On Introducing Changes And Additions Into The Law Of The Russian Federation "about Tax On Profit Of Enterprises And Organizations"

Original Language Title: О внесении изменений и дополнений в Закон Российской Федерации "О налоге на прибыль предприятий и организаций"

Read the untranslated law here: http://pravo.gov.ru/proxy/ips/?doc_itself=&infostr=x&backlink=1&fulltext=1&nd=102058444

Expired-the Federal law dated 06.08.2001 g. N 110-FZ (January 1, 2002 year), the Russian Federation, the FEDERAL LAW on amendments and additions to the law of the Russian Federation "about tax on profit of enterprises and organizations" adopted by the State Duma February 10, 1999 the year approved by the Federation Council February 18, 1999 year Article 1. To the law of the Russian Federation "about tax on profit of enterprises and organizations" (records of the Congress of people's deputies of the Russian Federation and the Supreme Soviet of the Russian Federation, 1992, no. 11, p. 525; N 34, art. 1976; 1993, N 4, art. 118; Collection of laws of the Russian Federation, 1994, no. 27, art. 2823; N 29, art. 3010; N 32, St. 3304; 1995, N 18, art. 1592; N 26, art. 2402, 2403; N 49, St. 4695; 1996, N 1, art. 4, 20; N 51, art. 5682; 1997, no. 3, art. 357; N 26, art. 2953; 1998, N 31, art. 3819, 3821, 3825; N 47, St. 5702; 1999, N 1, art. 1; N 2, art. 237) the following amendments and supplements: 1. Article 2 supplement paragraphs 14 and 15, to read: "14. In determining the taxable base for calculating tax on actual profit for the 1998 year Exchange differences on foreign currency accounts and transactions in foreign currency arising during the period August 1, 1998 onwards on December 31, 1998 year, regardless of the accounting policies reflect these exchange differences on accounts are recorded in the following order: in case of enterprises and organizations, including credit institutions , when comparing the amount of positive exchange differences and amount of negative exchange differences occurs excess positive exchange differences over the amount of negative exchange rate differences, taxable base for calculating the tax is reduced by the amount specified exceedance;
in the case of enterprises and organizations, including credit institutions, when comparing the amount of positive exchange differences and amount of negative exchange differences occurs excess negative exchange differences over the amount of positive exchange differences, taxable base for calculating the tax is generally without further adjustment, and the excess is recognized as loss on exchange rate differences.
15. In the calculation of the taxable base for the calculation of income tax of enterprises and organizations, which are the primary owners of bonds of internal State currency bond (hereinafter OVVZ), gross profit is reduced by the full amount of positive exchange differences resulting from changes in exchange rate quoted by the Central Bank of the Russian Federation foreign currencies arising from receipt of foreign currency at the expense of the enterprise or organization and up to the time OVVZ to the balance of the enterprise or organization in their implementation (maturity or other disposition) as well as the amount of losses arising from OVVZ when you decommission business or organization at a price lower than the carrying amount, but within market prices. "
2. paragraph 5 of article 6 shall be amended as follows: "5. For businesses and organizations that have received the previous year loss (according to annual financial statements) are exempt from profits tax aimed at its coverage over the next five years (assuming full use of reserve funds and other similar misused funds provided for by the legislation of the Russian Federation).
In determining the amount of the specified tax benefits per accepted enterprise or Organization incurred losses from realization of goods (works, services) and for the year 1998 was adopted also foreign currency exchange loss under paragraph 14 of article 2 of this law. In the calculation does not take into account losses incurred as a result of concealing or understating profits, losses incurred before January 1, 1996 onwards as a result of the excess of actual labour costs compared to them a normalized value, as well as damages resulting from exceeding the limits of the rules and regulations established by the legislation of the Russian Federation for accounting the costs included in the cost of production (works, services) are considered when calculating taxable profit. ".
3. In article 8, paragraph 2 to complement the new fourth paragraph to read as follows: "the total return for the 3rd and 4th quarters 1998 year, calculated as the difference between the advance contributions tax and the tax amount to be entered in the budget to actual profits arising from the reduction of actual profit on excess amount of positive exchange differences over the amount of negative exchange differences arising during the period August 1, 1998 onwards on December 31, 1998 year the discount rate, the Central Bank of the Russian Federation for the use of bank credit does not apply. ";
paragraphs four-ninth count respectively paragraphs fifth-tenth.
Article 2. This federal law shall enter into force on the day of its official publication.
The action of the fifth paragraph of article 1 paragraph 1 of this federal law shall apply to legal relationships arising from July 1, 1992 year. This will actually paid before the entry into force of this federal law, the amount of tax refunds and credit in the account tax payments are not compensable.

The President of the Russian Federation and to entrust the Government of the Russian Federation to bring its normative acts in compliance with this federal law.
Russian President Boris Yeltsin in Moscow, the Kremlin March 3, 1999 N 45-FZ