LETTER OF THE STATE TAX SERVICE OF UKRAINE

of August 9, 2012 No. 320/0/71-12/15-1217

About reflection of negative financial result of transactions with securities and derivatives in 2012 - 2015

The State Tax Service of Ukraine for the purpose of the proper organization of administration of the income tax reports about taking into account of negative financial result with securities and derivatives in determination of the taxation object of taxpayers in 2012 - 2015.

By the tax code of Ukraine it is determined that the taxation of transactions according to the securities trading, derivatives and others, than securities, corporate laws, belong to the taxation of transactions of special type.

So, Item 153.8 of article 153 of the Tax Code of Ukraine establishes separate tax accounting of financial results of transactions with securities and derivatives.

At the same time it is provided that if during the accounting period purchase costs of each of separate types of securities, and others, than the securities, corporate laws suffered (added) by the taxpayer exceed income gained (added) from sale (alienation) of securities or others, than securities, corporate laws of the same type during such accounting period, the negative financial result is transferred to reduction of financial results from transactions with securities or others, than securities, corporate laws of the same type of the next accounting periods according to the procedure, determined by Article 150 of this Section.

By Item 150.1 of article 150 of the Tax Code it is determined that if from among residents following the results of tax year negative value is result of calculation of the taxation object of the taxpayer, then the amount of such negative value is subject to inclusion in expenses of the first calendar quarter of the next tax year. Calculation of the taxation object by results of half-year, three quarters and year is performed taking into account the specified negative value of previous year as a part of expenses of such tax periods by the accruing result before complete repayment of such negative value.

At the same time, by Item 3 of subsection 4 of the Section XX of the Tax code it is determined, in particular, that Item 150.1 of article 150 of the Code is applied:

in 2011 taking into account it:

if from among residents following the results of the first quarter 2011 negative value is result of calculation of the taxation object of the taxpayer, then the amount of such negative value is subject to inclusion in expenses of the second calendar quarter of 2011.

Calculation of the taxation object by results of the second, second and third quarters, the second - the fourth quarters 2011 is performed taking into account the negative value received by the taxpayer for the first quarter 2011 as a part of expenses of such tax periods by the accruing result before complete repayment of such negative value;

in 2012 - 2015 thus:

if result of calculation of the taxation object of the taxpayer from among residents of payers with the income for 2011 1 million hryvnias and more condition for January 1, 2012 is negative value (taking into account negative value of the taxation object in 2010 tax year), then the amount of its value is subject to inclusion in expenses:

the accounting (tax) periods, since I half-year and the next accounting periods of 2012 in the amount of 25 percent of the amount of such negative value. If 25 percent of the amount of negative value of the taxation object are not settled during it and by results of the following tax periods of 2012, the outstanding amount is subject to taking into account in case of determination of the tax liabilities in the following tax periods;

the accounting (tax) periods of 2013 in the amount of 25 percent of the amount of such negative value and the amounts of negative value which are not extinguished in 2012 tax year. If 25 percent of the amount of negative value of the taxation object are not settled during the corresponding accounting (tax) periods of 2013, the outstanding amount is subject to taking into account in case of determination of the tax liabilities in the next periods;

the accounting (tax) periods of 2014 in the amount of 25 percent of the amount of such negative value and the amounts of negative value which are not extinguished in 2013 tax year. If 25 percent of the amount of negative value of the taxation object are not settled during the corresponding accounting (tax) periods of 2014, the outstanding amount is subject to taking into account in case of determination of the tax liabilities in the next periods;

the accounting (tax) periods of 2015 in the amount of 25 percent of the amount of such negative value and the amounts of negative value which are not extinguished in 2014 tax year. If 25 percent of the amount of negative value of the taxation object are not settled during the corresponding accounting (tax) periods of 2015, the outstanding amount is not subject to taking into account in case of determination of the tax liabilities in the next periods.

At the same time income tax payers keep separate account of indicator of negative value of the taxation object which developed condition for January 1, 2012 and joins in expenses of the following tax periods and the amounts which are not extinguished within 20122015 years. Such negative value is settled first of all. At second priority negative value of the taxation object which arose after December 31, 2011 is settled.

With the income for 2011 less than 1 million hryvnias Item 150.1 of article 150 of the Code is applied to the companies taking into account it:

if by results of 2011 tax years negative value is result of calculation of the taxation object of the taxpayer, then the amount of such value is subject to inclusion in expenses of the accounting (tax) period of the I half-year 2012 and the next accounting (tax) periods before complete repayment of such negative value.

Considering stated, in the tax declaration on the income tax for the accounting periods of 2012 - 2015 (since the accounting period - 1 half-year 2012), payers with the income for 2011 have 1 million hryvnias and more, only 25 percent of the amount of negative financial result of transactions with securities and derivatives which are considered as condition for January 1, 2012 according to the procedure, stipulated in Item 3 subsections 4 of the Section XX of the Tax code are considered.

To chairmen of the State Tax Services in the Autonomous Republic of Crimea, areas, the cities of Kiev and Sevastopol, the District State Tax Service - the Central office on servicing of large taxpayers of GNS, chiefs of specialized state tax authorities on work with large taxpayers to provide taking into account of the specified information during the carrying out control and checking work and pronouncement of decisions in the course of appeal coordination.

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