The Bondholders Association (ABO) appealed to the Finance Minister Anton Siluanov and the head of the Financial Market State Duma Committee Anatoly Aksakov with a request to cancel the personal income tax (PIT) arising from the exchange of Eurobonds with maturing substitute papers. currency revaluation, Wrote Internet version of RBC.
“I believe it is a topic for discussion and it is quite possible that this issue will need further adjustment,” Aksakov said.
As the publication wrote, initially Eurobonds were purchased at a stronger ruble rate, replacing them at a weaker rate of the national Russian currency. As a result, investors received additional income in rubles (in foreign currency, the nominal value of securities did not change). This difference serves as the basis for calculating personal income tax.
The Tax Code does not provide a mechanism for the exchange of bonds. Such transactions are considered a sale and purchase transaction, therefore, personal income tax is levied. Investors have called for the bond swapping to be removed from the rulebook, because swapping cannot be equated with a classic buy-sell transaction.
Earlier this week, the press service of the Ministry of Finance of Russia reportedthat the department used the Eurobond coupon of 6.6 billion rubles, which is due in 2042, before the program.