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Taxes in russia from forex

Опубликовано в How to pay forex tax | Октябрь 2nd, 2012

taxes in russia from forex

Taxes are paid in rubles. Rate. 55 rubles/dollar. 90 rubles/dollar. rubles/dollar. 32 percent. The forex taxes for an agent in the Russian Federation are not complex or astronomical in size, contrary to common misconceptions on the. The Russian central bank suspended its FX purchases today, and the need of local exporters to convert FX ahead of the tax payments which. FOREX PROFIT CALCULATION Not very template for. We had trial period still a directly from a pen current data wouldn't switch editor or. More By virtual environment. However, we intend to need to see its name twice.

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Taxes in russia from forex how to play forex


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Once can gain some practice using demonstration accounts, i. The main two fields of trading are known as technical analysis and fundamental analysis. Read this Term agents have an obvious question: how does one act by this agreement?

For now, it is not clear exactly whether the accounts in forex companies will be under the scrutiny of the automatic information exchange or not. It is essential to understand that failure to pay taxes on such income may leave individuals exposed to Article of the Criminal Code of the Russian Federation, which states: "evasion is committed in a large or an especially large amount.

That is, if the agent has not paid taxes on these amounts, he runs the risk of tax litigation. Naturally, the first precedent will not result in a particularly strict outcome, but is it worth putting yourself at risk? The forex taxes for an agent in the Russian Federation are not complex or astronomical in size, contrary to common misconceptions on the Internet. Therefore, anyone using recommendations from ICE FX will be able to pay them and relax, forgetting about any theoretical conflicts with taxation.

Few agents realize that they are in fact entrepreneurs, as they provide agency services for their referrals customers. This is stated explicitly in the Civil Code of the Russian Federation, Article 2: "Civil law regulates the relations between persons engaged in entrepreneurial activities or with their participation, proceeding from the fact that the entrepreneurial activity is an independent activity carried out at its own risk aimed at systematic profit from use of property, sale of goods, performance of work or provision of services.

This state of affairs does not complicate the position of the agent, but rather significantly simplifies it, since his status allows him to officially register as an "Individual Entrepreneur" and pay penny taxes. Today, an "Individual entrepreneur" can pay up to 6 percent of turnover on a simplified taxation system in relation to their income once fees, etc.

This rate is half as much as the same personal income tax, where the agent would have to pay 13 percent. And given that the country is under sanctions and the budget needs to increase the tax base, this rate may grow over time. This will only increase the attractiveness of being an individual entrepreneur. It is also important to know, that the government of the Russian Federation extended the moratorium on scheduled inspections of small businesses until , which can also be regarded as an additional incentive for the registration as an individual entrepreneur.

In light of such events, the CEO of ICE FX, Vladimir Kondrashov, decided to recruit professional lawyers to create instructions for forex agents: how to register as an individual entrepreneur, what classifiers of economic activities are worth choosing, and how to properly file a tax return. Also, within six months from the date of publication of this manual, anyone can ask questions on this topic in the comment section of the article and get the answer of a qualified specialist in the field of jurisprudence.

Forex agents do not have to let go of their tax status, as the world changes and undeclared incomes in the case of a budget deficit, can lead to unnecessary complications. Moreover, shortly, there will be instructions published on the payment of taxes in Russia by traders and investors, as well as similar articles on paying taxes in Ukraine and other CIS countries. FM Home. Funds received for charitable activity.

The Tax Code divides expenses into two major groups: sales expenses connected with production and sale and non-sales expenses art. Sales expenses are further divided into direct and indirect expenses art. These classifications are merely accounting conventions and do not by themselves result into any restrictions as to the deductibility, but they may affect the timing of the deductibility of expenses. Thus, direct sales expenses are deductible in the reporting or tax period in which the income to which the expenses relate is recognized.

Indirect sales expenses and non-sales expenses are deductible in the reporting or tax period in which they are incurred art. In order for expenses to be deductible they have to meet certain conditions, namely, the expenses have to be:. Article of the Tax Code establishes that the supporting documents have to be produced in the form as prescribed by the Russian law or by normal business practice of foreign states on which territory the expenses incurred. With recent changes in the law there will be more flexibility for companies to adopt their own templates for the supporting documents.

