On Introducing Changes And Additions Into The Law Of The Russian Federation "about Tax On Profit Of Enterprises And Organizations" In Connection With The Innovations Of State Securities Of The Russian Federation

Original Language Title: О внесении изменений и дополнений в Закон Российской Федерации "О налоге на прибыль предприятий и организаций" в связи с проведением новации государственных ценных бумаг Российской Федерации

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Expired-the Federal law dated 06.08.2001 g. N 110-FZ RUSSIAN FEDERATION FEDERAL LAW on amendments and additions to the law of the Russian Federation "about tax on profit of enterprises and organizations" in connection with the innovations of State securities of the Russian Federation adopted by the State Duma April 25, 2001 year, Article 1. To the law of the Russian Federation dated December 27, 1991 N 2116-I "on 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; Rossiyskaya Gazeta, 1993, November 3, N 205; 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; N 7, art. 879; N 10, art. 1162; N 14, art. 1660; N 18, art. 2221; 2000, no. 32, St. 3341) the following amendments and supplements: 1. In article 2:1) in paragraph 4: in the sixth paragraph, the words "the implementation of this category" should be replaced by the words "implement (disposals) of the corresponding category";
seventh and eighth paragraphs shall be reworded as follows: "are not included in the tax base for calculating income tax rate of State securities of the Russian Federation received at State short-term zero-coupon bonds innovations (hereinafter referred to as t-bills) and federal loan bonds with fixed and variable coupon income (hereinafter OFZ) maturing before December 31, 1999 year, issued up to August 17, 1998 year in accordance with the terms of the innovation funds considered as partial reimbursement of State Enterprise it acquisition costs fall under the innovation of State securities of the Russian Federation (as it relates to the GKO and OFZ) and obtained in realization of the State program of resettlement of federal loan bonds with constant coupon income, issued prior to November 27, 1998 year and cost state securities of the Russian Federation produced by innovations of bonds of internal State currency bonds III series (hereinafter OVGVZ series III).
Enterprise primary owners received when novation of State securities of the Russian Federation determines the profit (loss) in their implementation as a difference between the implementation and the fare paid, taking into consideration the costs associated with the specified implementation. Paid the cost of State securities of the Russian Federation, produced by novation is determined on the basis of the actual amount of expenses on the purchase of all exchanged in innovations of State securities of the Russian Federation reduced by amount paid in accordance with the terms of the innovation funds considered as partial reimbursement of State Enterprise it acquisition costs under innovation SCG and OFZ, either on the basis of the amounts actually due from the Central Bank of the Russian Federation, centralized credits issued by them to the realization of the State program of resettlement, and assessed on such loans current interest; ";
Add new paragraphs ninth and tenth read: "paid the cost of one State securities of the Russian Federation of that kind is defined as the total cost paid received when novation of State securities of the Russian Federation this kind, calculated in proportion to their cost in the total aggregate value of State securities of the Russian Federation, produced by novation, divided by their number of species.
The primary owners of State securities of the Russian Federation, produced by novation, may send to repay losses from the sale of (retirement) income from the sale of (retirement) all securities, as traded and non-traded on organized securities market; ";
After paragraph the tenth supplement paragraphs eleventh-eighteenth to read as follows: "when repaying the State securities of the Russian Federation, produced by novation and OFZ TREASURY BILLS, including funds received from federal loan bonds early repayment with constant coupon yield (OFZ-PD), for payment of arrears of taxes, fines and have elapsed in the federal budget, the primary owners of such securities may additionally from within their maturity rates of profits , defined as the difference between the maturity and the fare of these securities, taking into account the cost of repayment, to exclude a portion of the interest income, was due to be paid to OFZ and maturity the difference between the price and the acquisition price for T-BILLS, which are included in the price of State securities of the Russian Federation, produced by novation, the proportion accounted for by one security of that kind.

