Article 326. Procedure for Keeping Tax Records on Futures Deals Using the Method of Calculation

The taxpayer shall define the tax base for operations with the financial instruments of futures deals on the grounds of data from the tax recording registers.

The data of the tax recording registers shall reflect the procedure for the formation of the sum of the incomes (outlays) on futures deals recorded for the purposes of taxation.

The data of the tax recording registers shall contain in the monetary expression the sums of the taxpayer's claims (liabilities) with respect to the counterpart in accordance with the terms of the concluded contracts:

- on deals envisaging the purchase and sale of basic assets;

- on deals envisaging the execution of liabilities by making mutual settlements and (or) by concluding a reciprocal deal - the change of the sums of such claims and liabilities from the date of concluding the deals and until the date of settlements and (or) of the date of execution of the deal which is the first in time.

The claims (liabilities) may be expressed either in roubles or in foreign currency. The claims (liabilities) in foreign currency shall be revaluated in connection with a change in the official exchange rates of foreign currencies to the Russian rouble. The claims (liabilities) on future deals envisaging the purchase or sale of a basic asset shall be re-valued in keeping with a change in the market price of the basic asset.

The taxpayer shall reflect in analytical accounting as on the date of concluding a deal the sum of the claims arisen (liabilities) to the counterparts, proceeding from the terms of the deal and from the claims (liabilities) with respect to the basic asset (including with respect to commodities, monetary funds, noble metals, securities and the index of the prices or rates).

The tax base shall be defined by the taxpayer as on the date of execution of the futures deal. For the deals of a durable character the tax base shall be defined by the taxpayer also as on the date of the end of the reporting (tax) period.

With this, the incomes (outlays) related to the forward deals stipulating the purchase and sale of a basic asset (safe for currency values) shall be accounted by a taxpayer as on the date of transfer of ownership of the basic asset in compliance with the terms and conditions of the deal.

If the terms of the deal envisage the performance of interim settlements in the face of a change in the value assessment of the claims (liabilities) in connection with a fall (rise) in the official exchange rates of foreign currencies to the Russian rouble, or in the market (exchange) price of commodities, the taxpayer shall define the incomes (outlays) for every date of making such settlements in accordance with the terms of the deal.

If the rouble equivalent of the claims (liabilities) in foreign currency grows (falls) due to a change in the official exchange rates of foreign currencies to the Russian rouble or with an increase (a decrease) in the claims (liabilities) in connection with a change in the market quotations of the basic asset, the sum of positive (negative) differences or of the growth (reduction) of claims (liabilities) formed over the period from the date of making the deal (from the date of the end of the previous reporting /tax/ period) and until the date of the execution of the deal (of the end of the reporting /tax/ period) shall be included into the composition of the incomes (outlays) forming the tax base for operations with the financial instruments of futures deals.

When the deadline for the execution of a future deal with the financial instruments of futures deals arrives, the taxpayer shall assess the claims and the liabilities as on the date of execution in conformity with the terms of its conclusion, and shall define the sum of incomes (liabilities) taking account of the sums of the incomes and outlays recorded earlier for the purposes of taxation in the composition of the incomes and of outlays.

When performing futures deals envisaging the purchase or sale of foreign currency, of noble metals or of securities nominated in foreign currency, the taxpayer shall define, as on the date of the execution of the deal, the incomes (outlays) taking account of the exchange rate differences identified as the difference between the exchange rate of the execution of the deal and the exchange rate of currencies and official prices of noble metals fixed by the Central Bank of the Russian Federation as on the date of the execution of the deal.

The taxpayer shall set apart for separate tax recording operations with the financial instruments of futures deals concluded for the purpose of compensation for probable losses which could arise as a result of an unfavourable change in the price or other index of the basic asset (of the object of hedging).

The taxpayer shall make a calculation on every hedging operation separately; it shall contain the following data:

- a description of the hedging operation, including the name of the object of hedging, the types of insured risks (price, currency, credit, interest and similar risks), the planned actions with respect to the object of hedging (purchase, sale and other actions), financial instruments of futures deals planned for use, and the terms for the execution of the deal;

- the date of the start of a hedging operation, the date of its end, and (or) its duration, as well as the interim terms of the settlement;

- the volume, date and price of the deal (deals) with the object of hedging;

- the volume, date and price of the deal (deals) with the financial instruments of futures deals;

- information on outlays on the performance of the given operation.

Analytical accounting shall be kept separately on deals made with the financial instruments of futures deals circulated on the organised market, and on deals with the financial instruments of futures deals not circulated on the organised market, as well as on deals made with the aim of hedging.

