FEDERAL LAW NO. 158-FZ OF OCTOBER 18, 1995
                    ON AMENDING THE LAW OF THE RSFSR
              ON THE TAX ON THE OPERATIONS WITH SECURITIES



     Adopted by the State Duma                           on July 21, 1995
     Approved by the Federation Council                on October 3, 1995



     Article 1.  To  amend  the  Law  of  the  RSFSR  on  the  Tax on the
Operations  with  Securities  (Vedomosti   Syezda   narodnykh   deputatov
Rossiyskoy  Federatsii i Verkhovnogo Soveta Rossiyskoy Federatsii,  1992,
No. 11, item 523), setting it forth reading as follows:

                                  LAW
                             OF THE RUSSIAN FEDERATION
                    ON TAXING SECURITIES TRANSACTIONS

     Article 1. Payers of the Tax
     The payers of the tax on the operations with securities shall be the
legal entities which are issuers of securities.
     Article 2. Object of Taxation
     The object  of  taxation in accordance with the present Law shall be
the nominal amount of the issue of securities announced by the issuer.
     The following  shall  not  be an object of assessment for this
type of tax:
     - the  nominal  amount  of  the  issue  of  the  securities  of  the
corporations carrying out the primary issuing of securities;
     - the  nominal  amount  of  the  issue  of  the  securities  of  the
corporations increasing  their  authorized  capital
by the  value  of  the  reappraisals  of  the fixed assets conducted by a
decision of the Government of the Russian Federation.

     Article 3. Tax Rates
     The tax on the operations with securities shall be collected  at  the
rate of 0.8 per cent of the nominal amount of the issue. In the case of a
refusal to register the issue, the tax shall not be refundable.

     Article 4. Calculation of the Amount of the Tax
     The payer shall calculate the tax amount on its own, proceeding from
the nominal amount of the issue and the relevant tax rate.
     The tax on operations with securities  carried  out  in  foreign
currency shall be calculated in roubles, converted at the rate of exchange
established by the Central Bank of the Russian Federation,  and  effective
on the date of the registration of the issue.

     Article 5. Procedure and Time of the Payment of the Tax
     The tax amount shall be payable by the payer simultaneously with the
presentation of the documents for the registration of the issue, and shall
be transferred to the federal budget.

     Article 6. Responsibility of the Payers of the Tax
     The payers  shall  bear  responsibility  for  the correctness of the
calculation and the timeliness of the payment of the tax in the cases and
in  the  procedure  stipulated  by  the  legislative  acts of the Russian
Federation.
     The control  over  the fullness and timeliness of the payment of the
taxes shall be carried out by the tax bodies.".
     Article 2.  To  suggest to the President of the Russian Federation and to
order the Government of the Russian Federation that they bring their  normative
legal acts into conformity with the present Federal Law.
     Article 3.  The present Federal Law shall enter into force upon the
day of its official publication.

President of the Russian Federation                   Boris Yeltsin
Moscow, the Kremlin