Rates for transactions with securities. How to (not) pay tax on income from shares and dividends
V.V. Narezhny,
leading specialist of the Department
tax policy of the Russian Ministry of Finance
Tax on transactions with securities belongs to the category of those mandatory payments that the taxpayer rarely encounters. The impression of the simplicity of the procedure for its calculation and payment is confirmed by the fact that this is a direct tax (unlike most other taxes, it does not imply the issuance of special instructions regulating certain technical issues). However, there are a sufficient number of pitfalls associated with the tax on transactions with securities, ignorance of which can lead to serious errors in its payment and, as a consequence, to significant financial losses for the taxpayer.
In accordance with Art. 1 of the Law of the Russian Federation dated December 12, 1991 N 2023-1 “On the tax on transactions with securities” (hereinafter referred to as Law N 2023-1), payers of this tax are legal entities - issuers of securities.
Article 2 of Law N 2023-1 establishes that the object of taxation is the nominal amount of the issue of securities declared by the issuer.
It is necessary to take into account that this provision applies to issue-grade securities (shares, bonds, derivatives and other securities) subject to state registration. Thus, there are two necessary conditions for a taxpayer to become subject to this tax: the issuance of issue-grade securities and the need for state registration of such an issue.
The concept of an issue-grade security is established by Art. 2 of the Federal Law of April 22, 1996 N 39-FZ “On the Securities Market”, according to which a security is any security that is simultaneously characterized by the following characteristics:
Secures a set of property and non-property rights that are subject to certification, assignment and unconditional implementation in compliance with the form and procedure established by this Federal Law;
Posted in editions;
Has equal volume and terms of exercise of rights within one issue, regardless of the time of acquisition of the security.
In accordance with the above, for example, when an organization issues a commercial bill of exchange, the tax on transactions with securities should not be paid, since according to the Uniform Law on Bills of Exchange and Promissory Note, adopted by the Vienna Convention on 07/07/30 and in force in the Russian Federation on the basis of Art. 1 of the Federal Law of March 11, 1997 N 48-FZ “On a bill of exchange and a promissory note”, a bill is an unconditional monetary obligation and, therefore, the subject of a bill of exchange can only be money. Thus, a bill of exchange is not an issue-grade security and the issuance of promissory notes and bills of exchange does not require registration with financial authorities.
As for state registration, according to clause 1 of the instruction of the Ministry of Finance of Russia dated 03.03.92 N 2 “On the rules for the issue and registration of securities on the territory of the Russian Federation” (taking into account changes and additions), the primary issue of securities, that is, the sale, is subject to state registration issuers of securities to their first owners (investors). According to clause 2 of the same instructions, the primary issue of securities is carried out:
When establishing a joint stock company and placing shares among its founders;
When increasing the size of the authorized capital (fund) of a joint-stock company by issuing shares;
When forming borrowed capital of legal entities.
However, not all of the above types of issue are subject to tax on transactions with securities. According to Art. 2 of Law N 2023-1 the following are not subject to this tax:
The nominal amount of the issue of securities of joint-stock companies carrying out the primary issue of securities.
In accordance with the joint letter dated 04/12/96 of the Federal Securities Commission of Russia N DV-2040, the State Tax Service of Russia N 05-02-03 and the Ministry of Finance of Russia N 04-07-06, the primary issue of a joint-stock company means the issue of shares when creating a joint-stock company;
The nominal amount of the issue of securities of joint-stock companies that increase the authorized capital by the amount of revaluations of the authorized funds carried out by decision of the Government of the Russian Federation.
Federal Law No. 36-FZ dated March 23, 1998 “On introducing amendments to the Law of the Russian Federation “On Tax on Transactions with Securities” introduced amendments to Art. 2 Laws, according to which the following are not taxed:
The nominal amount of the issue of securities of a joint-stock company formed as a result of reorganization in the form of a merger, division or separation of joint-stock companies;
The nominal amount of the issue of securities of the joint-stock company, convertible into shares of the joint-stock company to which the merger is taking place, does not exceed the amount of the authorized capital of the joint-stock company being acquired;
The nominal amount of the issue of securities of a joint-stock company upon consolidation or splitting of previously placed shares without changing the size of the authorized capital of the joint-stock company;
The nominal amount of the issue of securities of a joint-stock company upon conversion of previously placed shares of one type into shares of another type without changing the size of the authorized capital of the joint-stock company;
The nominal amount of the issue of securities of a joint-stock company in the event that it reduces its authorized capital by reducing the nominal value of shares.