For more details on the requirements to substantiate tax deductions with source documents, please, refer to chapter Accounting and Audit in Russia. It should be noted that Russian tax law does not require the proof of direct linkage between income and expenses for the latter to be deducted from the former. In other words, the difference of sources of income and expenses does not preclude the deduction. The law recognizes not only expenses intentionally committed by the company as deductible, but also various kinds of losses brought about by unfortunate circumstances.

Losses in prior tax periods revealed in the current period 2. Bad debt 3. Losses due to downtime or stoppages caused by intrafirm reasons 4. Losses due to externally caused stoppages for which no compensation has been received 5.

Expenses in the form of shortages of stock if there is no guilty person 6. Losses due to natural disasters, fires, accidents and other emergencies 7. Foreign exchange losses 8. Technological losses 9. Losses within the established norms of natural decrease at transportation or storage Losses resulting from assignments of claim.

Recognition of income and expenses is made in the period in which they arose with the accrual method irrespective of cash settlement The cash method can be used by small-scale business art. Companies may use this exemption for small-scale business if on an average during the four prior quarters sales revenue did not exceed the amount of one million rubles net of Value Added Tax.

The date of receipt of sales income under the accrual method is considered to be the day when goods are dispatched, or services and works are transferred art. The Tax Code gives quite precise rules for the recognition of various types of income and expenses arts.

According to these rules, the date of recognition may depend on various actions or factors, such as:. Date of signing an act of acceptance of delivery of goods, works or services 2. Date of receipt of money in bank or cash account 3. Date of settlement or issuance of settlement documents 4. Terms of financial agreements e. Last date of tax period 6.

Date when income was revealed for income of prior years. A taxpayer may choose one of the following methods of stock valuation art. The law recognizes as depreciable assets those fixed assets and intangibles that have a minimum useful life exceeding 12 months and initial value not less than RUB 40, art. The tax accounting and financial accounting rules provide for similar, but not identical recognition rules.

Depreciable property includes fixed assets and intangible assets. Fixed assets are defined as property used in the management and production and sale of goods and services art. Intangible assets are defined as assets which are the results of intellectual activity and other intellectual property rights or the exclusive rights thereto and which are used in the processes of management, production and sale of goods and services for no less than 12 months art.

To be recognized as a depreciable asset, the fixed asset will have to be used for management, production or sales activities of the company. However, in reference to intangible assets there is in the Tax Code no reference to use in sales activities, although the provision of services as a purpose of their use is included art. The following types of intellectual property qualify as intangible assets:. Exclusive rights of a patent-holder to an invention, industrial sample or working model 2.

Exclusive rights of an author or other possessor of rights to use computer programs and databases 3. Exclusive rights to a trademark, service mark 4. Possession of know-how, a secret formula or process, information on industrial, commercial or scientific experience.

It should be noted that the law stresses the words exclusive rights as a criterion for recognizing intangible assets, meaning that the relevant intellectual property right belongs to a named person and he has the right to freely dispose of it. It is improbable that a taxpayer would achieve the conditions for being able to deduct goodwill from the corporate profit tax base.

In principle the Tax Code allows art. Such a registration is a cumbersome process of unknown duration, and is rarely done, which means that the provision of deducting goodwill as an expense is a dead letter of the law. The law especially excludes from the scope of intangible assets certain types of expenditures, namely:. Individual qualities of employees intellectual and business qualities, qualifications and capacity for work.

Recognition of intangible assets presupposes that there is proper documentation in place. The documentation will have to confirm the existence of the intangible asset and the exclusive rights to the results of intellectual activity in accordance with Russian law or laws of a foreign country, as applicable. Such documentation may include patents, certificates, trademarks, other protective documents and relevant agreements. Assets are recorded at their historical cost, which is defined as the expenditure for acquiring, erecting, supply and manufacturing of the assets as well as rendering them fit for use, in general excluding VAT and excises art.

For the purpose of determining the depreciation rates the Tax Code art. The taxpayer is reminded about the need to verify the applicable depreciation group by referring to the relevant decree of the Government. In case of most fixed assets, a taxpayer chooses a useful life for the fixed asset that falls within the useful life range for the depreciation group to which the fixed asset has been classified by the Russian Government.

For determining the useful life of an intangible asset, relevance will be given to the terms indication of duration etc. If it is not possible to determine the useful life of an intangible asset, then its useful life is deemed to be 10 years. The applicable depreciation methods are the straight-line method and the reducing balance method.

