The procedure for repaying shares. Repayment of security. How to make money on bonds

1. Shares of society, distributed under its institution, must be fully paid throughout the year from the date of state registration of the Company, if less period is not provided for by the agreement on the establishment of society.

At least 50 percent of the shares of the Company distributed during its institution must be paid within three months from the date of state registration of the Company.

The action belonging to the founder of society does not provide votes to the moment of its full payment, unless otherwise provided by the Company's Charter.

In case of incomplete payment of shares during the period established by paragraph, the first present paragraph, the ownership of the shares, the price of placement of which corresponds to the unpaid amount (the value of the property that is not transmitted to the shares) is moving towards society. Agreement on the establishment of a society may be provided for the recovery of a penalty (fine, penalties) for non-fulfillment of the obligation to pay for shares.

Shares, the ownership of which has passed to society, do not provide the right to vote, are not taken into account when counting votes, dividends are not charged on them. In this case, within one year from the moment of their acquisition, the Company is obliged to decide on the decrease in its authorized capital or to pay for the authorized capital on the basis of the decision board of directors (supervisory board) of society to realize the acquired stocks at a price not lower than them market value. In case the market value of the shares below their nominal value, these shares must be implemented at a price not lower than their nominal value. In case the shares are not implemented by the Company within one year after their acquisition, society is obliged to reasonable time Decide on reducing its authorized capital by repaying such shares. If the company does not decide on the statutory period provided for by this article, the authority exercising state registration legal entitiesor other state bodies or local governments, which are eligible for presentation of such a requirement provided by federal laws, is entitled to make a requirement for the liquidation of society.

(see text in the previous edition)

Additional stocks and other issuable securities of the Company, placed by subscription, are placed under the condition of their full payment.

ConsultantPlus: Note.

The law establishes restrictions on the types of property adopted in the payment of the Company's shares.

ConsultantPlus: Note.

The payment for payment of emission securities is not applied only by money when the banks of subordinated bonds are issued in the case established by law (FZ dated 29.12.2014 N 451-FZ).

2. Payment of shares distributed among the founders of society under its establishment, additional shares placed by subscription can be carried out by money, securities, other things or property rights or other rights having monetary evaluation. Payment of additional shares by testing monetary requirements for society is allowed if they are placed through a closed subscription. The form of payment of shares of the Company under its institution is determined by the agreement on the establishment of a society, additional shares - a decision on their placement. Payment of other emission securities can be carried out only with money.

(see text in the previous edition)

Repayment implies getting money from the issuer. Repayment is made when replacing previous issues new with best Terms accommodation, or a sharp deterioration in the investment situation in the securities market. In some cases, the repayment of shares implies a loss or return of invested funds. Method of repayment depends on the type security.

Repayment of bill

Valuable paper on debt obligations are called a bill. Repayment of bills - payment money Bearer B. set time. Securities loses its value as soon as the full amount is paid (with percent, if it is written in condition). A bill holder no longer receives profit. In the event that the bill is not repaid on time (the lender did not receive the required amount), legislative sanctions apply.

Repayment of shares

Promotion - permanent securities. Repayment of the shares - the ransom of the enterprise released it. This is due to a decrease in the authorized capital of the joint-stock company, its reorganization or liquidation.

Repayment of securities associated with the reduction of authorized capital is carried out in two ways:

• reduced part of the securities of the issuer's securities;
• the total number of shares is preserved, with a decrease in their nominal value.

The Issuer does not have the opportunity to pay off securities belonging to other holders. This can be done only after the shareholder transmits them to the issuer.

In the case of bankruptcy, the company, shares can be repaid. The property in this case is distributed among shareholders, respectively by the number of securities of them belonging. Upon completion of this procedure, the action loses its value.

Repayment of bonds

Bonds redepeced by the expiration of the deadline established by the issuer are considered redeemed. Dates vary from year to 30 years. Depending on this, they may be short-term, medium-term and long-term.

Some bonds can be repaid early. The issuer has the opportunity, or is obliged to redeem them in investors before repayment upon the occurrence of a predetermined period at the nominal value of securities.

Bonds with option. The investor has the right, upon the occurrence of a certain period, demand from the issuer to buy bonds until the maturity date.

Repayment check

When receiving the presenter of the amount specified in the valuable paper, the check is repayed.

