Article 296. Specifics in Defining the Outlays of Non-State Pension Funds

1. For the non-state pension funds shall be separately defined the incomes involved in deriving income from the placement of pension reserves and the outlays involved in providing for the constituent activities of these funds.

2. To the outlays involved in deriving income from the placement of the pension reserves of the non-state pension funds, in addition to the incomes indicated in Articles 254-269 of the present Code (taking into account the restrictions envisaged by the legislation of the Russian Federation on non-state pension security) shall be referred:

1) outlays involved in deriving income from the placement of the pension reserves, including the remunerations to the management company, the depositary and professional securities market traders;

2) obligatory expenditures involved in storage, maintenance in the working order and evaluation in conformity with the legislation of the Russian Federation of the property into which pension reserves are placed;

3) deductions for the formation of the property intended for providing for the performance of these funds' constituent activities in conformity with the legislation of the Russian Federation, recorded in the composition of the outlays.

3. To the outlays involved in providing for the constituent activity of the non-state pension funds, in addition to the outlays indicated in Articles 254-269 of the present Code (taking account of the restrictions stipulated by the legislation of the Russian Federation on non-state pension security) shall be referred:

1) remunerations for rendering services involved in concluding contracts of pension security;

2) payments for actuaries' services;

3) payment for services involved in manufacturing pension certificates (policies), strict accounting forms, receipt slips and other such documents;

4) other outlays directly connected with the activities involved in non-state pension security.

Article 297. Specifics in Defining the Outlays by Organisations of Consumer Cooperation

Organizations involved in the consumer cooperation system included in the Union of Consumer Societies of the Russian Federation, shall also have the right to include in outlays on the production and sale of commodities (works, services) the following expenditures (in addition to the outlays indicated in Articles 254-265, 268 and 269 of the present Code):

- deductions for maintaining consumer societies and their unions;

- interest paid out on the borrowed funds attracted from partners and other citizens, taking account of the provisions of Article 269 of the Code;

- deductions into the fund for the development of consumer cooperation, imposed by consumer cooperation organisations in the amount of up to 4 per cent of the earnings from the sale of commodities (works, services) in the reporting (tax) period.

Article 298. Specifics in Defining the Incomes of Professional Securities Market Traders

To the incomes of taxpayers who are recognised in conformity with the legislation of the Russian Federation on the securities market as professional securities market traders (hereinafter 'professional securities market traders') shall also be referred, in addition to the incomes stipulated by Articles 249 and 250 of the present Code, incomes derived in the performance of professional activity on the securities market.

To such incomes, in particular, shall be referred:

1) incomes from rendering intermediary and other services on the securities market;

2) part of the income arising from the use of clients' funds before the moment of return thereof to the clients in conformity with the contractual terms;

3) incomes from rendering services involved in the storage of securities certificates and (or) in recording the rights to securities;

4) incomes from rendering depositary services, including the services involved in the supply of information on securities and on keeping a deposit account;

5) incomes from rendering services involved in keeping a register of the owners of securities;

6) incomes from rendering services directly facilitating the conclusion of civil-legal deals in securities by third persons;

7) incomes from rendering consulting services on the securities market;

8) incomes in the form of sums of replenished reserves against the devaluation of securities which were earlier accepted as outlays in accordance with Article 300 of the present Code;

9) other incomes derived by professional securities market traders from their professional activities.

Article 299. Specifics in Defining the Outlays of

Professional Securities Market Traders

To the outlays of professional securities market traders, in addition to those pointed out in Articles 254-269 of the present Code (taking account for restrictions stipulated by the legislation of the Russian Federation on securities) shall be referred, in particular:

1) outlays in the form of contributions to trade organisers and other organisations (including those made in conformity with the legislation of the Russian Federation to non-profit organisations) possessing the corresponding licence;

2) outlays made on the maintenance and servicing of trading places of different regimes arising in connection with the performance of professional activity;

3) outlays on carrying out an expert examination of the authenticity of the submitted documents, including the forms (certificates) of the securities;

4) outlays involved in revealing information on the activity of professional securities market traders;

5) outlays on creating and bringing up to a proper sum reserves against the devaluation of securities in keeping with Article 300 of the present Code;

6) outlays on participation in the meetings of shareholders held by the issuers of securities or on their orders;

7) other outlays directly involved in the activity of professional securities market traders.

Article 300. Outlays Made on Creating Reserves Against Devaluation of Securities by Professional Securities Market Traders Engaged in Dealer's Activity

Professional securities market traders shall be recognised as performing dealer's activity, if the dealer's activity is stipulated by the corresponding licence issued in the established order to the participant on the securities market.

