LETTER OF THE STATE TAX SERVICE OF UKRAINE

of February 25, 2013 No. 2802/6/15-5215

Concerning excise tax liability of transactions on accounting of bills of exchange in bank

The State Tax Service considered the letter of rather practical application of regulations of the Tax code of Ukraine (further - the Code) concerning excise tax liability of transactions on accounting of bills of exchange and reports.

According to subitem 14.1.4 of Item 14.1 of article 14 of the Code the excise tax - indirect tax on consumption of separate types of the goods (products) determined by this Code as excisable which joins in the price of such goods (products), and also the extraordinary tax on transaction on alienation of securities and transactions with derivatives.

By subitem 212.1.9 of item 212.1 of article 212 of the Code it is determined that payers of the extraordinary tax on transaction on alienation of securities and transactions with derivatives is the physical person or legal entity - the resident or the nonresident (including their separate divisions) who perform operations with derivatives or on sale, exchange or other methods of alienation of securities, except cases, stipulated in Item 213.2 articles 213 of this Code.

The taxation objects are transactions on sale, exchange or other methods of alienation of securities where there is transition of the property right to securities, and transactions to derivatives, except transactions which are performed in the interbank market of derivatives (subitem 213.1.7 of item 213.1 of article 213 of the Code).

By Item 1 of article 14 of the Law of Ukraine "About securities and the stock market" it is determined that the bill of exchange is the security certifying unconditional monetary commitment of the drawer or his order to the third party to pay after maturity certain amount to the owner of the bill of exchange (bill holder).

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