According to the newspaper “Kommersant”, the Ministry of Finance, which previously tried to tax the sale of foreign currency through exchange offices, acted with the similar initiative in respect of transactions of citizens on the stock market. The publication refers to the Ministry of Finance letter “About personal income tax in the transactions with foreign currency on ETS interbank currency exchange”, published in the system garant. The letter concerns the taxation of transactions on purchase-sale of foreign currency by citizens through brokers.
The Ministry of Finance clarifies that the broker is not a tax agent and the calculation and payment of tax made by the taxpayer, the tax base, the Agency proposes to consider “the cumulative total of the totality of all operations on purchase and sale of foreign currency on ETS performed for the tax period”, that is the calendar year.
Thus, the newspaper notes, is likely to have a situation in which revenues from sale of foreign currency will be considered as a whole, and the cost to buy is only partially. This can occur since sold this tax period, the currency may be the currency bought in the previous tax periods. According to “Kommersant”, this approach leads to an overstatement of the tax base and increase the tax payable, which is contrary to the interests of the taxpayer to take into account the cost of buying the currency to reduce the tax base.
Official comments of the Ministry of Finance and FNS “Kommersant” has not received. A source in the Ministry said that in the letter there is a certain contradiction, but stressed that it addressed the specific situation when a person could be alone the acquisition of one currency and selling for the same year. However, the letter did not indicate what exactly the situation we have in mind.
As noted by the interviewed experts, while the Tax code has always allowed people to interpret foreign exchange transactions as transactions with property, and access to organized trading on the currency market citizens through brokers have 2012, a special activity in this area, the Ministry of Finance began to show in the last year and a half, when due to the collapse of the ruble deteriorated sharply currency speculative mood of the population. “If we analyze the totality of the events, then there is a tendency of complication of foreign currency operations to the public. That is all being done to reduce market participants from among the citizens”, — noted in conversation with “Kommersant” the Vice-President of FBK Alexey Terekhov.
“With all due respect to the position of the Ministry of Finance, the issue should be resolved at the level of NK of the Russian Federation, as the order of calculation of financial result from transactions with the currency can only define the law,” said leading lawyer “Pepeliaev Group” Peter Popov. According to him, it is necessary to develop the mechanism of taxation of currency transactions and to fix it in the code, in which the correct tax calculation will be possible, for example, by analogy with the transactions with securities.
As previously mentioned , the law on currency regulation currency recognized the property in 2003. At the same time on operations was distributed to the appropriate tax treatment. In practice, this provision of the tax law never was applied, as information on such transactions from the tax no. “In practice, the tax on income from sale of foreign currency is practically not paid. Most citizens do not even think about the fact that selling currency may lead to the need to pay the tax,” — said the lawyer of “Muranov, Chernyakov and partners” Olga Benedskaya.
In April last year at a meeting of the expanded Board of the Ministry of Finance, the head of the Duma Committee on budget and taxes Andrey Makarov said that in one of the letters of the Ministry of Finance refers to the possibility of taxing the sale of currency. In turn, the head of the government Dmitry Medvedev explained that the speech in the letter of the Ministry is about classification of currency as things, transactions which may generate income taxable according to General rules. “It seems like it’s true, but actually verify, in my opinion, it’s almost unreal. So just need to look at this document and I would ask the Finance Ministry to do it,” — said Medvedev.
Later, the head of Department Anton Siluanov explained that it is not about the taxation of transactions of individuals, but on the activities of companies operating in the Forex market. “We are talking about the fact that companies that operate in the foreign exchange market and have the income from foreign exchange transactions, the income they just take into account as part of the total income from the operation of companies. Citizens have no additional tax was never supposed to enter and will not be”, — assured the head of the Ministry of Finance.