Approved by the most benign version of the tax amendments on ...

Committee on Budget and Tax State Duma on Friday approved the second reading amendments to a new version of Pavel Medvedev and Raisa Karmazina the Tax Code, the committee chairman Andrei Makarov, the date of the second reading has not been determined. This has already taken the first reading of technical project to clarify the procedure for the provision of information, tax authorities, the government decided to amend, alter the taxation of coupon payments on Eurobonds.

As shown in table amendments approved by the Committee, ( is available ? Sheets ?) , deputies expelled coupon payments on Eurobonds of the general order of taxation of income of foreign companies. Therefore, the Russian company, paying a coupon, do not have to act as fiscal agent and retain the income tax with a coupon. To fall under the exception must be met only two conditions: SPV-company immediately issued securities registered in the country, which has an agreement with Russia, and the stock exchange, where the appeal bond, and the depository and clearing house recognized Federal Financial Markets Service and the Ministry of Finance. New rules introduced after the event? since 2007, ie, to protect even the claims of tax audits in 2010 Restriction on exchanges and clearing company starts to operate from the date of approval of such a list up to this exemption is given for any foreign exchange.

these amendments will put an end to the beginning of January of the tax dispute with the Finance Ministry and the major issuers. Bonds are usually placed through a SPV-company money from the sale of securities received on deposits in Russian banks, and the income derived from them SPV distributed among bondholders. In response to a request FNS dated December 30, Deputy Finance Minister Sergei Shatalov explained that, since SPV are not the final recipients of interest income, then, with payments to the address you can collect the tax. Companies have found that the officials violated the established rules of the game. The experts evaluated the potential tax bill to the business at $ 600 million a year, Shatalov? not more than $ 600 million

In February, the Finance Ministry has agreed not to take taxes from the coupon payments until 2013 but then released, only those who do not go to the offshore jurisdiction. This version of the amendments in the committee on Friday rejected.

most favorable Committee approved an amendment to the business, says Ernst & Young partner, Alexei Kuznetsov. Otherwise, companies would have to conduct delicate negotiations with the international depository and clearing systems of the disclosure of ownership with very dim prospects of getting such information, and without such information, the costs associated with the tax deduction of coupon payments. Would have a lot of messing around with the identification of purchasers and structuring of transactions, all this could result in increased borrowing costs, the analyst agrees ? VTB Capital? ( VTB issued bonds for $ 9.5 billion), Nikolai Podguzov: it was about undermining one of the the main sources of funding of Russian corporations. In the adopted version of his amendment ? is completely satisfied?.

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