National Commission on Securities and Stock Market - SSMNC - and the Ministry of income and charges 1 April signed a memorandum of cooperation.

His goal - to create favorable conditions for the development of the financial system.

The responsibilities of departments - creating a single information space for efficient data exchange and monitoring tax compliance by market securities.

In particular, in recent years SSMNC publishes lists of companies currently are 5 thousand that are not at the place and give reports. These signs are fictitious company, but whether they are actually bogus?

Not always, says CEO of AMC "ITT-Management" Victor Fedorov. According to him, it's mostly bankrupt, to prove that there is a desire to eliminate and money. "Securities of these companies, no one trades" - he states.

Fictitious company called issuers whose securities are used in operations that have investment objectives.

Fictitious to different tastes

According to the tax authorities, Ukraine will provide the base of the Coordination Council of the CIS Tax Investigations - KROPR - data on 2,5 thousand fictitious companies.

Thus in 2012 under Article laundering "dirty" money in Ukraine initiated 201 criminal investigation revealed legalized income to more than 400 million. Of these, returned to the budget.

In January and February 2013 the tax police established 70 enterprises fictitious. In 2012, there were 543, in 2011 - 590, in 2010 - 602. This EP deputy head of traffic police Sergey Litvinov.

According to him, the fictitious company used to minimize the tax burden, fictitious business, "laundering" of money, fraud, bribery, money transfer outside the state, buying currency smuggling, VAT for export operations.

The scope of fictitious companies involved increasingly legitimate companies. In some cases, one fictitious company established relationships over 500 legal entities, Litvinov said.

Notable among bogus companies occupy conversion centers. Usually it carefully conspired and clearly structured criminal group, which operates under the commercial banks or in cooperation with them.

"By converting center are dealers that are selected customers, dispatchers that control the movement of cash or bank money within or outside Ukraine and lawyers" - said Litvinov.

According to the tax authorities, in January-February discontinued 15 conversion centers through which it prokonvertovano more than 1.9 billion. In 2012 - 82 and 9.6 billion respectively.

 

Shadows were to disappear

"Garbage" enterprises are created in order to be able to play the price of their securities, market participants say.

For them there is no real assets, so the first value of their shares is negligible compared to the nominal. Then they negotiated or exchange price can be any. The main objective - increasing the assets of those who missed them.

"Rubbish" was due to the nature of taxation of securities transactions, which existed until 2012. Then the base for taxation was the difference between the revenues from the sale of securities and the cost of their purchase, "- says Fedorov.

For example, someone could sell shares "Ukrnefti" bought for 100 thousand UAH 1 million - the market grew rapidly. But to avoid paying 25% tax - 225 thousand UAH, that someone bought the whole million other even "junk" securities, and taxes are not paid. Due to changes in the tax laws, this scheme does not work.

Initiative Tax Service for the convergence of tax and accounting, which led to the stock market instruments schemes reduce the tax base, the securities market perceived positively.

There are securities transactions taxed "pooperatsiyno" 10% is taken only from the difference between the amount of the sale and purchase of certain paper.

However, the introduction of 1.5% excise tax on transactions with disposal of securities and derivatives transactions, projected market participants will promote a "junk" securities exchange.

"We felt the invasion of" junk "securities and hopefully do not get. Marketplace by e-trading system under the anti-manipulation responsive to excessive volatility of price fluctuations," - said the director of VC FB "Perspective" Stanislav Shishkov.

That is possible to use "junk" securities for this purpose is technically minimized and tightly controlled exchange, he added.

On the Ukrainian Stock Exchange have not commented on this issue.

A number of requirements for information disclosure to facilitate their transparency, established the National Commission on Securities and Stock Market. Now, companies are able to provide information to the regulator in electronic form using digital signature as XML-files.

"Besides the fact that issuers provide the regulator with all your details and information on the activities of the company should be disclosed in a public database SSMNC where investors can view statements," - said the director of corporate governance and corporate finance NKTSRFR Alla Papaika.

 

Sophisticated schemes

Recent changes to the Tax Code and the Law on State Regulation of Securities Committee established authority to determine the fictitious issuers.

Documents provide that SSMNC has the right to stop the circulation of fictitious securities, and refuse their registration.

Now SSMNC developing a regulatory framework for these procedures. Soon these documents will be discussed with market participants.

However, the participants questioned the effectiveness of anti Commission issuing bogus due to significant body of shadow economy in the country. The Commission can fight only with the consequences rather than the causes, so power department nashtovhuvatymutsya to more sophisticated schemes that are not contrary to law.

Anti fictitious securities should promote and establish in Ukraine leading global corporate practices.

"Unfortunately, corporate governance in the country is extremely neglected. Often there is no information on the status of the company. No transparency destination guide. Unacceptable that corporations were so close," - says the president of investment group "Univer" Taras Kozak.

Experts believe that the effectiveness of the fight with "trash" securities need to consider various criteria.

In particular, the number of issuers "junk" securities, the volume of their production, circulation of these instruments, the period of existence of such issuers, the average time between the date of registration of the issue "junk" securities and dated acknowledgment of their issuers fictitious.

Interesting and dynamics of these indicators.

According to the chairman of the SROs' Association of Ukrainian stock traders "Sergey Antonov important not absolute indicators like Relative - the ratio of fictitious entities up to the total amount of the types of instruments of" junk "and the total emission issues.

"The public analysis of these trends is not available, and without it to evaluate the quality of combating the fictitious instrument is not necessary," - said Antonov. This is not surprising: estimates of the share of the informal sector in the structure of Ukrainian economy is also quite rough and many experts vary considerably.

Curb cravings for fictitious possible only through the creation of a climate in which "minimize" taxation does not make economic sense when strictly controlled budget, which means taxes on citizens.

Source: http://www.epravda.com.ua/publications/2013/04/5/369437/