The transaction at which the resale of the security takes place is not repayment. The investor, selling it, makes a profit, but at the same time she herself still represents the value for the buyer.

Repayment of securities for the holder has a positive or neutral result. Repayment of securities on debt liabilities is to pay money to their bearer. A negative result is possible in the event of bankruptcy.

Hello, dear reader. Please welcome you on our resource dedicated to earnings on financial markets, trading and investment.

The material you see in front of yourself is aimed at acquaintance of novice investors and simply people who are not indifferent to their financial well-being with an extremely popular tool of the stock market, namely, bonds, their views, features and intricacies of work with them.

With all its reliability, bonds are considered one of the lowest financial instruments. And, especially, in present time zero rates! As an antipode of the specified tool, I would like to allocate binary optionswho are able to bring up to 90% of the profits in 1 minute! And try your hand as an optional investor with minimal shopping requirements: 10 USD on account and 1 USD for investment. Such such requirements makes the company for new customers.

We will not waste time for preview and immediately proceed to the case.

So, bond - This is a debtive paper, which is a documentary assurance of a loan relationship between the issuer (one who produces bonds in appeal) and the investor (one who acquires them for the purpose of profit).

The bond begars the benefits of both the first and second. If the issuers receive an additional influx of capital, which can be directed to the development of the enterprise, then investors become owners of a reliable and liquid tool that can bring regular profits.

Investing in bonds can be called the least risky way of investing funds, because They are the most stable and reliable stock market tools, which brings a good percentage of profitability.

Key properties of bonds

• Guaranteed at the legislative payment of dividends to investors. In case you have acquired a bond package, it can be confident that you will receive income on them on a regular basis. Refuse to pay interest on bonds in unilaterally It is impossible.
• Bonds have the final maturity period, before the onset of which the bond cannot be sold back the issuer. But, you can cash profits on it. The maturity of the bonds is indicated when concluding the contract and can be from several months to several years (about it a little later).
• Calculations on bonds are higher in the ranking of the company's priority rather than similar operations with shares. In the case of the bankruptcy of the company, the owners of bonds receive money due to them first.

Characteristics of bonds

Each bond, like any other investment ActiveHowever, it has a number of characteristics and distinctive features, according to which they are classified and investors are selected. To those can be attributed:

• Nominal - the price of redemption of the bond (its reverse ransom of the Issuer) after the occurrence of the period specified in the contract. Bond prices on the Russian stock market start with 1000 rubles, and reach hundreds of thousands of dollars, when it comes to major domestic and foreign companies.
• Maturity - What we said earlier: the term for which the bond is issued into circulation and during which the investor can act as the owner. After the expiration of this term, the bond returns back the issuer, with the payment of the Investor of the Nominal Bonds.
• Coupon rate - Income (dividends) of the Investor on Bonds, i.e. Those money that he periodically pays an investor. Expressed as a percentage of the nominal bonds and show its annual coupon yield. Example: Nominal Bonds of 10,000 rubles, a coupon rate - 15%, the frequency of dividend payments - 2 times a year. This means that the owner of the bond should receive 1,500 rubles with two payments of 750 p. Each, for one year.
• Market value - How the specific bond on the stock market is estimated. The market value of the bond may differ from the nominal, both in the greater and in a smaller side (the differences are smoothed to the occurrence of the maturity date). Actually for those who want to resell a third party bond purchased earlier.

Before moving towards an extensive issue regarding the classification and typology of bonds, I suggest you consider the main differences between bonds and promotions, because It is this question that beginner investors most often ask.

Differences of shares from bonds

• The first and basic - shares give their owners the right to manage the company, the adoption of participation in its activities and life (private shareholders and investors use it extremely rare, but still). Bonds do not give such rights.
• Bonds are much less volatile tool than any other securities, including promotions. They rarely change in price as much as much significant and therefore are less risky.
• Bonds, unlike shares, guarantee its owner to obtain regular income (equal coupon) and the return of capital invested in them.
• Investing in stocks, potentially more profitable than investment in bonds. Moreover, this difference is essential, because The action easily can grow in price several times in a short time, while there is no such bonds. But, as already mentioned, the risks of investing in stocks above.
• Shares do not have maturity and may bring income unlimited time.

