Izvestiya of Saratov University.

Economics. Management. Law

ISSN 1994-2540 (Print)
ISSN 2542-1956 (Online)

For citation:

Nikolaeva E. S. Taxation in the Perfomance Options Contracts as Financial Instruments of Futures Contracts. Journal Izvestiya of Saratov University. Economics. Management. Law, 2015, vol. 15, iss. 4, pp. 441-446. DOI: 10.18500/1994-2540-2015-15-4-441-446

This is an open access article distributed under the terms of Creative Commons Attribution 4.0 International License (CC-BY 4.0).
Full text PDF(Ru):
Article type: 
336.02; 336.22; 336.4; 251.72

Taxation in the Perfomance Options Contracts as Financial Instruments of Futures Contracts

Nikolaeva E. S., Saratov State University

At present the legislation does not always have time to respond to the needs of modern business, the constant development and improvement of relations between subjects necessarily entails the formation of new types of relations, requiring detailed legal regulation. Purpose. Analyze the taxation of option transactions, depending on their types and participants. To investigate the levying of tax on profit of organizations and tax on added value when executing option transactions, as well as the use of incentives in the taxation of these transactions. Results. Based on carried out analysis it is established that for tax purposes payments on option contracts must be reasonable, and the award be included in the income of a taxpayer, regardless of the qualification of such transaction as a financial instrument. Moreover, it is established that the levying of value added tax shall be only part of an option recognized by the implementation. Identified the need to consolidate at the legislative level the criteria of option contracts for transactions subject to taxation, with the definition of the procedure for calculating and paying tax. Conclusion. Reveals the notion and the kinds of option transactions, are shown their new designs, causing the need for improving the tax treatment of such transactions.

  1. O vnesenii izmenenii v chast’ pervuiu Grazhdanskogo kodeksa Rossijskoj Federacii: federal’nyj zakon ot 08.03.2015 № 42-FZ [On amendments to part one of the Civil code of the Russian Federation. Federal law of 08.03.2015 № 42-FZ]. Sobranie zakonodatel’stva RF [Collection of Laws of the Russian Federation], 2015, no. 10, art. 1412.
  2. Grazhdanskij kodeks Rossijskoj Federacii. Chast’ pervaja ot 30.11.1994 № 51-FZ (red. ot 13.07.2015) [Civil code of the Russian Federation. Part one of 30.11.1994 № 51-FZ (an edition of 13.07.2015)]. Sobraniezakonodatel’stva RF [Collection of Laws of the Russian Federation], 1994, no. 32, art. 3301; 2015, no. 29 (pt. I), art. 4394.
  3. Nalogovyj kodeks Rossijskoj Federacii. Chast’ vtoraja ot 05.08.2000 № 117-FZ (red. ot 13.07.2015) [Tax code of the Russian Federation. Part second of 05.08.2000 № 117-FZ (an edition of 13.07.2015)]. Sobranie zakonodatel’stva RF [Collection of Laws of the Russian Federation], 2000, no. 32, art. 3340; 2015, no. 29 (pt. I), art. 4358.
  4. O rynke tsennykh bumag: federal’nyj zakon ot 22.04.1996 № 39-FZ (red. ot 13.07.2015) [On the securities market. Federal law of 22.04.1996 № 39-FZ (an edition of 13.07.2015)]. Sobranie zakonodatel’stva RF [Collection of laws of the Russian Federation], 1996, no. 17, art. 1918; 2015, no. 29 (pt. I), art. 4357.
  5. O nalogooblozhenii premii, vyplachivaemoi inostrannoj organizatcii po optsionnomu kontraktu v rezul’tate osushchestvlenija operatsii s fi nansovymi instrumentamisrochnykh sdelok, ne obrashchaiushchimisja na organizovannom rynke tsennykh bumag: pis’mo Departamenta nalogovoj i tamozhenno-tarifnoj politiki Minfi na RF ot 23 iiunia 2011 g. № 03-08-05 [On the taxation of premiums paid to a foreign organization for option contract in transactions with fi nancial instruments of term transactions not traded on organized market of securities. Letter of the Department of tax and customs tariff policy of the Ministry of Finance of the Russian Federation of June 23, 2011 № 03-08-05 (The text of the letter wasn’t published)]. ATP «Consultant» [electronic resource].
  6. Vopros: Vprave li organizatsiia v tseliakh naloga na pribyl’ uchest’ raskhody na vyplatu optsionnoi premii i komissionnogo voznagrazhdeniia po optsionnym soglasheniiam na pokupku aktsii v prochikh raskhodakh pri otkaze ot priobreteniia aktsii po ukazannym soglasheniiam, esli soglasno uchetnoi politike polozheniia st. st. 301–305 i 326 NK RF primeniaiutsia tol’ko v otnoshenii raschetnykh srochnykh sdelok: pis’mo Minfi na Rossii ot 20.09.2012 № 03-03-06/1/489 [Question: The right institution for the purposes of income tax to take into account the expenses on payment of the option premium plus a Commission fee on option agreements for the purchase of shares in other expenses in case of refusal of acquisition of shares under the said agreements, if the accounting policy according to the provisions of articles 301–305 and 326 of the tax code apply only to the current term transaction. Letter of the Ministry of Finance of Russia of 20.09.2012 № 03-03-06/1/489 (The text of the letter wasn’t published)]. ATP «Consultant» [electronic resource].
  7. Konstituciia Rossijskoj Federacii (prinjata vsenarodnym golosovaniem 12.12.1993 g.) (s uchetom popravok, vnesennykh Zakonami RF o popravkakh k Konstitucii RF ot 30.12.2008 g. № 6-FKZ, ot 30.12.2008 g. № 7-FKZ, ot 05.02.2014 g. № 2-FKZ, ot 21.07.2014 g. № 11-FKZ) [The Constitution of the Russian Federation (adopted by popular vote 12.12.1993) (as amended by the Laws of the Russian Federation on amendments to the Constitution of the Russian Federation of 30.12.2008 № 6-FKZ, of 30.12.2008 № 7-FKZ, of 05.02.2014 № 2-FKZ, of 21.07.2014 №. 11-FCZ)]. Sobranie zakonodatel’stva RF [Collection of Laws of the Russian Federation], 2014, no. 31, art. 4398.
  8. Vopros: Organizatsiia sobiraetsia sdavat’ v arendu torgovye mesta v stroiashchemsia zdanii torgovogo tsentra. Do polucheniia prava sobstvennosti na eto zdanie organizatsiia prodaet budushchim arendatoram optsion na pravo zakliucheniia dogovora arendy torgovogo mesta (dogovor, v sootvetstvii s kotorym arendator priobretaet pravo na zakliuchenie v budushchem dogovora arendy s fi ksirovannoi arendnoi platoi). Budut li oblagat’sia NDS operatsii po realizatsii optsiona: pis’mo Minfi na RF ot 29.12.2005 № 03-04-11/336 (Question: The Organisation plans to lease retail premises in a newly built shopping center. Before obtaining ownership of this building sell future tenants the option for the right to conclude lease agreements for commercial spaces (contract, whereby the lessee acquires the right to conclude in the future a lease agreement with fi xed rent). Will be subject to VAT transactions for the sale of the option. Letter of the Ministry of Finance of the Russian Federation of 29.12.2005 № 03-04-11/336 (The text of the letter wasn’t published)). ATP «Consultant» [electronic resource].