In accordance with Art. 3 of the Law, the tax on transactions with securities is levied in the amount of 0.8% of the nominal amount of the issue, and in case of refusal to register the issue, the tax is not refunded.
Tax is not refunded if the taxpayer refuses to place a previously registered issue of securities. The last point requires special attention. In 1998, the dollar exchange rate sharply increased, many organizations decided to temporarily suspend the placement of registered issues of securities (especially those denominated in foreign currency), on which tax on transactions with securities had already been paid. By refusing further placement, organizations often hope to receive a refund of the amount of tax paid or to offset it against future payments. Such requests are always refused, motivated by the fact that a refund of previously paid tax on transactions with securities is not provided for by the Law and such a refund would be a transfer of the risk assumed by the enterprise of not placing securities on the stock market to the federal budget, which is unacceptable.
Article 4 of the Law establishes that the payer calculates the amount of tax independently based on the nominal amount of the issue and the corresponding tax rate.
The tax on transactions with securities carried out in foreign currency is calculated in rubles when recalculated at the rate established by the Bank of Russia and valid on the date of registration of the issue.
In the period from January 1, 1999 - the date of entry into force of part one of the Tax Code of the Russian Federation (hereinafter referred to as the Tax Code of the Russian Federation) - to July 9, 1999 - the date of entry into force of the Federal Law of 07/09/99 N 154-FZ “On Amendments” and additions to part one of the Tax Code of the Russian Federation” - the implementation of the latter provision was made difficult by the existing legal conflict, since in accordance with paragraph 3 of Art. 45 of the Tax Code of the Russian Federation, the obligation to pay tax was fulfilled in the currency of the Russian Federation and no exceptions to this procedure were provided.
Currently, paragraph two of Art. 4 of the Law is fully consistent with paragraph 3 of Art. 45 of the Tax Code of the Russian Federation, as amended by Federal Law No. 154-FZ dated 07/09/99, according to which the obligation to pay tax is fulfilled in the currency of the Russian Federation, but in cases provided for by federal laws, the obligation to pay tax can be fulfilled in foreign currency.
This edition removed the contradiction that existed for more than six months.
According to Art. 5 of the Law, the amount of tax is paid by the payer simultaneously with the provision of documents for registration of the issue and is transferred to the federal budget.
In conclusion, I would like to provide solutions to several practical situations that arose during the payment of this tax, which were considered by the Tax Policy Department of the Russian Ministry of Finance.
Should a limited liability company pay tax on transactions with securities when re-registering as an open joint-stock company?
In accordance with Art. 57 and 68 of the Civil Code of the Russian Federation, the transformation of a legal entity, as one of the forms of its reorganization, is accompanied by a significant change in its legal status and may be associated with a change in the form of ownership.
Therefore, when transforming a limited liability company into a joint stock company, a legal entity of a new organizational and legal form is created, which is subject to mandatory state registration.
Consequently, securities issued by a joint stock company created as a result of the transformation are subject to registration as an issue of securities.
In accordance with the norm of Art. 2 of the Law of the Russian Federation “On Tax on Transactions with Securities”, the object of taxation with this type of tax is not the nominal amount of the issue of securities of joint-stock companies carrying out the primary issue of securities.
Thus, during reorganization by converting 000 into an OJSC, the reorganized open joint-stock company has the right to exempt the nominal amount of the issue of shares upon their initial issue from payment of tax on transactions with securities.
An open joint stock company intends to issue bonds, which, according to the terms of the issue, must be converted into shares after a year. Should an OJSC pay securities transactions tax on the issue of such shares?
A mandatory condition for issuing both bonds and shares is their state registration. Since the tax on transactions with securities is paid upon registration of the issue of securities, the OJSC is obliged to pay this tax in the case under consideration.
The OJSC revalued its authorized capital as of January 1, 1996 in accordance with the resolution of the Government of the Russian Federation and in 1996 decided to issue additional shares and simultaneously split the previously issued shares. The new issue amount is distributed among shareholders free of charge in proportion to the share in the authorized capital. The regional financial department did not demand payment of tax on transactions with securities. Did we have to pay securities transaction tax on the above transaction?
The rule on excluding from the object of taxation on transactions with securities the nominal amount of the issue of securities of a joint-stock company during the consolidation or splitting of previously placed shares without changing the size of the authorized capital of the joint-stock company was introduced in Art. 2 of the Law of the Russian Federation dated 12.12.91 N 2023-1 “On the tax on transactions with securities” Federal Law dated 23.03.98 N 36-FZ “On introducing amendments to Article 2 of the Law of the Russian Federation “On the tax on transactions with securities”.
