield when their primary floatation at par totaling up to 25.2 billion. rubles. Install the maturity of these securities for the sum of 8.5 billion. BR no earlier than 2005 and the amount of 16.7 billion. BR no earlier than 2013 year with payment of income twice a year at the rate of 10 per cent per annum on the securities for the sum of 3.5 billion. roubles and 5 percent per annum-worth 21.7 billion. rubles.
Take the State domestic debt arrears of the Russian Federation Ministry of Finance of the Russian Federation before the Central Bank of the Russian Federation on the open market operations of securities amounting to 5.7 billion. rubles.
Specified debt was adopted into the State domestic debt of the Russian Federation through the issuance of Ministry of Finance of the Russian Federation Central Bank of the Russian Federation federal loan bonds with constant coupon yield with maturity in the year 2009 in amount of 2.85 billion. rubles and in 2010 year-2.85 billion. rubles with payment of 5 per cent per annum every year in May and November.
4. Article 113, after the words "of the accounts Chamber of the Russian Federation", add the words "and the State Duma of the Federal Assembly of the Russian Federation".

Article 2. The Government of the Russian Federation to pursue repayment from the federal budget the Government securities market (gko and OFZ) with maturities up to December 31, 1999 year, allowing owners of T-BILLS and OFZ reinvest received from repayment of funds in government securities.
Article 3. Repayment of short-term zero-coupon bonds and federal loan bonds with fixed and variable coupon income with maturities up to December 31, 1999 year, issued up to August 17, 1998 year, shall be made by transfer of means for the special investment bank account opening procedure and mode which shall be established by the Government of the Russian Federation by agreement with the Central Bank of the Russian Federation.
All operations on a special investment account, except for the crediting of revenues received from repayment of government short-term zero-coupon bonds and federal loan bonds with fixed and variable coupon income with maturities up to December 31, 1999 year, issued up to August 17, 1998 year and investing the proceeds from repayment of funds to the newly issued Government securities shall be suspended until the end of the restructuring of Government securities.
This article does not apply to the repayment of government bonds and zero-coupon bonds federal loan with fixed and variable coupon income with maturities up to December 31, 1999 year, issued up to August 17, 1998 year, belonging to natural persons-residents of the Russian Federation, as well as the Central Bank of the Russian Federation.
Article 4. The Government of the Russian Federation and the Central Bank of the Russian Federation to redraw the Central Bank of the Russian Federation-owned Government securities, bills of the Ministry of Finance of the Russian Federation with maturity (payment) until December 31, 1999 onwards, as well as a coupon (interest) payments on those securities with terms up to December 31, 1999 year by repaying those obligations at the expense of the federal budget with the reinvestment of funds derived from repayment of the in government securities with maturities from 2013 to 2018 yearly equal instalments with the payment coupon in the amount of 5 per cent per annum.
Article 5. In order to timely implementation of urgent payments on redemption and servicing of external debt of the Russian Federation to authorize the Ministry of Finance of the Russian Federation in 1998 year loans of Vnesheconombank and Bank for payments on the external debt of the Russian Federation in amount of up to $3 billion. United States dollars by listing the Central Bank of the Russian Federation funds in foreign currency these banks for up to five years at the lowest market rates.
Article 6. The Government of the Russian Federation to make debt relief companies and organizations, including credit institutions, before the budget on assessed fines and have elapsed in connection with foreign exchange differences generated during primary floatation of bonds of internal State currency bond (OVVZ) and their subsequent redemption (realisation or other disposal).
Article 7. The Government of the Russian Federation to ensure, as a matter of priority, earmarking on settlements with dismissed personal soldiers in accordance with the decisions taken within the appropriation levels approved by the Federal law on the federal budget for the year 1998 "for these purposes.
Article 8. The Government of the Russian Federation to ensure that funding for basic research and promoting scientific and technological progress to an average level of implementation of the expenditure of the federal budget for the year 1998.
Article 9. The Government of the Russian Federation to implement the federal budget debt incurred during its performances in 1997-1998, by use of the mechanism of financing debt costs recipients of federal funds, carried out with the participation of suppliers of recipients of budgetary funds.
The Government of the Russian Federation to determine the volume of debt of the federal budget dedicated to maturity, and in accordance with the Federal law on the federal budget for the year 1998 "list articles of economic classification of expenditures of the federal budget to be financed by the use of the mechanism of financing the expenses of the federal budget.
Ministry of Finance of the Russian Federation, the State tax service of the Russian Federation, with the participation of the Central Bank of the Russian Federation to establish procedure for opening accounts and regime of recipients of budgetary funds, enterprises and organizations involved in the calculations for targeted financing for the expenses of the federal budget.
Calculations, leading to a decrease in revenues to the federal budget of current tax payments in cash are not accepted.

The volume of outstanding debt under this article of the federal budget before the budget holders must be repaid within the relevant sections of the federal budget in five years starting from the year 2000.
Article 10. In order to ensure the carrying out of payments by credit organizations and full service budgets the Government of the Russian Federation and the Central Bank of the Russian Federation to approve measures to restructure the banking system of the Russian Federation. The Central Bank of the Russian Federation, together with the Government of the Russian Federation to identify banks that need Government support, as well as its form of implementation, including sponsorship budgets.
Article 11. The Central Bank of the Russian Federation since the fourth quarter of 1998 year temporarily provide services to organizations regardless of whether credit institutions on that territory, in accordance with the list approved by the Government of the Russian Federation.
Article 12. (Repealed-the Federal law from 05.08.2000 N 118-FZ) Article 13. (Repealed-the Federal law dated 29.11.2004 N 141-FZ) Article 14. (Repealed-federal law 06.08.2001 N 110-FL) Article 15. (Repealed-Federal Act of 22/08/2004, no. 122-FZ) Article 16. (Repealed-the Federal law dated 29.07.2004 N 95-FZ) Article 17. (Repealed-the Federal law dated 29.07.2004 N 95-FZ), Article 18. (Deleted-the Federal law dated 08.08.2001 N 130-FZ) Article 19. (Repealed-the Federal law from 03.12.2008 N 233-FZ), Article 20. (Repealed-the Federal law from 10.12.2003 N 173-FZ), Article 21. In order to ensure payment of the Pension Fund of the Russian Federation for current pensions of up to 4.0 billion. roubles of the Russian Federation Government establish order repayment of debt insurance payers of contributions to the Pension Fund of the Russian Federation, established according to the results of the execution of the federal budget in 1998 year.
Article 22. This federal law shall enter into force on the day of its official publication.
The President of the Russian Federation, b. Yeltsin, Kremlin, Moscow, N 192 December 29, 1998-FZ