Under the Russian Tax Code, NSD acts as a withholding agent when paying out income on securities.

In the cases provided for by law, NSD calculates, withholds and pays to the budget of the Russian Federation corporate or personal income tax in accordance with the provisions of the Russian Tax Code and double taxation treaties of the Russian Federation.

As a securities depository, NSD acts as a withholding agent when paying out income on securities to foreign organizations or foreign nominees, as well as when paying out dividend income to Russian organizations on shares held in owner securities accounts.

Foreign nominees are required to submit to NSD a summary tax disclosure statement, without the need to submit any documents certifying the right of actual income recipients (beneficial owners/beneficiaries) to enjoy tax exemptions or benefits. For more information for foreign nominees, please visit the following link:

Russian and foreign organizations which are actual beneficiaries of income and have the right for tax exemptions and reliefs on securities kept on owner securities accounts could provide the withholding agent (NSD) the appropriate documents proving the mentioned right.

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