of March 16, 2012 No. 7554/7/15-3417-26
VAT and trust management
The State Tax Service of Ukraine considered the letter the STALEMATE concerning the taxation of transactions on transfer of property rights according to credit agreements in trust management of the joint-stock company and reports.
According to subitem 196.1.1 of Item 196.1 of article 196 of the Tax Code of Ukraine of 02.12.10 No. 2755-VI (further - the Code) are not the transaction taxation object on release (issue), placement in any forms of government and sales (repayments, the redemption) for means of securities which are released (emitted) by subjects of business activity, the National Bank of Ukraine, the Ministry of Finance of Ukraine, local government bodies according to the law, including investment and hypothecation certificates, certificates of fund of real estate transactions, derivatives, and also corporate laws expressed in others, than securities, forms; to exchange of the specified securities and corporate laws expressed in others, than securities, forms, on other securities; raschetnokliringovy, registratorsky and depository activity in the security market, and also activities for asset management (including pension assets, funds of bank management), according to the law and other types of professional activity in the stock market which are subject to licensing according to the law.
Fund of bank management according to subitem 14.1.259 of Item 14.1 of article 14 of the Code are means of members of funds of bank management and other assets which are in trust management of authorized bank according to the law.
Considering stated, activities of authorized bank (in this case - the joint-stock company) on asset management (including funds of bank management) according to subitem 196.1.1 of Item 196.1 of article 196 of the Code is not the taxation object of the VAT.
As for transaction on transfer of property rights according to credit agreements in trust management, it should be noted the following.
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