Thus, in 1996, the nominal amount of the issue of securities when splitting previously placed shares was subject to taxation on transactions with securities.
According to Art. 6 of the Law of the Russian Federation dated December 12, 1991 N 2023-1 “On the tax on transactions with securities,” payers are responsible for the correct calculation and timely payment of the tax in cases and in the manner provided for by the legislation of the Russian Federation. The fact that the regional financial department did not submit a requirement to pay tax when registering the issue prospectus does not relieve the taxpayer from liability for non-payment of tax.
From what source should tax on transactions with securities be paid? Can the costs of its payment be attributed to non-operating expenses?
In accordance with clause 15 of the Regulations on the composition of costs for the production and sale of products (works, services), included in the cost of products (works, services), and on the procedure for generating financial results taken into account when taxing profits, approved by Decree of the Government of the Russian Federation dated 05.08. 92 N 552 (taking into account additions and changes), non-operating expenses include expenses for payment of certain types of taxes and fees paid in accordance with the procedure established by law at the expense of financial results.
Since the Law of the Russian Federation dated December 12, 1991 N 2023-1 “On the tax on transactions with securities” does not establish the sources of payment of the tax, its payment must be made at the expense of the profit remaining at the disposal of the enterprise after taxation.
Tax policies vary greatly from country to country. However, common features are present in any case. Thus, in all countries, individuals pay part of their profits in the form of taxes.
Today we will talk about:
- Tax on the sale of shares by an individual
- Tax on dividends
- Subtleties of taxation of income from shares
- How to avoid taxes
Any income of an individual is necessarily subject to tax. Unfortunately, modern legislation is such that even if the tax service does not claim 13%, the person is obliged to pay the percentage to the treasury himself. Otherwise, he will have to bear responsibility before the law, including criminal liability.
Tax on shares
Any broker licensed by the Central Bank acts as a tax agent, that is, he must withhold taxes from client accounts and transfer these funds to the state. Let's take a closer look at how this happens.
The broker calculates taxes on the sale of shares in two ways:
- The first and most common– when withdrawing funds. If a trader has made a profit from trading transactions and withdraws money from his account, then the company will at the same moment calculate a tax equal to 13%, deduct it from the profit and only then send the requested amount to the account.
- In the second case the calculation will occur as planned, at the end of the reporting period (calendar year). At the end of the year, the broker will balance the profits and losses received by the client during this time and, if a profit is found, will withhold 13% from it.
Very important note. Profits and losses are calculated only on closed transactions.
Thus, if you bought 100 shares at 50 rubles, and by the end of the year they are already worth 100 rubles, but you still hold them, then no tax will be written off. Accordingly, when you sold your shares for 100 rubles, the tax will be written off either when you try to withdraw funds, or if you wait for settlement at the end of the year.
Example: we sell 100 shares at 100 rubles, we receive 10,000 rubles, given that the shares were bought at 50 rubles apiece, then you earned 5,000 rubles, from which 13% (650 rubles) will be withheld.
Income tax on dividends
A person is required to pay tax on dividends, as on any other profit. Until 2015, the distribution of profits between shareholders was subject to a preferential rate of 11%. This figure is now outdated. Like any other income, clients of brokerage firms pay a tax on dividends that has long been familiar to everyone - 13%. Most often, the broker independently calculates the required amount and pays “ clean» .
Why aren't people used to paying taxes on stocks?
The roots of this phenomenon lead to. Most traders started their work on this platform.
The vast majority of currency brokers are registered offshore, where tax laws are different than in their client’s home country. Naturally, the domestic tax service simply does not have the toolmonitoring the income that a trader can receive there. Accordingly, a citizen must independently declare his profit. But, as practice shows, few people want to give their hard-earned money to the state.
Ultimately, when a novice trader evolves into a professional investor and begins to work on more serious platforms, he begins to have questions about where his earned money went?
Securities tax - problems and awkward situations
Very often, paying taxes on shares creates additional " headache» for client managers. This is due to the fact that most clients, as mentioned above, have no idea that their income from shares is taxed (13%).
An example of an awkward securities tax situation.
A person trades for a whole year (2018) at a loss, losing most of his deposit, the size of which from 100,000 rubles decreased up to 70,000. In January of the following year (2019), he makes a couple of profitable transactions on shares and decides to withdraw the remaining money (90,000 rubles). As a result, he receives a smaller amount (87,400) than he saw in the trading terminal. What will this person do next? He will contact his broker to complain about the incorrect calculation. In some cases, it comes to accusations of theft.