According to the straight-line method the asset value is depreciated in equal yearly increments over a number of years. The straight-line method is mandatory for depreciation of buildings, constructions and transfer mechanisms in depreciation groups The chosen depreciation method can be changed from the beginning of the new tax period, but a taxpayer can move from the reducing balance method to the straight-line method not more than once within the period of 5 years.

For the straight-line method the depreciation rate has to be determined separately for each item. For the reducing balance method the depreciation is determined separately for each depreciation group sub-group. Accelerated depreciation rates are applicable to assets used in a so-called aggressive environment or for assets that are subject to exceptionally high replacement frequency.

In these cases the rates may be increased twofold. This increasing ratio of depreciation does not apply, if a taxpayer uses the reducing balance method and his fixed assets are assigned to the first, second or third depreciation groups. Accelerated depreciation is also available for assets under a financial leasing arrangement, where the depreciation rate can be increased threefold. These provisions apply unless the assets in question are assigned to the first, second or third depreciation group and are depreciated under the reducing balance method art.

Also, the threefold ratio of depreciation can be applied with respect to fixed assets used exclusively for scientific and technical activities. A twofold rate can be used by agricultural organizations and residents of special economic zones. Reduced rates may be used upon management decision during the entire tax period and starting from its beginning art. However, if such fixed assets are sold within 5 years from the moment of their accounting entry into exploitation , the amounts of expenditures included in the expenses in the relevant accounting tax period shall be re-included in the Profit Tax base.

In the case when the obtaining of title to a fixed asset requires state registration, the asset shall be included in a respective depreciation group from the moment of filing for the registration art. For an asset acquired on the secondary market ,the historical cost can be set taking into account the useful life reduced by the months of operation of the asset at the previous owner art.

This option is available only for assets depreciated by the straight-line method. Expenses in the connection of repair of fixed assets are fully deductible in the period they were incurred art. But in order to spread the expenses more evenly over the years, the taxpayer may create a reserve for upcoming repairs in accordance with article of the Tax Code.

The Tax Code allows to make certain reserves for future or doubtful expenses. The terminology in the Tax Code calls the debt for which reserves are made as doubtful debt, and debt, which has finally turned out to be impossible to collect, is named Bad Debt due to bankruptcy or expiration of statute of limitations.

The reserve for doubtful debt can be made for any indebtedness, including trade credits, that has not been settled within the agreed times, and that is not secured by any collateral, pledge, security or bank guarantee.

Debt in the form of unpaid interest income cannot be included in the reserve, except for in the case of banks. The deductible reserve increases progressively depending on the maturity of the debt as follows:. The amount of reserve may be carried forward to the next tax period.

Any reduction in the amount as a result of corrections, etc. Companies extending repair guarantees repair warranties may create a reserve for future expenses connected with warranty repair and warranty servicing art. In order to create a reserve, the company has to determine the rules for the applicability of the reserve and its maximum amount in the tax accounting policy.

It is a condition of the reserve that the actual sales contracts contain provisions of such warranties guarantees. In the case that the company has engaged for less than three years in sales of warrantable goods then the limit is determined based on the sales in the actual period, In this case, the company has to draw a plan of fulfillment of guarantee obligations, and the expected expenses have to correlate with this plan. After the end of each tax year the reserve will be adjusted in accordance with the expenses actually incurred for warranty works and the volume of sales.

As the warranty period expires, the amount of the reserve which has not been used will be credited into the non-sale income for the period. From on taxpayers were able to make a reserve for vacation salaries art. In practice the possibility to make such a reserve is limited. This because the law mandates that at the end of the year the reserve has to be terminated and any unused balance of the reserve has to be credited into income.

From the new tax period the reserve can be built up again with monthly transfers. As vacations are usually taken in the middle of the year the provision of the reserve would be more valuable if the time cycle of the reserve would match the time of actual vacations. Losses from previous tax periods may be carried forward and deducted from future profits art.

The loss carry-forward is available for 10 years following the year in which the loss occurred. Hereby supporting accounting documents will have to be kept going back to all the periods to which the loss refers to. However, losses from sales of securities and fixed-term financial instruments are accounted separately and are carried forward separately in accordance with the loss carry-forward rules applicable to other tax losses.

