OREANDA-NEWS. December 02, 2009. On November 30, 2009 the federal law "On amending Part I and Part II of the Tax Code and specific legislative acts of the Russian Federation" was made public. The law comes into force on January 1, 2010.

The given federal law was developed by the Federal Financial Markets Service together with the Ministry of Finance of Russia. It is aimed at improving legal regulation of taxation of derivatives trading and creating a taxation scheme for such operations that would be consistent with similar schemes employed in economies with developed financial systems.

The law sets forth a clear-cut procedure for formation of a taxation base by segments of derivatives instruments and underlying assets. It provides for netting of profits and losses realized on the stock and derivatives markets, transfer of individual investors’ losses resulting from their exchange operations to future taxation periods. These changes make the legislation on taxation of individuals’ profits related to their exchange operations in stocks, futures and options more efficient.