The professional securities market traders engaged in dealer's activity, shall have the right to refer to the outlays for taxation purposes deductions to the reserves against the devaluation of securities, if such taxpayers define the incomes and outlays using the method of calculation. In this case, the sums of the replenished reserves against the devaluation of securities, the deductions on whose creation (correction) were earlier taken into account when delineating the tax base, shall be recognised as an income of the said taxpayers.

The said reserves against the devaluation of securities shall be created (corrected) as in the state at the end of the reporting (tax) period, in the amount of an excess of the prices of acquisition of emission securities circulated on the organised securities market over their market quotation (the design amount of the reserve). Into the price of acquisition of the security for the purposes of this Chapter shall also be included the outlays on its acquisition.

The reserves shall be created (corrected) with respect to every issue of securities satisfying the above-said demands, irrespective of the change in the cost of the securities of other issues.

In the sale or in another form of withdrawal of the securities with respect to which the reserve was earlier set up, the deductions on whose creation (correction) were earlier taken into account when delineating the tax base, the sum of such reserve shall be included in the tax payer's incomes as on the date of sale or of withdrawal of the security in any other form.

If after the end of the reporting (tax) period the sum of the reserve, taking account of the market quotations of the securities as at the end of this period, proves to be insufficient, the taxpayer shall increase the sum of the reserve in the above order, and the deductions for the augmentation of the reserve shall be recorded in the composition of the outlays for the purposes of taxation. If at the end of the reporting (tax) period the sum of the earlier set up reserve taking account of the replenished sums exceeds the design sum, the reserve shall be reduced by the taxpayer (restored) down to the design size with an inclusion of the sum of such restoration into the incomes.

The reserves against the devaluation of securities shall be created in the currency of the Russian Federation, regardless of the currency of the face value of the security. For the securities nominated in foreign currency, the price of acquisition and the market quotation shall be recalculated into roubles in accordance with the official exchange rate of the Central Bank of the Russian Federation as on the date of the creation (correction) of the reserve.

Article 301. Futures Deals. Specifics in Taxation

1. For the purposes of this Chapter, seen as the financial instruments of futures deals (of deals with a postponement of the execution) shall be agreements between the participants of futures deals (the parties to a deal) delineating their rights and liabilities with respect to basic assets, including futures, option and forward contracts, as well as agreement of participants of futures deals which do not provide the supply of the basic asset but determine a procedure for mutual settlements between parties to a deal in future depending on the change of the price or other quantitative indicator of the basic asset as compared to the value of said indicator which is determined (or a procedure for determining it is established) by the parties, when making the deal.

Seen as the basic asset of the financial instruments of futures deals shall be the object of the futures deal (including the foreign currency, securities and other property and the rights of property, interest rates, credit resources, price indices or those of the interest rates, and the other financial instruments of futures deals).

Interpreted as participants in futures deals shall be Organisations performing transactions with the financial instruments of futures deals.

2. Considered as the exercise of the rights and duties on a transaction with the financial instruments of futures deals shall be the execution of the financial instrument of futures deals by way of either the delivery of the basic assets, or of making the final mutual settlement on the financial instrument of futures deals, or by way of the performance by the participant in the futures deal of an operation opposite to the earlier performed transaction with the financial instrument of futures deals. For transactions with the financial instruments of futures deals aimed at the purchase of a basic asset, recognised as a transaction of the opposite direction shall be a transaction aimed at the sale of the basic asset, and for a transaction aimed at the sale of the basic asset - a transaction aimed at the purchase of the basic asset. The taxation of transactions involved in the delivery of the basic asset shall in this case be effected in accordance with the order envisaged by Articles 301-305 of the present Code.

The taxpayer shall have the right to qualify the deal on his own, recognising it as a transaction with the financial instrument of futures deals or as a deal on the delivery of the object of the deal with the postponement of the execution. The criteria for referring the deals, providing for the delivery of the subject of a deal (safe for hedging), to the category of operations with financial instruments of futures deals should be determined by a taxpayer in his accounting policy for the purposes of taxation.

Seen as the date of completing a transaction with the financial instrument of futures deals shall be the date of the exercise of the rights and liabilities on the transaction with the financial instrument of futures deals.