As you can see, the main differences between the shares and bonds are reduced to two factors: the amount of profitability and the degree of risk. In general, speaking of bonds, it is often carried out with a parallel not even with shares, but with bank deposits. Noting at the same time that the principle of attachment of funds in them is similar to what we see from bonds, however, less profitable and profitable.

By virtue of a fairly extensive set of bonds, which is observed both on stock and outdoor bidding, the list of their varieties is quite wide. And for convenience, we will consider their classification for each basis separately.

Classification of bonds by income generation

• Coupon - the denomination of such bonds is paid not to the onset of their repayment, but is charged to the investor with equal parts throughout the entire period of circulation.

Calculation and payment occur according to the coupon reviewed by us, and can be carried out with equal shares (fixed coupon).

And with reference to any interest rate (variable coupon).

• Discount (ocheponic) - no payments on the coupon rate, and the investor receives income due to the initial sale of the Issuer of the Bond below its real value. The profit of the investor is formed due to the difference between the purchase price and the redemption price of the bond.

According to the status of the issuer

• State - Released by the Ministry of Finance of Russia, and is controlled by the Central Bank of the country. They have the official name:, and income on them, often, is not taxable.

This type of bonds and ways to make money on them are devoted to a separate article of our site, which is called "".

• Municipal - As the Issuer here is the local (regional) government, for example, an area or federal district.
• Corporate - Issue in appeal is made by the largest commercial structures Countries such as Sberbank, for example.

By maturity

• Short-term - We are in circulation up to one year.
• Medium-term- From one year to five years.
• Long-term - Five or more years.
• Permanent- Bond with unlimited, or a permanent redemption (applicable to corporate bonds).

By type repayment

• Irrevocable - Redempted at par at the end of the maturity.
• Early redeemed - The parties have the opportunity to buy (sell) the bond early (produced quite rarely). Are divided into:

but) Review - Issuer can repay the bond early.

b) Returns - the investor has the right to demand the payment on bonds ahead of time.

in) Amortized - the Issuer can partially repay the nominal value until the bond is in circulation.

By degree of security

Most of the bonds are protected by the issuer from risks in order to secure depositors. Security of bonds may have a different degree:

• Secured (mortgage) bonds - are issued on the security of movable and real Estate The issuer who will go to the investor in the event of the bankruptcy of the company.
• Unsecured - Pledge, as such, no. However, the owners of the bonds will be the first to whom the company will pay debts in the event of its decay.
• Guaranteed - The fulfillment by the issuer of its obligations is guaranteed, among other things, the third company-guarantor.

Also, bonds are divided by convertibility when convertible bonds holder can exchange at the exchange rate to other issuer's securities. And on the indexation of payments, when payments for indexed bonds are changing under the influence of macroeconomic factors (the level of inflation, etc.).

In principle, this is all related to the species classification of bonds. There are, of course, and smaller classification features, but we will not sharpen attention on them.

From which the yield of bonds depends

Like percent of the deposit deposits, the profitability of the absolute majority of bonds directly depends on the refinancing rate. By the way, from January 1, 2016, central bank Russia plans to equate its importance to the key rate, let's see if it will happen.

Also, the magnitude of the percentage of bonds affects financial condition Their Issuer. The more his need for inflow of funds and investments, especially profitable terms It will offer to shareholders, and the higher the profitability of its bonds.

How to make money on bonds

The average yield of bonds fluctuates at the level of 13-15% per year, compared with the shares it is, of course, not so much, but do not forget that the risks are much smaller here.

The easiest option of earnings on bonds is a simple "classic" investment in them. I purchased a package of bonds on the Moscow Stock Exchange, waited until the repayment period comes and sold them to the Issuer, habit well-deserved profits. With large volumes of procurement, this approach fully justifies itself, because In addition to the purchase of bonds, you do not have to do an even account anything, and the money will slowly drip. And with minimal risk.

You can also try to trade bonds according to the classic trader scheme, as it happens with other assets: acquired bonds at the time of market awards, when their market value decreases, waited for price correction up and solding assets, winning the price difference.

A pleasant addition to trading bonds is the fact that if you purchased coupon bond, That time until it is in your hands, you will receive a coupon profit. And selling a bond above the course value, get a profits from resale. Double Benefit, definitely worthy of attention.