Tax losses incurred in separate tax periods are carried forward and used in the order in which they are incurred art. The benefit of carry-forward of losses will pass on to any successor company formed in the process of reorganization or mergers according to the more detailed provisions of the law.

The law recognizes as deductible the interest paid on any debt liabilities, regardless of their form, be it bank loans, trade and commercial credits, securities, other loans or borrowings art. The limit for interest denominated in rubles is the prevailing refinancing rate of the Russian Central Bank multiplied by 1. However, there have been enacted in the Tax Code several deviations of temporary character so that that the maximum deductions are set differently as per below:. To note, transfer pricing rules also apply to interest deductibility, as well as the thin-capitalization rules discussed below.

All direct expenses connected with the arrangement of the loan are deductible expenses. Such are for example transaction fees, commitment fees and penalties. The Tax Code provides for so-called thin capitalization rules that aim to prevent foreign companies from evading payment of profit tax by repatriating profits from Russian subsidiaries in the form of excessive interest on debt instruments instead of taxable dividends Items , Article Indeed, since interest is deemed to be a deductible expense for a Russian borrower, it may reduce the tax base for profit tax, whereas dividends may not.

Moreover, as a rule, dividends are subject to source tax in Russia, which means that the Russian subsidiary is required to withhold profit tax upon payment of dividends to its shareholders. Interest is therefore a more advantageous form of repatriating profit for taxpayers than dividends. The thin capitalization rules are applicable under the following conditions:. The debt financing provided by a foreign affiliate as opposed to a Russian affiliate of a foreign shareholder is not regarded as controlled debt.

Lately, however, the Ministry of Finance has opined that upon taking loans from a foreign affiliate of a foreign shareholder, such loans would also have to be counted as controlled debt Letter of the Ministry of Finance of 27 November , No. The above-mentioned position of the Ministry has found support in as recent court resolution. The resolution was motivated by reference to the consideration that the ultimate source of the financing was a company for which the financing would have been considered controlled debt if this company had extended the loan directly to the end borrower.

It was thereby claimed that the foreign affiliate was used as a middleman exclusively for the purpose of creating formal conditions to avoid falling under the applicability of the thin-capitalization rules. The scheme was thus considered as an attempt by the creditor to gain an unwarranted tax benefit, based on which the court argued that the transactions would have to be taxed according to their real essence by applying the thin-capitalization rules.

It follows from the above discussion that this court resolution should not as such be interpreted as extending the rules of thin-capitalization to cover financing extended by foreign affiliated companies. Rather it should be seen as an instance of application of the taxation principle of rejection of an unwarranted tax benefit which basically is an anti-avoidance rule, and a manifestation of the principle that taxation of transactions should be made according to their real essence, that is, putting substance over form.

The real test, then, should be if there has been a real commercial justifiability of financing being received from the foreign affiliated firm. Commercial justification can be confirmed, for example, by the following types of circumstances:.

The application of thin-capitalization rules requires measuring the ratio between the net assets of a Russian entity paying interest, on the one hand, and the debt provided or secured by the foreign owner and its Russian affiliates controlled debt , on the other hand.

A thinly capitalized entity is thus one whose assets are funded by a high level of debt and relatively little equity. An exception is made for banks and leasing companies for which the thin capitalization rule is applied if the controlled debt exceeds the amount of nets assets by more than The law provides a formula to calculate this limit in two stages, as described below.

For banks and leasing companies the latter part of the formula is slightly different, reflecting the higher coefficient of permissible debt:. RI is the amount of interest really paid CC is the capitalization coefficient. The positive difference between real interest RI and the allowed limit AL is treated as dividends and is subject to Profit Tax at the source of payment Art.

It should be noted that if the equity are zero or less, then all the interest will be deemed non-deductible and will be taxed as dividend Ministry of Finance Letter No. Contesting the applicability of thin-capitalization rules based on a relevant double taxation treaty. Many experts have brought up the possibility of contesting the applicability of thin-capitalization rules in reference to the nondiscrimination clauses that double taxation treaties DTTs usually contain.

According to a non-discrimination clause, a company resident in one of the treaty countries cannot be subjected to any taxation requirement which is more burdensome than the taxation to which nationals are subjected in the same circumstances. Such a clause is e.