- What did the broker actually do? And he simply complied with the law by withholding tax on income from shares received in another reporting period.
It is very important to understand that a broker can balance (subtract) profits and losses only within one reporting period.
To return personal income tax that was withheld incorrectly, ( that is, in our case, the trader did not come out with a loss from the initial deposit), you must obtain a certificate from the broker about the losses incurred ( in our case in 2018) and contact the tax office with a legal demand to return the money. At the end of the calendar year, the broker will no longer be able to help in this situation.
Does it look bulky and uncomfortable? The way it is. Unfortunately, this is the law.
What else is important to know about balancing? As mentioned above, the broker can balance profits and losses within one year. Let's assume that you made a profit 5000 rubles, from an initial deposit of 10,000 rubles. Total - in your account 15,000 rubles. You decide to withdraw 5000 from the market, and the broker takes 13% off you. After this, you enter the position again, but this time you receive a loss of 5,000 rubles. All this happens within one year. The meaning should be clear: earned 5000, paid tax, lost 5000.
At this moment, the magic called “service” turns on.
Majority professional brokers will independently notify you that you have " overpaid taxes". There will be an opportunity to submit an application ( electronically or in writing) to return these funds. Ultimately, the company will return this ill-fated 13% back. We remind you once again that this trick only works for one year. If you need to balance for two or more years, you must contact the tax office.
There are also situations when an investor deposits not money into his account, but securities. In this case, the client must provide a certificate to the current broker about the origin of the securities.
If the securities were transferred from the depository of another broker and were received as a result of the transaction, then there will be no tax claims. However, if the securities were received as a result of privatization, and the client is their first owner, then he is legally obliged to pay tax on the shares on their full market value.
Vivid examples are heirs and owners who did not remember that securities were kept in their name. When such people try to sell their assets, 13% will be written off from the entire transaction amount.
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How to avoid paying taxes on shares
The Russian government made concessions to investors and launched a program in 2015 IIS(Individual Investment Account). This is a regular brokerage account that is opened for an individual with 2 differences.
First– taxes are not withheld on this account. At all
Second– such an account must exist for 3 years before anything can be withdrawn from it. It is to exist, even empty.
In general, we are offered two types of deductions: “A” and “B”.
- Type "A" - this is when we want to return taxes that we have already paid (for example, wages). Let's look at an example: for a year the employer paid us 100,000 rubles in wages. 13%, that is, 13,000, was taken by the tax authorities. Next year we invest 100,000 in IIS and have the right to demand the return of hard-earned 13,000 rubles. You just need to understand that the deposited funds can be withdrawn only after 3 years from the opening of the IIS. We don't have to trade this money. But if we suddenly decide to invest these funds in securities and receive income, then it will not be subject to taxation until the end of the IIS.
- Type "B" - this is when we simply don't want to pay taxes on the earnings on the shares. We raise money, trade, wait three years and withdraw funds without paying personal income tax ( in the case of type “A” we still pay 13% at the end of the IIS validity period) - it's simple.
Separately, it is worth mentioning that IIS cannot be replenished by more than 400,000 rubles per year.
Unbalanced tax bases
If an investor has suffered significant losses in the past and then made their money back with profitable trades several years later, then they should be aware that there are netting and non-balancing tax bases.
What it is? Let’s say losses occurred in the stock market, after which the trader returned the money in this section as well. Then there are no obstacles for the investor to return the personal income tax he paid and at least “ break even". But if the loss was made on the stock market, and “ fought back” already on the urgent one, then the stock market will not be able to balance. The thing is that the tax inspectorate believes that these exchange sites differ too much in their specifics and cannot be compared.
But even in this form, tax legislation in the Russian Federation regarding the stock market can be considered advanced. The fact is that such services as balancing within a year, within different periods in one section of the market, are already a great achievement. Previously, such services were not provided. Moreover, regional inspectorates often propose to collect personal income tax on the entire transaction amount, and not just on the client’s profit. This happens when a client contacts just for balancing.
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First, let's look at taxation for investors, i.e. what taxes does the investor pay? and what is the taxable base.
Tax on state and municipal bonds. Coupon payments on state and municipal bonds are not subject to tax.
