FEDERAL LAW OF THE RUSSIAN FEDERATION

of February 25, 1999 No. 39-FZ

About investing activities in the Russian Federation performed in the form of capital investments

Accepted by the State Duma of the Russian Federation on July 15, 1998

Approved by Council of Russian Federatsii17 of July, 1998

This Federal Law determines legal and economic basis of the investing activities performed in the form of capital investments, in the territory of the Russian Federation, and also establishes guarantees of equal protection of the rights, interests and property of subjects of the investing activities performed in the form of capital investments irrespective of patterns of ownership.

Chapter I. General provisions

Article 1. Basic concepts

For the purposes of this Federal Law the following basic concepts are used:

investments - the money, securities, other property, including the property rights, other rights having money value, put in objects of business and (or) other activity for the purpose of profit earning and (or) achievement of other useful effect;

investing activities - attachment of investments and implementation of practical actions for the purpose of profit earning and (or) achievement of other useful effect;

capital investments - investments into fixed capital (fixed assets), including costs for new construction, reconstruction and modernization of operating plants, acquisition of machines, the equipment, tool, stock, design and exploration work and other costs;

the investment project - reasons for economic feasibility, amount and terms of implementation of capital investments, including the necessary project documentation developed in accordance with the legislation of the Russian Federation and also the description of practical actions for implementation of investments (business plan).

the priority investment project - the investment project, the total amount of capital investments in which conforms to requirements of the legislation of the Russian Federation, included in the list approved by the Government of the Russian Federation;

payback period of the investment project - term from the date of the beginning of financing of the investment project about one day when the difference between the cumulative amount of net profit with the depreciation charges and amount of investment costs acquires positive value;

the cumulative tax load - settlement total amount of money, subject to payment in the form of the federal taxes (except for excises, the value added tax on the goods made in the territory of the Russian Federation), insurance premiums for compulsory social insurance from labor accidents and occupational diseases, insurance premiums for compulsory social insurance for case of temporary disability and in connection with motherhood and insurance premiums for compulsory medical insurance by the investor performing the investment project on the date of the beginning of financing of the investment project.

Article 2. The relations regulated by this Federal Law

Operation of this Federal Law extends to the relations connected with the investing activities performed in the form of capital investments.

This Federal Law does not extend to the relations connected with attachments of investments into banks and other credit institutions and also in insurance companies which are regulated respectively by the legislation of the Russian Federation on banks and banking activity and the legislation of the Russian Federation on insurance, on the relations connected with attachments of investments with use of investment platforms and also on the relations which are connected with attraction of money of citizens and legal entities for shared-equity construction of apartment houses and (or) other real estate objects based on the agreement of participation in shared-equity construction and are regulated by the Federal Law of December 30, 2004 N 214-FZ "About participation in shared-equity construction of apartment houses and other real estate objects and about modification of some legal acts of the Russian Federation".

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