Enterprise primary owners of State securities of the Russian Federation received when novation gko, OFZ and OVGVZ series III, is entitled to an adjustment of profits (loss) determined in their implementation (disposition) as the difference between the cost of implementation (disposals) and fare such securities, taking into account the costs associated with the specified implementation (retirement), as follows: enterprises, which frequently overestimated the value exchanged when innovations T-BILLS and OFZ in accordance with changing market prices and included the amount of the surplus from their revaluation in the tax base in calculation of income tax in implementation (disposition) of State securities of the Russian Federation received when novation SCG and OFZ shall be entitled to profit (loss) is defined as the difference between the cost of implementation (disposals) and paid the cost of these securities, taking into account the costs associated with their implementation, reduce (increase) in the amount of the surplus from revaluation exchanged when novation SCG and OFZ in proportion attributable to realised (relegated) state securities of the Russian Federation obtained through innovations, in proportion to the value of such securities in the total aggregate value of State securities of the Russian Federation, produced by innovation;
businesses that take into account the value exchanged when novation OVGVZ series III for the price of their purchase (disposition) produced by innovations of State securities of the Russian Federation shall have the right to reduce the amount of profit, defined as the difference between the cost of implementation (disposals) and paid the cost of these securities, taking into account the costs associated with a given implementation, for the amount of the surplus exchange differences resulting from changes in exchange rate quoted by the Central Bank of the Russian Federation foreign currencies encountered during the periods when these exchange differences in accordance with the legislation of the Russian Federation were to be excluded from the tax base for calculating tax on profits, the share attributable to realised (relegated) state securities of the Russian Federation the kind obtained by novation, in proportion to the value of such securities in the aggregate value of State securities of the Russian Federation received when novation OVGVZ series III. When the ruble equivalent value received when novation of State securities of the Russian Federation, denominated in a foreign currency is determined by the rate of the Central Bank of the Russian Federation, on November 14, 1999 onwards;
businesses that frequently overestimated the ruble equivalent value exchanged when novation OVGVZ series III in accordance with the change in the exchange rate differences arising as a result of changes in the exchange rate quoted by the Central Bank of the Russian Federation foreign currencies at the balance sheet date (but no later than November 14, 1999) and at the date of acquisition (the adoption of accounting), and reflect the revaluation results in determining the amount of gross profit for the respective tax period When you implement (disposition) produced by innovations of State securities of the Russian Federation shall have the right to reduce the amount of profit, defined as the difference between the cost of implementation (disposals) and fare such securities, taking into account the costs associated with a given implementation, up to an amount equal to the surplus exchange differences on OVGVZ series III, formed during the specified period, the percentage attributable to realised (relegated) state securities of the Russian Federation obtained through innovations in proportion to their cost in the total cost of State securities of the Russian Federation received when novation OVGVZ series III, calculated at the exchange rate of the Central Bank of the Russian Federation, on November 14, 1999 year. When implementing State securities of the Russian Federation received when novation OVGVZ series III, with losses, defined as the difference between the cost of implementation (disposals) and fare such securities, taking into account the costs associated with the specified implementation of the enterprise previously modified to reflect exchange rate differences in the calculation of the amount of taxable base on income tax, shall have the right to reduce the amount of taxable base when calculating income tax on the amount of loss (part of the loss) equal to the amount of the surplus exchange differences arising during the period from the date of purchase (the adoption of accounting) OVGVZ series III until November 14, 1999 year, when the value of these securities pereocenivalas' in accordance with the change of exchange rate differences, the proportion attributable to realised (relegated) state securities of the Russian Federation the kind obtained by novation, in proportion to the value of such securities in the aggregate value of State securities of the Russian Federation produced by novation OVGVZ series III, calculated at the exchange rate of the Central Bank of the Russian Federation, on November 14, 1999 year.

Enterprises-primary owners exchanged when novation OVGVZ series III when implemented (disposition) received them in innovations of State securities of the Russian Federation shall have the right to further reduce the amount of gross profit in the amount of the surplus exchange differences arising during the period from the date of receipt of foreign currency at the expense of the enterprise or organization and the date adoption OVGVZ series III to accounting, the share attributable to realised (relegated) state securities of the Russian Federation obtained through innovations in proportion to their cost in the total cost of State securities of the Russian Federation received when novation OVGVZ series III, calculated at the exchange rate of the Central Bank of the Russian Federation, on November 14, 1999 year.
Enterprises engaged in the prescribed manner a reassessment of the value of securities in accordance with changing market prices and taking into account the results of the re-evaluation, when calculating the taxable base on income tax, is entitled to the amount of profit, defined as the difference between the cost of implementation (retirement) and the acquisition price of the securities, taking into account the costs associated with its acquisition and implementation, reduced by the amount of the surplus from revaluation in Dole the sold securities. When implementing the securities at a loss, estimated in accordance with this paragraph, the company shall have the right to reduce the amount of taxable base on income tax in the amount of the surplus from revaluation of the share attributable to securities sold.
Enterprises engaged in the prescribed manner a reassessment of a rouble equivalent securities which par value is expressed in foreign currency, due to changes in exchange rates of foreign currencies, quoted the Central Bank of the Russian Federation, taking into account the results of the re-evaluation in determining the amount of the taxable base on income tax, is entitled to the amount of profits, calculated as the difference between the cost of implementation (retirement) and the acquisition price of the securities, taking into account the cost associated with its acquisition and implementation, reduced by the amount of the surplus of the revaluation of the share attributable to securities sold. When implementing the securities at a loss, the amount of which is determined as the difference between the cost of implementation and acquisition price, taking into account the costs of purchase and sale, the company is entitled to reduce the amount of taxable base on income tax in the amount of the surplus from revaluation in the proportion accounted for by marketed securities; ";
2) second paragraph of paragraph 8 shall read as follows: "income in the form of dividends received by a shareholder (participant) of the Organization for shareholder-owned (party) shares (the shares) in the allocation of the profit remaining after tax (including on privileged shares), as well as the interest income received by owners of State securities of the Russian Federation, including interest on OVGVZ series III, paid for the period from 14 May to November 14, 1999 year , state securities of the Russian Federation and municipal securities ";
3) in paragraph 15, the word "OVVZ" should be replaced by the word "OVGVZ", after the words "other disposition" add the words ", except in the case of innovations".
2. the third paragraph of article 6, paragraph 5 should be deleted.
3. Article 9:1) "and" paragraph 1 shall read as follows: "(a)) revenue in the form of dividends received by a shareholder (participant) of the Organization for shareholder-owned (party) shares (the shares) in the allocation of the profit remaining after tax (including on privileged shares), as well as the interest income received by owners of State securities of the Russian Federation, state securities of the Russian Federation and municipal securities.
Interest income is recognized as revenue, declared (installed) when placing the issuer of State securities of the Russian Federation, state securities of the Russian Federation and municipal securities, in the form of interest rate to the nominal value of such securities, and securities that have not installed the interest rate income as the difference between the nominal value of the Securities and the value of its IPO, calculated as a weighted average price on the date of When issuing securities in accordance with established procedures, recognized hosted.