Dividend tax. Dividend tax is the lowest tax an investor pays. It amounts to 9% of the dividend amount. Typically, the dividend is credited to the account (brokerage or bank) of the shareholder in its pure form, without tax. The tax is paid by the company itself. Thus, if a shareholder was accrued, for example, 1 ruble dividend per share, then the shareholder will receive 91 kopecks for each share.
Other income from transactions with securities are taxed at the rate 13%
.
The tax base is the exchange rate difference between the purchase price and the sale price of an asset (stock, futures, option) minus the direct costs of servicing the account (broker, exchange, depository commissions). Costs such as Internet fees are not taken into account.
It is worth remembering that the investor pays tax only if he made a profit in the period from January 1 to December 31. Moreover, the investor pays the profit if it is not paper, but real, i.e. profit was recorded during the year.
Who pays tax on stock income?
Legal entities, i.e. organizations pay taxes on their own.
Individuals, i.e. investors do not pay taxes on their own, only in some cases. According to the Tax Code, a broker is a tax agent. This means that the broker assumes all tax payment responsibilities. You just need to know that if at the end of the year you go into paperwork (or you transfer papers to another broker) and there is no money in the account to pay the tax, although there was a profit for the period, then the broker will not write off the tax amount as a minus - he just will not pay the tax for you, but will report to the tax information office that the tax could not be withheld. In this case, before April 1 of the next year, you must independently submit tax form 3 personal income tax on income for the current year, which will not be convenient for everyone.
Dividend tax is paid by the company itself. The tax on exchange rate differences is paid by the broker, because the broker is a tax agent.
How to reduce taxes? 6 legal ways
Any investor faces the problem of tax minimization at the end of the year. There are few ways to legally reduce taxes, but nevertheless they exist.
First way. When opening a brokerage account, you should immediately determine by what method of calculating the taxable base your transactions will be calculated. There are two such methods: LIFO And FIFO. With the method LIFO the last shares purchased are written off upon sale. With the method FIFO– the first.
What does it mean? Suppose that a trader has in his portfolio shares purchased for a long term and periodically he makes speculative purchases of the same shares for a short period. In this case, it will be unprofitable for the trader if, when closing speculative positions, the broker sells shares previously purchased for a long period, i.e. using the FIFO method. The trader needs that when closing speculative transactions, the shares purchased last are sold, and his investment remains untouched, i.e. it requires the LIFO method. The LIFO method is preferable to FIFO for long-term investors.
Unfortunately, the LIFO method is no longer used to account for transactions in financial instruments as of 2010. Now brokers calculate profits only using the FIFO method. This means that if you bought a security for the long term, but you want to make short-term transactions with it, then in order to distinguish between such strategies you will have to have two accounts. One for long-term investments, and the second for short-term investments.
Second way. You should know that d profits and losses from different investments cannot be summed up. It would be logical if the income received from the stock market were summed up, for example, with the loss received from trust management, and thus the tax base would decrease. In practice, it turns out that investors pay taxes only on profits, and losses received from other investments are not taken into account. In fact, it is possible to add up profits and losses from trades in publicly traded stocks, and futures and options, the underlying assets of which are indices and stocks.
What to do in such a situation? You can make sure that the maximum number of investments is tied to a single brokerage account, i.e. It is worth opening accounts with one broker. If you have several brokerage accounts with different brokers, then it is worth reducing their number for tax optimization. In addition, some assets, such as shares, bonds and mutual funds, can be purchased from one account on common platforms (on the MICEX).
Third way. When transferring shares from one broker to another, you must take a document confirming the purchase price of shares. If this is not done, then the second broker will consider that the purchase price of the shares is zero and when selling such shares the investor will pay tax on the full amount of the sale, and not on the profit.
Fourth method. If at the end of the year you have made a profit on operations, but there are unclosed unprofitable positions, then it’s worth closing them at the end of the year and buying back the sold shares. Such an operation will reduce the tax base. Just don’t record a loss b O greater than the accumulated profit, otherwise the purchase price of the shares will be low and upon subsequent sale at a higher price you will have to pay tax on the O greater profit.
Fifth method. On January 1, 2010, new rules for accounting for losses came into force. Now loss can be carried forward for 10 years, starting in 2010. That is, if you received a loss in 2011, then you can partially or fully transfer it until 2021. This loss can cover the profit of subsequent periods. Just don’t think that the broker will calculate all losses for past periods for you - you need to declare them yourself to the tax office and then provide them to the broker when you need to reduce the tax base.
