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General Directorate of Minrevenue in Kiev reminds that since January 1, 2014 due to the Law of Ukraine from 24.10.2013, № 657 the norm that allowed transactions with securities and derivatives, purchased before April 1, 2011 was excluded from subsection 4 section XX of the Tax Code of Ukraine, to account in determining corporate income tax under the rules in effect at the time of acquisition of such securities. It should be noted that prior to April 1, 2011 these rules applied in accordance with paragraph 7.6 of Article 7 of the Law of Ukraine from 28.12.1994, № 334 "On Corporate Income Tax".
That is, starting from January 1, 2014 transaction in securities trading and derivatives acquired before April 1, 2011, are taxed in the manner prescribed by § 153.8 and 153.9 of Article 153 of the Tax Code of Ukraine.
For the income taxpayers - securities issuers the Law № 657 from 1 January 2014 updates provision of subparagraph 153.4.3 of paragraph 153.4 of Article 153 of the Tax Code of Ukraine concerning the recognition of revenue and expenses on debt securities.
So, starting from that date for debt securities issued by the taxpayer, the amount of interest is included in its costs by the rules set forth in regulations (standards) of accounting. If you place the taxpayer debt securities above or below face value, the gain or loss on their location refers to the part of its income or expense in the accounting period during which there was a repayment/repurchase of such securities.
