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The Government has thrown investors the next "surprise". With the new year has opened an account with a foreign brokerage firm or Forex dealer will have to report to the tax office.
the choice of the investor
My friend the investor Peter recently opened an account with a foreign broker. Chose Saxo Bank because the organization has provided support for Russian language, and the minimum amount for opening the account was 10 thousand dollars. For the investor who wants to invest in foreign securities, the normal start-up capital. His decision to open an account outside of Russia, Peter explained simply: want to sell directly — no Prime brokers or intermediaries in Russia and not worry about the impending restrictions, referring to the plans of the Central Bank from 2021 to restrict the right of citizens to buy foreign securities and to enter a special qualifying exams.
unlike the Russian brokers or managers who take on the role of tax agents for clients, Peter has to deal with the tax service. If he, for example, will receive dividends from the securities purchased on the American stock exchange, they are taxed according to the laws of the United States. Therefore, dividends come at the expense of already net of tax, in the case of the US — 10%. Then Peter has already declared the income in Russia. "Foreign" tax can be credited against the payment of the Russian personal income tax to pay in Russia, only a difference of 3 percentage points. However, the possibility of set-off applies only to countries with which Russia has concluded a Treaty for avoidance of double taxation. Well, of course, have to submit tax paper certifying the payment of tax abroad.
With the new year exchange of information with the FTS will be much harder.
Now the citizens are not obliged to inform the tax authorities about the accounts of the foreign broker or Forex dealer, as opposed to those who have opened accounts in foreign banks. In the latter case, the reports on movement of means under accounts (contributions) in banks outside the Russian Federation physical persons — tax residents must submit to FNS annually until 1 June. "In the report to FNS, you must specify the amount of cash in each currency account the funds at the beginning of the period write-off of Deposit and amount of cash in each currency of the account at the end of the period," explains the analyst of "freedom Finance" Alexander Osin.
the following year, investors have not only to inform FNS about opening brokerage accounts in foreign companies, but also to provide tax and financial information — as with Bank accounts. Such requirements for private investors have entered the deputies adopted in the beginning of August, amendments to the law "On currency regulation and currency control". To live by the new rules will have from January 1, 2020. Do not report tax can only be made to investors, the amount in the account which does not exceed 600 thousand rubles. And if the company to which he or she is in a country with which Russia has concluded the contract on exchange of financial information, or which is a member of the OECD or FATF.
According to the head of tax practice of law firm of BMS Law Firm Denis Zaitsev now for account holders in foreign banks to the notification procedure is quite simple: in addition to the personal data of the account holder, it shall specify its number, the name and address of the organization where you opened the account, date of opening account and account currency. However the investors after the entry into force of the amendments to the law can ask for more detailed information. For example, the Bank of Russia, in which the investor's account, you may subpoena the brokerage account. "And then the tax authority can receive more specific issues as substance (on the subject of whether they conform to the requirements of currency control) and on the appropriate taxation of the results of such operations," warns the lawyer.
and touch Someone
"the Most extensive changes await the Russians who make trades on-exchange and OTC products through accounts with foreign brokers and Forex dealers," says Denis Zaitsev. These amendments to the law added to the "other financial institutions".
this is Especially true for the Forex market, where the share of Russians who trade with foreign accounts, the most significant. According to estimates of the Association of Forex dealers (AFD), four companies with Russian license almost 9 thousand people, the number of foreign trade through dealers is much higher. However, as says the head of the Association Eugene Masharov, in most cases, individuals do not invest more than 150-200 thousand rubles a year. "The traders, the professional trading on the Forex market, of course, more are investing considerable sums, often exceeding 600 thousand roubles a year. However, many of them prefer to trade in the Russian jurisdiction, thereby removing the burden of explanation with the tax Inspectorate," he says.
the evaluation Director of the company "Alfa-Forex" Sergei Nikolyuk, tougher laws will affect not more than 20% of the customers of foreign Forex companies. However, in his opinion, only a small percentage of customers will refuse to trade through foreigners. "So it is unlikely that amendments to currency legislation will have any significant impact on the Forex market", — he said.
Russian brokers and managers are more cautious in their assessments. None of the interviewed market participants decided not to estimate the share of investors who trade through a foreign company and have the account more than 600 thousand rubles. Some brokers have noticed that with the new year information about accounts abroad and the flow of funds should be transmitted not only in FTS, but in the Central Bank. "If the volume will not exceed the amount of data allocated for the current time in the format of tax reports, then this change should not cause difficulties neither physical nor legal persons", — said the chief accountant of the "OTKRITIE Broker" Tatiana Delianov.
lost in translation
One of the major risks that face any investor who opens an account outside of Russia, is the complexity when the input and output means. The regulator requires banks to carefully monitor the purity of transactions and if transaction the Bank will seem "suspicious, he has the right to block the money." My friend Peter is, however, not faced with particular problems. After he gave instructions to transfer money from their Bank accounts in Russia to the account of the broker in Denmark, the Bank was asked to clarify whether he intends to make this operation.
However, from 1 January 2020 all about to change. The amendments to the law "On currency regulation and currency control" indicated that the Central Bank will set the order be credited to the account or withdrawal of funds held in foreign companies. According to experts, this innovation could become a real "headache" for Russian investors. "The order has not yet been adopted, but non-compliance can be regarded as illegal currency operation, the penalty for the Commission of which amounts to 75-100% of its amount," warns Denis Zaitsev of BMS Law Firm.
in addition, the lawyer says, the risk is also in the tough sanctions by the regulator that may follow, if it does not "convince" foreign financial institution where the account is opened, to transfer funds to an account in the authorized Bank, as required by Russian laws. "The broker in this case is governed by the law of the country where was he, and not his client," explains Zaitsev. As an example, a precedent, he cites the case of a businessman Alexei Yermakov, who is trying to challenge the fine of 127.5 million rubles for the loan taken two years ago in one of banks of Armenia. The businessman reported the case to the tax, but since the operation took place without the participation of a Russian Bank, he was punished for violation of currency legislation.
albert KOSHKAROV, Banki.ru
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