Sixth method. Since 2011, two property deductions came into effect, which will be available no earlier than 2016. First deduction: if the shares have been owned for at least 5 years and belong to the innovation sector. The list of such shares has not yet been determined. The second method: if the shares were owned for at least 5 years, they were non-circulating throughout the entire period of their ownership and at the time of sale they were also non-circulating. Such shares can only be bought and sold on the over-the-counter market.
Securities tax: direct or indirect?
Which taxes are direct and which are indirect, and what is their difference, we explained in our consultation. What kind of tax is the tax on securities?
What taxes should I pay on securities?
The sale of securities refers to transactions that are not subject to taxation (exempt from taxation) VAT (clause 12, clause 2, article 149 of the Tax Code of the Russian Federation). Moreover, such operations are not subject to excise taxes (Article 182 of the Tax Code of the Russian Federation). Considering that, in accordance with Russian legislation, indirect taxes are VAT and excise taxes, the tax on securities is definitely not indirect.
However, you will have to pay separate direct taxes on transactions with securities.
For example, the following income from securities is subject to personal income tax:
- dividends and interest on securities (clause 1, clause 1, article 208 of the Tax Code of the Russian Federation);
- income from the sale of securities (clause 5, clause 1, clause 5, clause 3, article 208 of the Tax Code of the Russian Federation);
- material benefit from the acquisition of securities (clause 3, clause 1, article 212 of the Tax Code of the Russian Federation).
- dividends and interest on securities (clauses 1.6 of Article 250 of the Tax Code of the Russian Federation);
- income from the sale of securities (Article 249 of the Tax Code of the Russian Federation).
Organizations, in turn, are subject to income tax on the following income from securities:
Also, for example, securities received free of charge by the organization will be income (clause 8 of Article 250 of the Tax Code of the Russian Federation).
Like organizations using the simplified tax system, the same income will be taxed for organizations and individual entrepreneurs using the simplified tax system (clause 1 of article 346.15 of the Tax Code of the Russian Federation).
Taking into account that personal income tax, income tax and tax under the simplified tax system are direct taxes, we can say that taxes on securities in accordance with the legislation of the Russian Federation are direct.
Income tax on the sale of securities
Securities today are actively used in the business practices of modern organizations. At the same time, the calculation of income tax raises many questions among accountants. In this article we will look at what should be taken into account when taxing transactions with such assets.
Transactions with securities can be carried out by both professional securities market participants and non-professional participants.
Let's consider accounting for income tax on transactions with securities of organizations that are not professional participants in the organized securities market (hereinafter referred to as ORTS).
Calculation of the tax base
The receipt of income by an organization leads to the obligation to calculate and pay income tax in the manner prescribed by Article 280 of the Tax Code.
The calculation of the tax base of organizations conducting both ordinary types of activities and transactions with securities depends on whether they are listed on the ORS or not (clause 8 of Article 280 of the Tax Code of the Russian Federation). This is expressed in more detail as follows:
We would like to remind you that the criteria for recognizing securities as traded on the securities market are determined by paragraph 3 of Article 280 of the Tax Code.
Profit (loss) from these operations should also be accounted for separately (Article 329 of the Tax Code of the Russian Federation).
it is important
The sales price indicator depends on whether the securities being sold (retired) are listed on the securities market or not.
What goes into income
When selling securities, the organization’s income consists of:
Presentation of securities for redemption leads to the receipt of income consisting of:
These norms are established by paragraph 2 of Article 280 and Article 329 of the Tax Code.
The amounts of interest (coupon) income previously taken into account when taxing profits are not included in the amounts of income from sales. It should not be forgotten that these rules are not applicable when donating securities, since in this case there is no economic benefit.
For profit tax purposes, income and expenses from operations in core activities and from operations with securities are accounted for separately.
If the amount of loss from the main activity exceeds the profit received from transactions with securities, the object of taxation for income tax does not arise.
Determine the selling price of securities
When selling securities traded on the securities market, it is necessary to calculate the market price. It corresponds to the actual sales price if certain conditions are met (clause 5 of Article 280 of the Tax Code of the Russian Federation).
The market price interval must be between the minimum and maximum prices of transactions with a security that is registered by the organizer of trading on the securities market on the date of the relevant transaction.
If transactions are carried out on a specified date through more than one trade organizer, the taxpayer independently selects the organizer to determine the price range.
If the selling price is lower than the minimum price established on the ORTS, the minimum price of the interval is accepted. In the absence of information about the price interval of interest, the organizers take the trading interval for the nearest date, accepted for at least one auction completed over the last 12 months.
