Medvedev: stock market tax incentives needed
MOSCOW. Dec 9 (Interfax) - Russian President Dmitry Medvedev has given the government the job of working up stimulative tax measures aimed at increasing the Russian stock market's attractiveness to foreign issuers, according to a list of instructions subsequent to a meeting of the International Consulting Council for the creation and development of the country's international financial center published on the president's website on Friday.
By March 1 of next year, the government is to provide for the introduction of changes to Russian law as concern the establishment of rules for taxing Russian depository receipts (RDR), as well as the securities of non-residents that circulate on the Russian stock market.
In a draft on the Main Directions for Russian Federation Tax Policy in 2012 and the Planned Period 2013 and 2014 published this past summer, the Finance Ministry provided for a number of changes to how financial instruments are taxes. In particular, the ministry said, there has to be law-based regulation of how RDR are taxed, since there are no rules now for taxing the conversion of RDR into shares and vice versa.