3. For the purposes of this Chapter, the financial instruments of futures deals shall be subdivided into financial instruments of futures deals circulated on the organised market, and the financial instruments of future deals not circulated on the organised market. The financial instruments of futures deals shall be recognised as circulated on the organised market if the following conditions are observed:

1) the procedure for their conclusion, circulation and execution shall be established by the trade organiser endowed with this right in conformity with the legislation of the Russian Federation or with the legislation of foreign states;

2) information on the prices of the financial instruments of futures deals shall be published in the mass media (including electronic), or may be supplied by the trade organiser or by another authorised person to any interested person in the course of three years after the date of making a transaction with the financial instrument of a futures deal.

4. For the purposes of this Chapter, seen as the variation margin shall be the sum of monetary funds calculated by the trade organiser and paid up (received) by the participants in futures deals in conformity with the rules laid down by the trade organisers.

5. For the purposes of this Chapter, seen as hedging operations shall be transactions with the financial instruments of futures deals performed for the purposes of compensation for probable losses which may arise as a result of an unfavourable change in the price or in some other index of the object of hedging; in this case, seen as the object of hedging shall be the assets and (or) liabilities, as well as the flows of money connected with the said assets and (or) liabilities, or with the expected deals.

To confirm the justification of referring transactions with the financial instruments of futures deals to hedging operations, the tax payer shall submit the calculation confirming that the performance of the given transactions leads to a reduction of probable losses (of an under-receipt of the profit) on the deals with the object of hedging.

The procedure for recording hedging operations shall be defined for the purposes of taxation in this Chapter.

6. When making by a taxpaying participant of futures deals operations within the framework of the forward contracts providing for the delivery to a foreign organization of a basic asset under the customs treatment of export, the tax bases shall be determined subject to the provisions of Article 40 of this Code.

Article 302. Specifics in the Formation of the Tax Payer's Incomes and Outlays on Transactions with the Financial Instruments of Futures Deals Circulated on the Organised Market

1. For the purposes of this Chapter, recognised as the taxpayer's incomes from transactions with the financial instruments of futures deals circulated on the organised market which are received in the tax (reporting) period, shall be:

1) the sum of the variation margin due to receipt by the taxpayer in the course of the reporting (tax) period;

2) the other sums due to receipt in the course of the reporting (tax) period from transactions with the financial instruments of futures deals circulated on the organised market, including by way of settlements on transactions with the financial instruments of futures deals envisaging the delivery of the basic asset.

2. For the purposes of this Chapter, recognised as the taxpayer's outlays on the financial instruments of futures deals circulated on the organised market which were made in the tax (reporting) period shall be:

1) the sum of the variation margin subject to payment by the tax payer in the course of the tax (reporting) period;

2) the other sums subject to payment in the course of the tax (reporting) period on transactions with the financial instruments of futures deals circulated on the organised market, as well as the cost of the basic asset handed over under the deals envisaging the delivery of the basic asset;

3) the other outlays involved in carrying out operations with the financial instruments of futures deals circulated on the organised market.

Article 303. Specifics in the Formation of the Tax Payer's Incomes and Outlays on Operations with the Financial Instruments of Futures Deals Not Circulated on the Organised Market

1. For the purposes of this Chapter, recognised as the taxpayer's incomes from transactions with the financial instruments of futures deals not circulated on the organised market shall be:

1) the sums of monetary funds due to receipt in the reporting (tax) period by one of the participants in the transaction with the financial instrument of a futures deal when it is executed (completed), or those calculated for the reporting period, calculated depending on the change in the price or in another quantitative index characterising the basic asset, for the period from the date of performance of the transaction with the financial instrument of futures deals until the date of completing the operation with the financial instrument of futures deals, or for the reporting period;

2) the other sums due to receipt in the course of the tax (reporting) period on transactions with the financial instruments of futures deals not circulated on the organised market, including by way of settlements on transactions with the financial instruments of futures deals envisaging the delivery of the basic asset.

2. Recognised as outlays on transactions with the financial instruments of futures deals not circulated on the organised market which were made in the tax (reporting) period shall be:

1) the sums of monetary funds subject to payment in the reporting (tax) period by one of the participants in the transaction with the financial instrument of a futures deal if it is executed (completed), or those computed for the reporting period, calculated depending on the change in the price or in another quantitative index characterising the basic asset, for the period from the date of performing the operation with the financial instrument of futures deals until the date of completing the operation with the financial instrument of futures deals, or for the reporting period;

2) other sums subject to payment in the course of the tax (reporting) period on transactions with the financial instruments of futures deals not circulated on the organised market, as well as the cost of the basic asset handed over in the deals envisaging the delivery of the basic asset;

3) other outlays involved in performing transactions with the financial instruments of futures deals.