If, on the date of the securities transaction, trading was carried out through two or more trade organizers, then you can independently select the trade organizer whose price interval indicators you will use when determining the selling price (paragraph 2, clause 5, article 280 of the Tax Code of the Russian Federation).
The fact of a transaction is recognized either on the date of the auction or on the basis of the terms of the contract.
When taxing securities that are not traded on the securities market, the actual selling price is also taken into account. A necessary condition is that the price must fall within the price range registered by the trade organizer on the date of the transaction or on the nearest of the last 12 months of dates of transactions on a similar security.
Also, the actual price must be within 20 percent of the price deviation downward and upward from the weighted average price of a similar security on the date of the transaction.
If there is no information about similar securities or if the market price for them has not been established, the transaction price is subject to adjustment to the settlement price. If the estimated price turns out to be lower than the actual price, the actual price is accepted (clause 6 of Article 280 of the Tax Code of the Russian Federation).
The estimated price of a share is determined by the taxpayer independently or with the assistance of an appraiser. To determine the settlement price of a debt security, the refinancing rate of the Bank of Russia is used. When independently determining the estimated share price, the cost estimation method must be enshrined in the company's accounting policies.
If the selling price of a security exceeds the maximum limit from the price range on the securities market on the date of the transaction, the company should not reduce income to the level from the interval. The tax base must be calculated based on the sales price (letter of the Ministry of Finance of Russia dated March 21, 2006 No. 03-03-04/1/269).
Accumulated interest (coupon) income
Interest income should be understood as any pre-declared income, including in the form of a discount, received on a debt obligation of any type (clause 3 of Article 43 of the Tax Code of the Russian Federation). Such income is taken into account when calculating profit tax on transactions with securities as part of non-operating income (clause 6 of Article 250 of the Tax Code of the Russian Federation). When accounting for it, it is necessary to maintain analytical records for each type of securities. It reflects the interest due in accordance with the terms of the issue, and for bills of exchange - with the conditions of their issue or transfer (clause 1 of Article 328 of the Tax Code of the Russian Federation).
When applying the accrual method, income in the form of interest on securities maturing over several reporting periods is recognized at the end of each reporting period. It is necessary to proceed from the profitability established for the security and the number of days it is held by the organization (clause 6 of Article 271, clause 1 of Article 328, clause 4 of Article 328 of the Tax Code of the Russian Federation). Interest income is recognized on the date of its repayment if the security is redeemed before the expiration of the reporting period (clause 6 of Article 271 of the Tax Code of the Russian Federation).
Under the cash method, interest income is taken into account on the day the funds are received in the current account or at the cash desk, as well as on the date the debt is repaid in another way (clause 2 of Article 273 of the Tax Code of the Russian Federation).
attention
A loss received in the current reporting period on transactions with securities is not taken into account as a reduction in profit from core activities.
Taking into account expenses
The procedure for determining sales costs is established by paragraph 2 of Article 280 of the Tax Code. The general procedure for determining expenses is expressed in the formula:
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Tax on corporate securities
INCOME TAX ON TRANSACTIONS WITH SECURITIES
Securities, along with things, money, and other property, are objects of civil rights and, accordingly, can be freely alienated or transferred from one person to another in the order of universal succession (inheritance, reorganization of a legal entity) or in any other way that Russian civil legislation allows. .
The features of determining the tax base for transactions with securities established by tax legislation will be discussed in this article.
Securities are documents that comply with the requirements established by law and certify obligations and other rights, the exercise or transfer of which is possible only upon presentation of such documents (documentary securities), as indicated in paragraph 1 of Article 142 of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation) .
Also, securities are recognized as obligations and other rights enshrined in the decision on the issue or other act of the person who issued the securities in accordance with the requirements of the law, and the implementation and transfer of which are possible only in compliance with the rules for accounting for these rights in accordance with Article 149 of the Civil Code of the Russian Federation (uncertificated securities).
Securities are a share, a bill of exchange, a mortgage, an investment share of a mutual investment fund, a bill of lading, a bond, a check and other securities named as such in the law or recognized as such in the manner prescribed by law.
Since it is not possible to consider all issues related to the taxation of transactions with securities within the framework of one article, we will only touch on some points.
So, the specifics of determining the tax base for transactions with securities are established by Article 280 of the Tax Code of the Russian Federation (hereinafter referred to as the Tax Code of the Russian Federation).
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Tax on transactions with securities
Securities transactions are subject to taxes, which are paid by individuals and companies.