Where benefits are profitable bonds

All bonds, regardless of their species, appeal on the stock exchange. In our case - on. And for their acquisition, a good broker is needed.

Steering over the network and comparing offers from various brokers, I allocated one that seemed to me the most profitable. It comes from the company - the largest Russian stock broker.

Here I saw, actually, everything I was interested in this topic: stable level profitability, competent approach to the organization of trading, comfortable system customer interactions, providing a trading platform, etc ..

A separate item is a wide range of bonds offered to work, because Cerich works with all their species listed on the stock exchange. Here you can find both domestic bonds of the federal loan, and Eurobonds, corporate bonds and much more.

As they say - for every taste and wallet. There is where to get roaring and what to expand your investment portfolio.

Summing up, I can say that bonds are a tool that should be in each competently compiled investment portfolio. Someone with their help diversifies risks, providing a practically guaranteed profit, someone invests in them large sums, in order to get stable and 100% passive incomeAnd someone starts with them their way as a trader and investor.

The latter, by the way, it is worth paying special attention, because Bonds can be called an ideal tool for beginners. By investing in them, you will get your first experience in the stock market, you will understand how bidding is organized on it and approach the rank of professional investor.

At the same time you do not lose with the choice of bonds for investing, because All of them are good and able to generate income, and you will also make a profit on the coupon rate or a nominal price.

If you have any questions regarding bonds or features of working with them - leave them in the comments, and I will be happy to answer them. Well, while all, stay with us.

Sincerely, Nikita Mikhailov

From July of this year, changed legislative actsrelated to the activities of joint stock companies. At one time, the developed amendments caused a rapid response of all stakeholders. However, the changes were still adopted. The amendments did not bypass the procedure and procedure for redemption of their own shares by society. Consider the provisions of the legislation regulating such an operation and practical recommendations By its implementation.

It is often happening that society needs to return part of its own placed shares. Domestic legislation gives the company the right to redeem such securities at the holder. This can be done at the request of shareholders or by decision of the Commissioner Committee of the Company. However, this operation has its own nuances. Domestic legislation provides for two cases of redemption by society of their own shares - on the initiative of the company and, by virtue of the requirements of the law.

Initiative redemption by the society of its own shares is possible:

1. by decision of the General Meeting of Shareholders to reduce the Company's share capital. For this, the company acquires and repays part of the shares, if such an opportunity is provided for by the Company's Charter (Art. 29, 72 Federal Law dated December 26, 1995 No. 208-FZ "On joint Stock Company", Further, the AO Law).
2. by decision of the General Meeting of Shareholders or by decision of the Board of Directors, if the possibility of its adoption was provided by the Company's Charter (Art. 72 of the AO Law).

We are looking for differences

The consequences of the repurchase of shares in two cases presented are fundamentally different. Securities redeemed by society to decide on the decrease in share capital are repaid at the time of their acquisition (Article 72 of the Law on JSC). Shares received by the Company on the initiative decision of the Management Committee can be implemented at market value during the year from the date of their purchase. If the company has not sold securities at the specified period, then the general meeting of shareholders should decide on their repayment. Thus, the organization will have to reduce their authorized capital.

Wishes of shareholder

The Company is obliged to redeem the published papers at the request of its shareholder in the following cases provided for in Article 75 of the AO Law:

1) In the reorganization of society, if the shareholder, requiring the repurchase of shares, was against the decision on this issue or did not participate in the voting.

The company can be reorganized in one of the forms provided for by the Civil Code and the Law on JSC. If society has changed the structure or order of control in such a way that they do not correspond to signs of reorganization, the shareholder is not entitled to demand the ransom of the shares belonging to it. This confirms the arbitration practice. Thus, the Federal Arbitration Court of the North-West District refused to satisfy the Shareholder's claim to society about the repurchase of shares. According to the plaintiff, the company conducted the reorganization of society. The judges counted that the establishment of several subsidiaries and the implementation of a major stake in a third party was not reorganized from the point of view Civil Code (Resolution of the FAS of the North-West District of August 18, 2004 in case number A56-596 / 04).

2) When making a major transaction with the company, the decision on the approval of which is accepted general meeting Shareholders. IN this case The shareholder requirements for the redemption of securities should be satisfied if he was against the decision on this issue or did not participate in the voting. The company is considered to be a transaction of society in the amount of more than 50 percent balance value Assets that meet the criteria established for such operations in Article 78 of the Law on JSC. Transactions performed by society in the process of ordinary economic activity, do not give the shareholder the rights to demand the repurchase of shares.

