LETTER OF STATE TAX ADMINISTRATION OF UKRAINE

of March 17, 2000 No. 1364/6/15-1116

About the taxation of transactions with the securities introduced in authorized capital of the company

The State Tax Administration of Ukraine reports.

1. Transactions according to the securities trading and derivatives belong to transactions of special type and are assessed with taxes by the rules established by item 7.6 of Art. 7 of the Law of Ukraine "About the taxation of profit of the companies" (further - the Law). At the same time according to subitem 7.6.2 of article 7 of the Law it is necessary to understand as the term "securities trading and derivatives" including any transactions on purchase and security sale by persons who do not have the status of dealers in securities.

According to Item 1.31 of article 1 of the Law sale товаровэто any transactions performed according to purchase and sale agreements, exchanges, deliveries and to other civil agreements providing assignment of rights of property on such goods for a fee or compensation irrespective of terms of its provision, and also transaction on free provision of goods.

By article 12 of the Law of Ukraine "About economic societies" it is determined that society is owner of the property transferred to it by founders and participants to the possession.

Thus, in case of introduction of property (including securities) assignment of rights of property on such property for compensation in the form of corporate laws (the property rights to share (share) in authorized fund) emitted by the specified legal entity happens members (founders) of economic society in its authorized capital (direct investment) that is there is transaction on sales of goods for compensation.

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