OREANDA-NEWS. Moscow Exchange hosted a roundtable on taxation of financial instruments and derivatives on 23 April, where urgent amendments to tax legislation and its application on the financial market were discussed. The event was organised by Moscow Exchange, the National Settlement Depository (NSD), and law firm Liniya Prava.

NSD Executive Board member Irina Veremeenko opened the event. The participants discussed changes to the procedure for performing tax agents” obligations while income on securities. Speakers covered changes to the Russian tax code introduced with law 306-FZ, issues regarding tax agents” obligations in paying income on Russian shares and bonds, and tax deduction by the depository when paying income on securities accounts opened for depository programs or foreign nominees.

The participants also discussed applying and changing the legislation framework and taxation of DR dividend payments.

At the panel covering developments in taxation of financial instruments and derivatives, participants discussed amendments to the Russian tax code by law420-FZ, which covers the record keeping procedure for interest on debt obligations, for tax purposes regarding repo, and for determining the tax base for transactions with financial instruments and derivatives. The following panel was devoted to problems regarding beneficiaries using fiduciary deposits, and solutions.

The judicial practice for taxation of financial instruments and derivatives was analysed, namely fulfilment of tax agent obligations by Russian depositories while paying income on securities was discussed. The participants also discussed the influence of FATCA on Russian companies” transactions and usage of Russian financial instruments.

Attendees included representatives of Moscow Exchange, the NSD, Liniya Prava, Linklaters, BNY Mellon, VTB Capital, Rosbank, HSBC , and Renaissance Capital, among others.