The object of taxation is usually considered to be the cost of the agreement, together with the issue prospectus. Taxpayers who register pay a tax of 0.5% of the nominal price. The issuer issuing shares for the first time pays a fee for project registration.
Procedure for determining the amount of tax
The fixed tax on transactions with government securities is 1 ruble. for every 1000 rub. When buying and selling, both parties to the transaction contribute 3 rubles. from 1 thousand rubles. The amount of the tax is calculated by the payers themselves. The cost of the contract or the actual amount of the issue is taken into account based on a specific tax rate. The fee is paid by citizens at the time of registration of transactions.
These procedures are regulated by Law N2023-1, which defines as an object of taxation the nominal price of the issue of shares, established directly by the issuer. The provisions apply to all types of securities:
A prerequisite is the presence of state registration. You can learn more about the need to issue specific securities in Law N39-FZ, which defines a number of characteristics:
The tax on transactions with securities in 2015 is 0.8% of the nominal value. If the issuer refuses to register the issue, the money paid as taxes will not be returned. The law does not establish the source of payment for fees, so the taxpayer has the right to independently raise funds. As a rule, money that is at the disposal of the company is used. By filling out the declaration, the payer determines the amount of the fee to be paid, taking into account the actual cost of buying and selling shares. If the securities were received free of charge, then the price is determined based on the requirements of Article 280 of the Tax Code. In this case, the estimated or market value is taken into account.
Innovations of Tax Code in 2015
This year, the procedure for identifying expenses in the process of selling shares has undergone changes. Now expenses are considered to be the cost of selling bonds, calculated according to the accounting method determined by the taxpayer. For this, the legislator has developed the following options: FIFO or cost of one unit. Income received from the sale of shares and securities owned by the state are not included in the balance sheet profit of the enterprise, since they are taxed at different rates.
The provisions specified in Law No. 36-FZ provide for exceptions prohibiting the collection of fees. These include:
The 2015 innovations provide for a reduction in the tax base associated with securities transactions. Market participants engaged in professional trading have the opportunity to make calculations in accordance with a generalized basis. This innovation applies to clearing companies, exchanges and trade organizers. The changes will affect citizens who are not professional trading participants and who receive the right to take into account in the general base expenses and income associated with transactions relating to their own securities.
The outcome of completed transactions carried out with non-traded shares and FISS is calculated together on a separate basis. The considered reporting scheme allows you to count existing losses against profits received in the course of transactions with non-traded shares and FISS. Offset of profits with losses in the opposite direction is prohibited.
Determining the value of securities
The amount of tax depends on the correct determination of the value of the shares. Today, the value of traded bond transactions made through a trade organizer is considered to be market value. If operations are carried out under the conditions of over-the-counter transactions, then the determination of the value of the asset is carried out by fixing the value specified by the trade organizer.
Starting from 2016, the value of the asset will be formed within the framework of taxation in relation to controlled transactions. If the process is considered uncontrolled, then the tax is calculated based on the actual value of the shares. Law N183-FZ requires issuers engaged in issuing securities to pay tax on transactions with securities at a rate of 0.2% of the nominal price of the issue. The total amount of taxes should not exceed 100 thousand rubles. Thanks to this scheme, legal entities are encouraged to borrow heavily on the market, since issuing securities is now significantly cheaper.
The innovation is useful for issuers planning to issue securities for large amounts, because the presence of a fixed tax amount will limit expenses and increase profits. The state seeks to reduce the burden on enterprises and helps attract investment. This approach opens up broad opportunities for issuers, but does not reduce the tax burden on professional market participants, who continue to pay 0.8%.
For the issue of shares, bonds and other securities, charged from joint-stock companies (rates are set, as a rule, depending on the type of securities, and in some cases on the nominal price);
2) tax on exchange transactions, levied upon the transfer of ownership of securities. In Germany, a turnover tax on exchange transactions is established, levied when purchasing securities at rates set as a percentage of the market price on the day of the transaction or the nominal price. State and local bonds are generally exempt from securities taxes. In the Russian Federation it is charged.
Encyclopedia of Russian and international taxation. - M.: Lawyer.
A.V. Tolkushkin.
2003. See what “TAXES ON SECURITIES” are in other dictionaries:
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Books
- Introduction to the profession of financier. Fundamentals of professional activity, organization of research work (Bachelor's degree). Textbook, Slepov V.A. ed. Consists of two parts: theoretical and practical. The theoretical part examines seven blocks: the history of development and the main directions of development of higher education, the financial system and...