3) When making changes and additions to the Charter of the Company or approval of the Company's Charter in new edition, limiting the right to shareholder. The latter is entitled to demand from the company to repurchase shares if he was against these amendments or did not participate in the voting. If the changes made to the charter actually do not affect the interests of the shareholder, then it is not entitled to make the requirements of society. Such opinions are followed by the courts. For example, the presidium acknowledged you that the placement by the Company of additional shares on a closed subscription in itself does not violate the rights of the shareholder. Thus, even if the latter voted against this decision, he is not entitled to demand the redemption of the shares belonging to him. The arbiters referred to the fact that the Law on JSC provides for the guarantees of preserving the shareholder's share in the authorized capital of the Company, if it places additional stocks (Resolution of the Presidium of the Wheel of the Russian Federation of March 21, 2006 No. 13683/05 in case number A04-9129 / 04-15 / 406).

Shareholder rights violate, for example, such changes to statutory documents as:

• decisions on the transfer of part of the authority of the general meeting of shareholders in favor of the Board of Directors;
• decisions on the consolidation of shares, if at the same time the shareholder loses the right to vote and so on.

We also note the position of judges concerning all the above grounds (Resolution of the Presidium of the Court of the Russian Federation of June 1, 2004 No. 1098/04). If the shareholder participated in the voting and abstained, it does not have the right to demand from the community redemption society (Art. 75 of the AO Law).

Without restrictions

The AO Law guarantees that the acquisition of securities by one of the participants does not violate the rights of other shareholders and creditors. Therefore, the document provides for a number of restrictions on the repurchase of shares. According to Article 73 of the Law on JSC, the Company is not entitled to acquire ordinary shares placed by it in the following cases:

1. before the entire authorized capital of the company is fully paid;
2. if society meets signs of insolvency (bankruptcy) at the time of the acquisition of securities or they may arise as a result of the repurchase of shares;
3. if at the date of purchase of securities cost pure assets Society is less than its authorized capital and reserve fund or will be as as a result of ransom. If the number of posted shares includes privileged, the redemption will be impossible in case of exceeding their liquidation value above the nominal;
4. if at the time of the acquisition of securities, shares are not redeemed on the Company's mandatory for society (Art. 76 of the Law on JSC).

The above limitations do not act if the ransom of shares is a mandatory shareholder's requirement (Article 75, 76 of the Law on JSC). The Company cannot decide to reduce the authorized capital and redeeming part of the shares, if, as a result of this, its size will become lower than the minimum established by law (Art. 72 of the AO Law). In fact, the AE law admits the redemption of shares with a nominal value of no more than 10 percent of the authorized capital of the Company. At the same time, the Company is not entitled to decide on the acquisition of own securities, if the nominal value of the shares in circulation is less than 90 percent of the authorized capital of the company (Article 72 of the AO Law).

If the ransom of shares is carried out at the request of the shareholder, then the following limitation is valid (paragraph 5 of Art. 76 of the AO Law). The Company cannot allocate the amount of more than 10 percent of the value of their net assets to the acquisition of shares at the date of the redemption date. If the company does not fit into the restrictive framework, then the paper is repurchased from shareholders in proportion to the stated requirements. At the same time, legislation does not provide for the possibility of education of fractional shares as a result of such an acquisition (Art. 25 of the Law on JSC, a letter from the Federal Tax Service of Russia of November 26, 2001 No. IR-09/7948).

Do not despair!

Listed restrictions can be bypassed if the redemption of securities will be carried out not by the Society itself, but another organization. For example, a subsidiary can acquire those in the circulation of the Maternal company's share and unlimited time to keep them on their balance sheet as a financial investment.

The redemption transaction in this case can be financed by the parent company. To do this, she should conclude a loan agreement with subsidiary. Acquired shares can also be transferred to the parent company in pledge as provision borrowed obligations. At the same time, it is necessary to register it in the register of owners of securities of society.

We buy securities ...

