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.

Document name Files
1. REGULATIONS ON THE PROCEDURE FOR PERFORMANCE OF WITHHOLDING AGENT FUNCTIONS
under the Russian Tax Code
Old version (2016) + Markup
243 kB
Clean, Final 2016
244 kB
Appendices to the Regulations:  
1.1. Form of a Power of Attorney in the Name of an Authorized Tax Representative
40 kB
1.2. Document Forms  
Tax Disclosure Statement (Form GF065) (Guidelines for Completion)
72 kB
2. RULES FOR TAX PROCEDURES
under the Russian Tax Code

367 kB
Appendices to the Rules:  
2.1. Document Forms  
Tax Disclosure Processing Report (Form GS650)
67 kB
Withholding Agent’s Tax Calculation and Withholding Report (Form GS651)
40 kB
2.2. Dividend Payment Diagram
175 kB
2.3. Interest Payment Diagram
110 kB
3. TAX RATES  
3.1. NSD’s Terms and Conditions of applying tax rates in accordance with the provisions of the Russian Tax Code and double taxation treaties of the Russian Federation
273 kB
3.2. Key conditions to confirm the tax jurisdiction
190 kB

3.3. Key Conditions to Confirm the Actual Right to Receive Income


170 kB
4. TAX PROCEDURE TECHNIQUES
340 kB
4.1. Specifications of Electronic Documents Used by NSD as a Withholding Agent (Tax Disclosure Structure as an XML File, XSD Schema)
4.2. Guidelines for Completion of Tax Disclosure
325 kB
4.3. List of Notifications and Messages
295 kB
4.4. Reference Lists  
List of Tax Rates and References under Double Taxation Treaties of the Russian Federation
845 kB
General tax rates under the Russian Tax code
605 kB
List of Country Codes and Names for Tax Disclosure Purposes
20 kB
List of Foreign Countries’ Competent Authorities
365 kB
List of countries that may provide documents without an apostille stamp
250 kB
5. TAX DISCLOSURE EXAMPLES  
5.1. Tax Disclosure Example No.1 – Dividend Payment
400 kB

1 kB
5.2. Tax Disclosure Example No.2 – Dividend Payment
400 kB

2 kB
5.3. Tax Disclosure Example No. 3 – Interest Income Payment
400 kB

3 kB
5.4. Tax Disclosure Example No. 4 – Disclosure of Russian Organizations for Corporate Bonds
435 kB
5.5. Tax Disclosure Example No. 5 – Payment of income on OFZ bonds
700 kB

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