Reference
The document has been drafted by the Ministry of Finance
The Tax Code implies that the Government creates the list of services that are exempted from value added tax. The list includes the services rendered as part of licensed activities by registrars, depositors, dealers, brokers, securities managers, directors of investment fund companies, mutual investment funds, non-state pension funds, clearing agencies, and trade organisers.
The approved list is based on the types of services envisaged by the related specific laws (in particular, the laws On the Securities Market, On Investment Funds, On Organised Trading, On the Central Depositary, On Non-State Pension Funds, and so on).
The document has been developed together with the working group for establishing an international financial centre in Russia.
The resolution will allow for reducing the financial burden on trade participants while making deals on the security market, as well as exchange and commodity markets.