Based on the non-discrimination clauses, it indeed seems that the thin-capitalization rules should not be applied when the investor is a resident of a country with which Russia has concluded a DTT containing such a clause. Before , taxpayers quite frequently used a reference to the DTT non-discrimination standards as protection from applying the thin capitalization rules to debt but in , the Supreme Commercial Court handed down a precedent-setting decision which restricted the possibility for taxpayers to evade application of thin-capitalization rules on the basis of a DTT Resolution No.

In the Severny Kuzbass case, the provisions of the DTTs with Cyprus and Switzerland were considered, including the provisions contained therein on the non-discrimination clause. The Supreme Commercial Court ruled that the provisions on the non-discrimination clause contained in the mentioned DTT do not rule out the application of national rules aimed at fighting tax evasion. The SCC classified the thin-capitalization provisions also among such national rules. The court stated that the features of thin capitalization are as follows:.

Such a special procedure subsists in the fact that any profit which might have been accrued to one of the enterprises, but which was not accrued due to the special relations, can be counted as profit of that enterprise and, correspondingly, taxed accordingly. Proceeding from this, the court concludes that the standards of the non-discrimination clause do not restrict the application of thin-capitalization rules. We would like to point out that the standard of the non-discrimination clause contains a provision under which Russian enterprises with foreign capital should not be subjected in Russia to taxation that is different, or more onerous, than the taxation to which other similar enterprises in Russia might be subjected art.

The court held that this provision did not restrict the application of thin-capitalization rules, as the latter are applied to all Russian organizations using foreign capital without exception. In other words, the court held that similar enterprises with which an enterprise using foreign capital should be compared, are other enterprises with foreign capital as opposed to companies with Russian capital.

In other words, thin-capitalization rules, although they impose more onerous rules on companies with foreign capital than on companies with foreign capital, none the less this does not constitute discrimination, since they do not single out some companies using foreign capital among other companies using foreign capital. Under the rules for taxation of securities fall all kinds of securities, both those that are publicly traded and those that are not art.

Interest on securities is deductible under the general rules art. Expenses in connection with the issuance of securities, preparation of an emission prospectus, administration costs for the new issue and registration are all deductible expenses art. The transfer pricing of securities and derivatives are subject to special rules. The Loss carry-forward rules are set separately for listed and non-listed securities and derivatives.

For persons who are not professional participants of the securities market, losses and gains from listed and non-listed securities cannot be offset against each other. The law expressly recognizes the possibility of a sale transfer of receivables at a discount factoring. The difference between the nominal value of the receivable and the transaction price is deductible depending on the maturity of the receivables within the limits set by the law art. The deductibility of the loss on transfer of receivables that are not yet due is restricted to the amount of interest rate that would have been paid, if the creditor had received a corresponding amount of debt financing instead.

The transaction price of receivables becomes fully deductible in a subsequent sale for the company that acquired the receivables. The accrued interest is, however, recognized as income when accrued. A company may in principle deduct from the profit tax base the costs for management services and cost-sharing agreements. Russian tax authorities are, however, known to be prone to challenge the deductibility of such costs and therefore there is always a special risk involved with such arrangements, as evidenced by court practice.

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Territorial Tax Countries: Zero Foreign Income Tax Countries to Live in 2022

The increased stringency of the supervisory function amongst banks of the Russian Federation in was the inevitable result of the coming-into-force of the CRS MCAA in respect to the taxation of residents within the Russian Federation.

Taxes in russia from forex News and other data on this site are provided for information purposes only, and are not intended for republication or redistribution. As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. Article Numerous risks and negative factors cast a shadow over the European credit market. Article After years of cutting back, Dutch social housing corporations are once again…. With regards to freely floating currencies, this taxes in russia from forex determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Article Consumer spending is still the main US growth driver.
Taxes in russia from forex Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Article Numerous risks and negative factors cast a shadow over the European credit market. This time the ruble already depreciated to USD by 5. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports. Learn more about how we use cookies in taxes in russia from forex cookie statement.
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Robins financial hours Russian rubles. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Of course, there are taxes in russia from forex loopholes to get around the agreement, and the CRS itself has not yet fully come into force, but its implementation is inevitable, and information in this respect can be useful. Article Next week's calendar features PMI readings from the region as well as inflation…. Who is Listed on an Exchange? This state of affairs does not complicate the position of the agent, but rather significantly simplifies it, since his status allows him to officially register as an "Individual Entrepreneur" and pay penny taxes.

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taxes in russia from forex

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