Tax interested buyers of bonds from foreigners

Tax interested buyers of bonds from foreigners

Moscow. August 3. The IRS is interested in the transactions of banks with Eurobonds, especially the purchase of bonds from foreign brokers. The tax is called the accumulated coupon yield (ACY) per cent and the agreements on avoidance of double taxation (signed with 82 countries) require banks to disclose who really owns the money. Those who it does not, the credit additionally profit tax – 20% of the NDC, write “Vedomosti”.

Such an approach, the tax authorities have applied at least two times: in the case against Gazprombank and Bank of Khanty-Mansiysk Opening”. Both cases were considered by the Moscow Arbitration court. The banks have bought foreign brokers Eurobonds. The tax authorities decided that in fact, the banks entered into two transactions – one is actually buying the securities, the second payment of the accrued coupon yield tells familiarised with materials of business partner Dmitry Taxadvisor Kostalgin. In both cases the sellers of the bonds was not part of their issuers and acted in the interests of third parties, follows from court materials.

Foreign securities may not be taxed, said an employee of the company who participated in one of these two cases, but the tax authorities believe that the securities are released after all the Russian company and the SPV structure is used only because of the requirements of foreign laws. In 2012 the Tax code was amended, according to which Russian companies should not pay taxes if the issue of Eurobonds abroad through SPV-the company, ” he recalls. Now tax specialists have found interest in another place – in the price paid to foreigners, the Russian buyers of these Eurobonds, concludes an employee of the company who participated in one of these two cases.

The tax authorities refer to article 280 of the Tax code: it defines rules of calculation of income from the sale of securities. The court with their position agreed sales price and accrued interest are accounted for differently, and therefore, the purchase of securities and payment of the coupon yield is not a deal.

But under the Civil code, interest only appear when there is a duty, do not agree partner Taxology Alexey Artyukh. Interest is accrued on debt of the Issuer to the holder of the bonds, but the secondary market is no debtors and creditors, there are only buyers and sellers of securities, explains Artyukh. Banks bought Eurobonds, and not borrowed money, I agree a person close to one of the banks defendants, therefore, are not determined by who actually receives the income.

To establish the real owner of the bonds is difficult, says head of tax practice Egorov Puginsky Afanasiev and partners” Sergey Kalinin, and even the broker can pass on to a third party. In some countries, brokers simply can not reveal in whose interests do the deal, or provide the residence certificates of the clients.