Department of Revenue and Duties tryes urgently to correct mistakes made while changing the tax system in the stock market. The draft law, which has "Kommersant", provides a number of innovations, including the prohibition on assignment to the investment costs for the maintenance costs of securities traders. There are many complains to the paper by many market participants, but in previous times criticisms of the market didn’t hold powers of tax changes.
At the disposal of "Kommersant" was a project of changes to the tax code regarding taxation of securities, developed by the Ministry of Revenues and Duties. The document, which from the beginning of the week discussed with bankers, professional associations and accounting firms, aims to begin to levy excise investment certificates, which from the beginning has been applied to stocks, bonds and derivatives. According to the National Commission on Securities and Stock Market, in 2012 the volume of stock trading investment certificates almost reached 4 billion UAH. Will not pay the excise tax, as before, with only a certificate of real estate funds and government securities.
New tax system proposed for bonds. In the Tax Code will specify the terms "discount", "premium" and "amortized cost of a financial asset" that will have lead to an increase in tax liabilities. For example, the issuer sells bonds at a discount of 40% of par value, and two years later redeem them at face value. Now the negative difference between the initial placement and size included in the loss, and with the adoption of the law will be amortized in equal installments on a quarterly basis.
Positive financial results from operations with any securities offered are not included in the total income of the company. It will be accounted for separately from the payment of only 10%, whereas the usual income tax rate is 19%. In fact, it will not allow securities traders refer to gross expenses, reducing the tax base, the costs associated with the implementation of its investment - rental office to the payment of wages to employees of the company. "This legislative initiative will be impossible to use a negative value of the object of taxation for income tax to reduce the tax burden of banks", - stated in the conclusion of one of the auditors, who studied the document.
Chief inspector of the Department of tax control of the State Tax Service Sergei Malovany, develop a bill, consider a right, this approach to taxation. "There are costs for the purchase of securities, and there is an income from their sale. As a result, lays the other expenses. Therefore, we propose to make them tax is 19% and below - 10%. Eventually, they may receive other income, such as of deposits ", - he said.
Combat tax and want to "junk" securities. In the proposed gross expenditure will not include the costs incurred in the acquisition of securities with characteristics fictitious. In the gross costs will not get the cost of buying the securities only if the transaction is carried out after the paper admitted NKTSBFR fictitious. "This is a subjective approach. Paper companies may be considered fictitious, if the issuer does not report. A month later, the issuer will report to the Commission, and the right to take into account gross expenses you've already lost," - said the director of AMC "FINEX Capital" Igor Kogut.
The same document clearly specified what rates of excise duty applied to securities that are traded on exchanges (see yesterday's "B"). "This is an attempt to quickly fix all the mistakes made in the past making changes. Now a lot of questions to answer that without changes in the law simply impossible", - explained the director of the relevant document on Regulation of the association "stock partnership" Sergei Moskvin. Comments to a document from the participants of the stock market a lot, so most of it will be corrected, the head of the Council "Ukrainian stock traders" Sergei Antonov. "The final version of the bill will have a very different kind," - he promised. However, previous documents regarding the regulation of the stock market took parliament despite protests from securities traders.
Mykola Maksimchuk
