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LETTER OF THE FEDERAL TAX SERVICE OF THE RUSSIAN FEDERATION

of November 2, 2012 No. ED-4-3/18667

The Federal Tax Service directs for data and use in work the letter of Department of tax and customs and tariff policy of the Ministry of Finance of the Russian Federation of 17.08.2012 N 03-03-10/92 concerning application of Item 5 of article 304 of the Tax Code of the Russian Federation concerning accounting by the banks performing dealer activities based on the corresponding license granted by FFMS of Russia, losses in case of taxable profit determination received on financial instrument transactions of the forward transactions which are not traded on the organized market.

To the Departments of FNS of Russia for subjects of the Russian Federation to bring this letter to subordinate tax authorities.

 

Adviser of the public civil service of the Russian Federation 2 classes D. V. Egorov

Appendix

LETTER OF THE MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

of August 17, 2012 No. 03-03-10/92

The department of tax and customs and tariff policy considered the letter on procedure for the taxation of profit of the organizations for financial instrument transactions of forward transactions and reports the following.

According to Item 5 of article 304 of the Tax Code of the Russian Federation (further - the Tax Code of the Russian Federation) banks have the right to reduce the tax base estimated according to article 274 Tax Code of the Russian Federation by the amount of the loss received on transactions with deliverable forward transactions which are not traded on the organized market and as which basic asset the foreign currency acts.

The professional participants of the security market performing dealer activities, including the banks having the right to reduce the tax base estimated according to article 274 Tax Code of the Russian Federation, on the amount of the loss received on financial instrument transactions of forward transactions, not being traded on the organized market. For the purpose of Chapter 25 of the Tax Code of the Russian Federation are understood as professional participants of the security market including the credit institutions having the corresponding license granted by federal executive body on the security market.

Considering stated, the banks which do not have the licenses for implementation of dealer activities granted by federal executive body on the security market having the right to reduce the tax base estimated according to article 274 Tax Code of the Russian Federation on the amount of the loss received on transactions with deliverable forward transactions which are not traded on the organized market and as which basic asset the foreign currency acts.

At the same time the banks having the specified license having the right to reduce tax base estimated according to article 274 Tax Code of the Russian Federation for the amount of the loss received on transactions with all types of financial instruments of forward transactions which are not traded on the organized market including deliverable forward transactions as which basic asset the foreign currency acts.

 

Department director I. V. TRUNIN

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