LETTER OF STATE TAX ADMINISTRATION OF UKRAINE

of February 23, 2011 No. 3615/6/15-0916, No. 5148/7/15-0917, No. 2382/5/15-0916

About application of Item 260.4 of the Tax code of Ukraine

The State Tax Administration of Ukraine considered provided by State Tax Administration in Poltava region (of 02.02.2011 No. 754/8/15-327) the letter of Limited liability company "The Rudis drilling company (farther - Society) of January 11, 2011 No. 22 about application of regulations of Item 260.4 of Article 260 of the Section X of the Tax code of Ukraine by Society (further - the Code).

Article 260 of the Code determines procedure for calculation of the tax liabilities and payment due date. Item 260.4 of this Article determines starting date of submission of tax statements by the payer by rent payment for oil, natural gas and gas condensate which are extracted in Ukraine (further - rent payment).

In particular, "tax calculation moves the payer, since calendar month which comes after month in which such payer received provided by articles 35 and 36 of the Law of Ukraine of July 12, 2001 No. 2665-III "About oil and gas" (further - the Law No. 2665) the decision of specially authorized central executive body to which vedaniye questions of state regulation of oil and gas industry, about introduction of the field or separate deposit in trial or in industrial development are carried".

At the same time Society considers that "according to the current legislation... production of limited amount of oil and gas raw materials is possible also before acceptance... decisions of specially authorized central executive body", in particular on the basis:

- regulations of Item 34 of Rules of development of the gas and gas-condensate fields approved 06.04.70 by Gosgorpromnadzor of the USSR (further - Rules);

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