Article 327. Procedure for Organising Tax Recording on Futures Deals Using the Cash Method

Taxpayers applying the cash method for defining the incomes and outlays shall organise tax recording in conformity with the principles described in this Chapter. The incomes and outlays on operations with the financial instruments of futures deals shall be calculated by the tax payers, who apply the cash method for defining the incomes and the outlays as on the date of the actual arrival (transfer) of the monetary funds.

Article 328. Procedure for Keeping Tax records on Incomes (Outlays) in the Form of Interest Received on Contracts of Loan, Credit, Bank Account and Bank Deposit, as Well as of Interest on Securities and Other Debt Liabilities

1. A taxpayer on the basis of the analytical accounting of extra-sale incomes shall interpret the incomes (outlays) in the form of interest on securities, on contracts of credit and loan, of bank account and of bank deposit and (or) on the otherwise formalized debt liabilities.

In the analytical accounting a taxpayer shall be independently show the incomes (outlays) in the sum of interest due to him in accordance with the terms and conditions of said contracts (and in compliance with the terms of issue with regard to securities, on the bills - by the terms for the issue or for the transfer (for the sale)) separately on every kind of debt liabilities subject to Article 269 of this Code.

The amount of incomes (outlays) in the form of interest on debt liabilities shall be included into the records of analytical accounting proceeding from the profitability established for every kind of debt liabilities and from the term of validity of such debt liability in the reporting period, as on the date of recognizing the incomes (outlays) determined in compliance with the provisions of Articles from 271 to 273 of this Code.

2. Interest paid by a bank under a contract of bank account shall be included by a taxpayer in the tax base on the grounds of an excerpt on the movement of the taxpayer's monetary funds on the bank account thereof, if not otherwise provided for by this Chapter. Where a contract of servicing bank account does not provide for making settlements with regard to payment of bank services when conducting each settlement cash operation, the date of the receipt of income by the taxpayer who has passed over to the recognition, accounting and determination of incomes (outlays) by using the method of calculation shall be deemed the last day of the reporting month.

3. interest under contracts of credit, loan and other similar contracts and other debt liabilities (including securities) shall be accounted, as on the date of recognizing the income (outlay) in compliance with this Chapter.

4. Interest received (subject to receipt) by a taxpayer for letting use of monetary assets shall be accounted in the composition of the incomes (outlays) subject to inclusion into the tax base on the basis of an abstract on the movement of the taxpayer's monetary assets of the taxpayer on a banking account thereof, if not otherwise provided for by this Article.

A taxpayer determining his incomes (outlays) by using the method of calculation shall determine the amount of income (outlay) received (paid) or subject to the receipt (payment) in the reporting period in the form of interest under the terms and conditions of a contract proceeding from the profitability established for each type of debt liabilities and the validity of such debt liability in the reporting period subject to the provisions of this Item. A taxpayer shall be obliged to show in the analytical accounting on the basis of certificates of the person in charge of keeping records of incomes (outlays) with regard to debt liabilities the amount of interest due to be received (paid) as on the end of a month in the composition of incomes (outlays).

In the event of early liquidation of a debt liability, interest shall be determined proceeding from the interest rate established by the terms and conditions of a contract subject to the provisions of Article 269 of this Code and the actual time period of using borrowed assets.

A procedure for recognizing incomes (outlays) in the form of interest established by this Article with regard to any kind of debt liabilities shall be likewise applied by the organizations for which operations with such debt liabilities are recognized as sale operations in compliance with their authorized activities.

5. As regards state and municipal securities, income in the form of interest thereon shall be determined in compliance with Articles 271 and 273 of this Code and may be recognized on the date of their sale on the basis of a contract of purchase and sale, or on the date of paying the interest on the basis of a bank abstract, or on the last date of the reporting period in compliance with the provisions of this Chapter. Interest shall be subject to showing in the tax records on the basis of a certificate of the person in charge of calculating profit from operations with securities.

Where a taxpayer determines incomes and outlays by using the cash method, interest shall be deemed received on the date of arrival of the monetary funds. A ground for including such amounts into the composition of the incomes received in the form of interest shall be a bank abstract concerning the movement of monetary assets on bank accounts.

Where a taxpayer, while determining incomes and outlays, applies the method of calculation, the amount of interest on state and municipal securities received by a taxpayer (due to a taxpayer) shall be recognized as an income on the date of sale of a security, or on the date of paying such interest (repayment of coupon) in compliance with the terms of the issue, or on the last date of the reporting period in compliance with the provisions of this Chapter.

