LETTER OF THE STATE TAX SERVICE OF UKRAINE

of November 5, 2012 No. 4793/0/61-12/15-1415

Rather tax accounting of transactions with own debt securities

The State Tax Service of Ukraine considered the letter and reports the following.

1. According to item 2 of the p. 5 of Art. 3 of the Law of Ukraine of February 23, 2006 No. 3480-IV "About securities and the stock market", with changes and amendments, debt securities are securities which certify the relations of the loan and provide the obligation of the issuer to pay in certain time of means, to transfer goods or to provide services according to the obligation. Treat debt securities: bonds of the companies, government bonds of Ukraine; bonds of local loans; treasury obligations of Ukraine, savings (deposit) certificates; bills of exchange.

The taxation of transactions with debt requirements and obligations is determined by item 153.4 of Art. 153 of the Tax code of Ukraine of December 2, 2010 No. 2755-VI, with changes and amendments (further NKU), namely:

- are not included the income and are not subject to the taxation of means or property, attracted with the taxpayer in connection with placement or the subsequent sale of debt securities (subitem 153.4.1 of item 153.4 of Art. 153 of NKU);

- are not included in the expenses of means or property provided by the taxpayer in connection with repayment (redemption) of debt securities (subitem 153.4.2 of item 153.4 of Art. 153 of NKU).

According to subitem 153.4.3 of item 153.4 of Art. 153 of NKU according to the debt securities emitted by the taxpayer, the amounts of percent are included its expenses in tax period during which it was performed or payment of such percent shall be performed.

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