A message to NSD’s clients regarding Russian Ministry of Finance’s Letter No. 03-08-05/3954 dated 2 February 2015 posted on NSD’s web site

10 March 2015
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Attn.: NSD’s Clients

NSD hereby informs its clients that:

1. A new letter issued by the Russian Ministry of Finance (Letter No. 03-08-05/3954 dated 2 February 2015) has been posted on NSD’s web site (in the ‘Tax Management’ section). According to the said Letter, a depository acting as a withholding agent may apply tax exemptions to Russian unit investment funds on the basis of summary information, provided that the relevant taxpayers hold necessary documents at the income payment date, and the withholding agent holds such documents at the time of a tax audit.

2. Please note that the new Reference List of General Tax Rates under the Russian Tax Code contains a reference to article 275 (clause 9) of the Russian Tax Code and a reference to article 10 of Federal Law No. 156-FZ dated 29 November 2011, for tax disclosures by Russian resident unit investment funds established under Federal Law No. 156-FZ dated 29 November 2001 without a separate legal personality, which are exempt from the withholding tax in the Russian Federation. Pursuant to the said referenced provisions, NSD, when paying out income on securities, neither calculates, nor withholds tax on the basis of a summarized tax disclosure statement, where such securities form part of a unit investment fund’s assets.

References for unit investment funds:

275 9 Акции российских эмитентов/
Equities of Russian issuers
Юридическое/
Legal Entities
Резидент/
Russian Resident
0 Дивиденды/
dividends
156 10 Облигации/
Russian corporate bonds Облигации с ипотечным покрытием/
Corporate mortgage-backed bonds
Юридическое/
Legal Entities
Резидент/
Russian Resident
0 Процентный доход/
interest income

Should you have any question related to this message, please do not hesitate to contact your account manager at (495) 956-27-90 or (495) 956-27-91.

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