Where an accumulated coupon interest is included into the sale price of state and municipal securities circulated on the organized securities market, a taxpayer shall independently determine on the date of sale of such securities the amount of income in the form of interest on the basis of a contact of purchase and sale subject to the provisions of Items 6 and 7 of this Article.

6. When making transactions with state and municipal securities circulated on the organized securities market which are sold under the condition that the price of deal in them includes the accumulated coupon income (income in the form of interest), a taxpayer who has passed over to the determination of incomes (outlays) by using the cash method, shall calculate income as a difference between the amount of accumulated coupon income received from the purchaser and the amount of accumulated coupon income paid to the seller. If during the time period between the date of sale of a security and the date of acquisition thereof in compliance with the terms and conditions of the issue payments in the form of interest were made, then the date of paying interest while redeeming the coupon shall be recognized as the date of receiving the income. With this, the income shall be determined as a difference between the amount of interest paid when redeeming the coupon and the amount of accumulated coupon income paid to the seller. When selling the security the interest on which, included into the composition of incomes in the procedure provided for by this Paragraph, was paid by the issuer thereof while the security was in the possession of a taxpayer, the amount received from the purchaser of such security shall be recognized as interest.

7. A taxpayer who determines incomes and outlays by using the method of calculation and who makes transactions in state and municipal securities circulated on the organized securities market, the accumulated interest (coupon) income on which is included into the price of deal when selling them, shall determine incomes in the from of interest subject to the following provisions. If prior to the expiry of a reporting (tax) period a security is not sold, the taxpayer shall be obliged on the last day of the reporting (tax) period to determine the amount of income in the form of interest falling at this period as a result of calculation.

With this, as income for the reporting (tax) period in the form of interest there shall be recognized the difference between the amount of accumulated interest (coupon) income, calculated as on the end of a reporting (tax) period in compliance with the terms and conditions of the issue, and the amount of accumulated interest (coupon) income calculated as on the end of the previous tax period, if after the end of the previous tax period the issuer has not paid the interest (has not redeemed coupons).

If the issuer paid out interest (redeemed coupons) during the current reporting (tax) period, then, in addition to the income in the form of interest calculated and accounted while making such payments (redemption) in compliance with Paragraph Four of this Item, the income in the form interest shall be taken as equal to the amount of accumulated interest (coupon) income calculated as on the end of said reporting (tax) period.

When paying interest (redeeming coupons) for the first time within a report (tax) period, the income in the form of interest shall be calculated as a difference between the amount of the interest being paid (of the coupon being redeemed) and the amount of accumulated interest (coupon) income calculated as on the end of the previous tax period . When making subsequent payments of interest (redeeming coupons) during a report (tax) period, income in the form of interest shall be taken as equal to the amount of paid out interest (of the redeemed coupon).

If said security was acquired during the current tax period, the calculation of income in the form of interest shall be effected in compliance with the provisions of Paragraphs from One to Four, where the amount of accumulated interest (coupon) income calculated as on the end of the previous tax period shall be replaced while making the calculations by the amount of the accumulated interest (coupon) income paid by the taxpayer to the seller of the security.

When selling said security, the income in the form of interest shall be calculated in compliance with the provisions of Subitems from 1 to 4 of this Item, where the amount of accumulated interest (coupon) income calculated as on the end the reporting (tax) period shall be replaced while making calculations by the amount of accumulated interest (coupon) calculated as on the date of sale.

Article 329. Procedure for Keeping Tax Records in the Sale of Securities

Recognised as an income from operations with securities shall be the earnings from the sale of securities in conformity with the terms of the contract of sale.

Incomes and outlays on operations with securities shall be recognized in compliance with the procedure established by Articles 271 or Article 273 of this Code depending on the procedure for recognition of incomes and outlays applied by a taxpayer.

When selling securities, the price of acquiring sold securities calculated subject to the method for recording securities established by a taxpayer (FIFO, LIFO or on the basis of the price of one unit) shall be recognized as an outlay.

If into the price of sale of state and municipal securities circulated on the organised securities market is included a part of the accumulated coupon income, the sum of the income and of the outlays on such securities shall be calculated without the accumulated coupon income.

The profit (loss) from the sale of securities in selling the securities circulated on the organised securities market, as well as of those not circulated on the organised securities market, shall be reflected in separate tax recording.

Interest income on state and municipal securities, in respect of which the deduction of a part of accumulated interest income from the price of a deal is stipulated, shall be determined as on the date of sale thereof on the basis of a contract of purchase and sale subject to the provisions of Article 328 of this Code and shall be shown in tax records on the basis of a certificate of the person in charge of calculating profit (income) from transactions in securities.