Tax Code amendments on VAT exemption of services of professional securities, commodity and exchange market players


Legal Update No. 381, 24 August 2012

Goltsblat BLP advises that Federal Law of 28 July 2012 No. 145-FZ “On Amendments to Certain Legislative Acts of the Russian Federation” has come into effect. The amendments envisage VAT exemption for certain services rendered on the securities, commodity and exchange markets by professional market participants.

In particular, from 1 January 2013, the following services are not VATable:

  • services provided by registrars, depositories, including specialised depositories and the central depository, dealers, brokers, securities managers, management companies of investment funds, unit investment funds and non-state pension funds, clearing houses and trading organisers on the basis of licences to perform the various types of activity;
  • services provided by the above-mentioned organisations that are directly connected with services rendered thereby within the scope of the licensed activity (as listed by the Government of the Russian Federation);
  • services rendered by duly accredited commodity supply operators involving performance, control and recording of commodity supplies under liabilities released for clearing;
  • services to assume liabilities subject to inclusion in a clearing pool rendered by central counterparties on the basis of a licence to perform clearing activities or on the condition of receipt thereby of a relevant accreditation;
  • services rendered by market-makers to support prices, demand, supply and (or) the volume of organised trades.

For additional information, please contact: Evgeny Timofeev, Partner, Head of Tax Practice for Russia/CIS, Goltsblat BLP by phone: +7 495 287 44 44, or by e-mail: or Andrey Shpak, Partner, Tax Practice, Goltsblat BLP by phone: +7 495 287 44 44, or by e-mail:

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