What is it in own initiativeand in obligatory Society redeems stock at the market price (Art. 77 of the AO Law), which is determined by the Board of Directors on the basis of the conclusion of an independent appraiser. The decision to acquire securities takes the general meeting of shareholders (by the Board of Directors in the case specified in paragraph 2 of Art. 72 of the Law on JSC). The document should define the types of repurchased stocks, their number for each category, the price, form and period of payment, as well as the period of time during which the paper is transmitted. Society is obliged to notify shareholders on the acquisition of shares at least in 30 days

before the start of redemption. As a rule, payment is made in rubles. The exceptions are cases where other options are provided for by the Company's charter. The company provides shareholders with information on their right to demand redemption of securities. Such data is usually indicated in the report on the general meeting, if the content of its agenda entails the emergence of the participants in the right to redemption. Shareholders must submit their own requirements for the redemption of shares no later than 45 days from the date of adoption by the general meeting of the relevant decision. At the end of this period, the company is obliged to satisfy the declared desire of participants within 30 days.

... and implement

The procedure for selling shares redeemed by society from shareholders is not regulated by law. The decision to implement these securities can be adopted by the Sole Executive Committee of the Company. This should take into account restrictions on the commission of transactions established by the Company's Charter and the law. The price of implementation is determined in the order, similar to the cost of the acquisition (Art. 77 of the AO Law). The right of a new shareholder is not limited to the voting by the Society sold shares until their payment, since this rate applies only to the company's founders when primary accommodation securities (Art. 34 of the Law on JSC). The legislation clearly does not say about the presence of preemptive right from shareholders closed society For the redemption of the shares offered to sell the organization itself. At the same time, there is a general ban on the realization of its own securities to the unlimited circle of persons (paragraph 3 of Art. 7 of the Law on JSC). Thus, it can be concluded that it will be able to sell redefined shares to third parties by the organization only after the participants of the Company are refused on their acquisition.

Talk about taxes

Acquisition by society of own shares. In the accounting accounting of the company, the cost of the cost of redefined shares is reflected in the account on the account of account 81 and the debit of accounts: 80 " Authorized capital"- on the total nominal value of redeemed shares, 91" Other income and expenses ", subaccount 91-2" Other expenses ". The operation reflects the difference between the price of ransom and the nominal value of the shares.

For taxation of profit, this amount is taken into account depending on the redemption purposes:

• if the acquisition follows the repayment of shares, then the exceeding the amount of the redemption over the nominal value of shares is not reflected in the cost of the costs in determining tax base. In this case, the conditions are not fulfilled. recognition of expensesestablished by paragraph 1 of Article 252 of the Tax Code of the Russian Federation. In this way, this operation Not related to the activities of an organization aimed at obtaining income;
• if the acquisition follows the implementation of shares, the specified exceedment is reflected in the cost of expenses in determining the profit from the subsequent sale of securities.

The shareholder who sold the promotion to the Company is a payer of income tax in the manner prescribed for transactions for the sale of securities (Art. 280 of the Tax Code of the Russian Federation).

http://derbyrpg.mybb.ru/viewtopic.php?pid\u003d4259#p4259 The implementation of securities in Russia is not an object of inclusion of VAT (sub. 12, paragraph 2 of Art. 149 of the Tax Code of the Russian Federation). By general rule The income tax during operations with shares is paid on the basis of a market price reduced on the costs of their acquisition (Art. 280 of the Tax Code of the Russian Federation). This applies to securities that do not appeal on the organized market. There is also the opinion that the implementation by the Company previously redeemed by their own shares is the sale in investment purposes. Therefore, according to subparagraph 3 of paragraph 1 of Article 251 Tax Code, such income is not subject to income tax. In our opinion, this approach seems to be controversial because, in accordance with the provisions of civil law, the redefined share is placed by the valuable papers until its extent.

Domestic legislation provides for two cases of redemption by the Company of their own shares - on the initiative of the company and, by virtue of the requirements of the law

The procedure for selling shares redeemed by society from shareholders is not regulated by law. The decision to implement these securities can be adopted by the sole executive committee of the company

How to pay taxes if the shareholder is a foreigner?