State securities of the Russian Federation, state securities of the Russian Federation and municipal securities interest income (list of securities, which included a confession from a seller receive interest income, shall be established by the Government of the Russian Federation) is calculated for the actual time finding them at the next owner on the basis of the total period of specified securities in accordance with the issue terms and the amount of the established percentage. For the primary holders of these securities is recognized as interest income in the form of interest on coupon from the date of issue (issue) of securities and state securities of the Russian Federation from novation OVGVZ series III,-in the period from November 14, 1999 year on maturity date or coupon date (disposals) of commercial paper.
Not included in the taxable base on income tax, the amount of interest payable when novation OFZ, part of the income as the difference between the acquisition price and the repayment of SHORT-TERM maturing before December 31, 1999 year, issued up to August 17, 1998 onwards, which are included in the price of State securities of the Russian Federation, received as a result of innovations, as well as paid when novation interest on OVGVZ series III for the period from 14 May to November 14, 1999 year.
Not included in the taxable base on income tax the difference between the redemption price and the acquisition of T-BILLS with maturities up to December 31, 1999 year, issued up to August 17, 1998 year, obtained as a result of redemption (repayment) of specified securities, subject to reinvestment of proceeds from maturity to newly issued state securities of the Russian Federation.
Not be included in the taxable base on income tax the amount of interest payable on the bonds of the State monetary bond 1999 year from novation OVGVZ series III. ";
2) paragraph 3 shall be amended as follows: "3. Taxes on income referred to in sub-paragraph (a) of paragraph 1 of this article (in relation to the payment of dividends on shares and revenues in the form of interest on State securities of the Russian Federation, state securities of the Russian Federation and municipal securities, which are not provided for recognition at the seller receive interest income, as well as relating to payment of dividends and interest earned by non-residents of the Russian Federation) and subparagraph b of paragraph 1 of this article shall be deducted at the source of payment specified income. Responsible for withholding and enumerate these taxes rests with the company paying income.
Calculations for taxes on income referred to in the first subparagraph of this paragraph, submit to the tax authorities at the place of the finding of the enterprise paying income within five days, counting from the day of accrual income to shareholders, founders or other recipients, but not later than 10 days after the distribution of the proceeds. Payment of income tax in the budget shall be made within five days, counting from the date set for the presentation of the calculation.
Tax on income referred to in sub-paragraph (a) of paragraph 1 of this article (as it relates to state securities of the Russian Federation, state securities of the Russian Federation and municipal securities, which included a confession from a seller receive interest income) paid by the enterprise receiving interest income when implemented (disposition) specified securities or payment of interest income at maturity coupon. Responsible for the calculation and payment of these taxes is vested in the company receiving the income. Taxes calculations with these profits are tax authorities at their place of finding these companies monthly accrual basis no later than 10-day of the month following the reporting month. Payment of income tax in the budget shall be made within five days of the date set for the submission of the calculation.
Article 2. This federal law shall enter into force on the expiry of one month from the day of its official publication.
On legal relationships arising when novating the debt of the Russian Federation, this federal law shall enter into force on the date of implementation of innovations.
The President of the Russian Federation v. Putin in Moscow, the Kremlin May 9, 2001 N 50-FZ