Specific features of the calculation of the tax arise if the participant is resident foreign state. Revenues from shares russian companies A foreign firm who does not carry out its activities through a permanent representation in Russia is subject to income tax on the source of payments. This norm is working if more than 50 percent of the assets of the domestic organization, the securities of which are the subject of sale, consists of real estate located in Russia (sub. 5, 1 Article 309 of the Tax Code of the Russian Federation). The calculation of its price is carried out at the book value (the letter of the Ministry of Finance of Russia of January 24, 2005 No. 03-08-05). As a document confirming the size of the share of real estate in AO assets, you can use accounting certificate. She must be signed cEO and chief accountant of society. In all other cases, revenues from the sale of shares of domestic organizations by a foreign company that has no permanent representation in Russia is not subject to taxation in the country. In the case of subparagraph 5 of paragraph 1 of Article 309 of the Tax Code, the tax from the source of payment is calculated and is held with the Russian-buyer organization (in our case by the issuer's society) with each actual income payment. At the same time, on the basis of paragraph 4 of Article 309 of the Tax Code, the costs of a foreign company can be accessed as a consumption for the acquisition of the Company's securities specified in paragraph 2 of Article 280 of the Tax Code. Costs should be confirmed by documents issued in accordance with the requirements of the Federal Law of November 21, 1996 No. 129-FZ "On Accounting". For income calculated based on expenses confirmed by documented, the tax rate is applied - 24 percent, excluding costs - 20 percent (paragraph 1 of Art. 310 of the Tax Code of the Russian Federation). If the seller's organization is a resident of the state with which Russia has concluded an international tax agreement, fees from the sale of shares are transferred to the budget under its conditions (sub. 4 of paragraph 2 of Art. 310 of the Tax Code of the Russian Federation).

Ivan Lebedev, Head legal department CJSC "Conflex St. Petersburg"

Material source - Shareholders of mutual funds have the right to get rid of shares, presenting them to the repayment of the Fund's transfer agent, which usually performs the bank specializing in such services. The Investor by mail directs the transfer agent its requirement to pay off (redeem) shares by attaching a form of power of attorney for shares with a signature certified by an authorized representative of the Bank, a brokerage company or another financial institution. Having obtained such a requirement, the transfer agent eliminates stocks, based on the cost of net assets specified at the closure prices of New York stock Exchange For current day. Closing prices are usually used, even if the fund's portfolio consists of bonds or other securities that are not quoted on NYSE. By
preliminary Agreement with the Fund Shareholders can repay shares (or transfer their investments in another fund within one Fund Group) by phone.
One of the unwanted side effects of creating amenities for investors was the emergence of a new sub-secretion of "market timers", which claim that they can choose the properly choose a mutual fund for short-term investment. As a result, controlled portfolios of mutual funds began to be bought and sold similarly lying in them securities. Man ready to help the investor in the choice of fund, usually sells its information on "hot" telephone line. At the same time, the investor probably punishes himself, since he is already paying the Fund manager for choosing investment facilities. Until now, no convincing confirmations of the fairness of "telephone switches" are not found (in the sense that they "switch" investors from one Foundation to another) and it is not enough likely that they are found, since similar statements were made in the past and other "specialists " by stock market. Although brokers sometimes welcome aggressive securities trading, bringing them additional commissions, such trade rarely benefited investors themselves. Investments in the shares of mutual funds have always treated the category "Buy and Keep", and investors have no reason to flow differently.
In some funds, the repayment of shares can be carried out by using the right of checking the checks against their contribution to the Foundation. As noted earlier, the right to discharge checks usually provide funds from the money market, but sometimes this service is also offered by other types of funds. Shareholder on request receives checking bookwhich allows him to repay shares by extracting checks to any amount within the value of shares. The transfer agent eliminates the exact number of shares corresponding to the amount specified in the check, and transfers the bank to which the check is discharged for payment.
Some funds occasionally resort to a special form of repayment called "repayment of nature." These funds often refer to the category of aggressive growth funds and attract the attention of investors seeking to quickly make a profit. Some of the investors of this kind are constantly "jumping out" from the Foundation to the Foundation in the pursuit of maximum profit. In cases where the amounts nested are large, and there are many such investors themselves, their sudden simultaneous demand to pay off shares can force the portfolio manager to make the liquidation of part of investments for the sake of obtaining the necessary cash. As a result, other investors of the Fund will suffer, since the manager usually has to sell the most profitable securities. To avoid this, the Foundation may try to repay shares not in cash, and securities from their portfolio to the appropriate amount.