What are securities? Classification, types of investments

About the formation of the initial cost

Taxpayers periodically have questions about the formation of the initial cost of securities when purchasing in foreign currency, as well as questions about transactions with them with deferred execution . The Russian Ministry of Finance considered one of these issues in its Letter dated January 19, 2011 N 03-03-06/2/9. Officials indicated that when purchasing securities with deferred execution, an organization can independently qualify the transaction, recognizing it as either a transaction with a financial instrument of forward transactions, or a transaction to acquire the underlying security with deferred execution. This choice is due to the fact that the acquisition of deferred securities falls within the definition of a derivative financial instrument in accordance with Federal Law No. 39-FZ of April 22, 1996 “On the Securities Market.” However, paragraph 2 of Art. 301 of the Tax Code of the Russian Federation provides for the right of the taxpayer to independently qualify a transaction, the terms of which provide for the delivery of an underlying asset, recognizing it as a transaction with a financial instrument of derivatives transactions (forwards, futures, option contracts, swap contracts) or a transaction for the supply of the subject of the transaction with a deferred execution. The criteria for classifying transactions involving the delivery of the subject of the transaction (with the exception of hedging transactions) as transactions with financial instruments of futures transactions must be determined by the taxpayer in the accounting policy for tax purposes. The Russian Ministry of Finance also points out that when concluding an agreement for the purchase and sale of securities with a deferred execution of more than three working days, it can be recognized as a financial instrument of futures transactions for corporate profit tax purposes only if it indicates that such an agreement is a derivative financial instrument. If there is no such indication, the transaction is recognized as a transaction with securities, the taxation of which is carried out in accordance with the general procedure in accordance with Art. 280 Tax Code of the Russian Federation. When it comes to accounting for the value of securities bought and sold in foreign currencies, there are a few things to keep in mind. First, when transferring an advance in foreign currency as an advance payment for securities, the amounts of advances are recalculated at the rate of the Central Bank of the Russian Federation on the date of transfer and are not subsequently revalued due to changes in the exchange rate (clause 11 of article 250, clause 5 of clause 1 of article 265, clause 10 of article 272 of the Tax Code of the Russian Federation). Second, the cost of acquiring a security is determined in rubles according to the official exchange rate of the Central Bank of the Russian Federation on the date of its acceptance for accounting (clause 2 of Article 280). When a security is disposed of, it is this value that will be included in income tax expenses, regardless of currency fluctuations.

Legislative regulation of the issue

The issue and circulation of securities in Russia are regulated by:

• Civil Code of the Russian Federation. Chapter 7 “Securities”.
• Federal Law No. 208-FZ “On Joint-Stock Companies” dated December 26, 1995
• Federal Law No. 39-FZ “On the Securities Market” dated April 22, 1996

In addition, the legal relations of professional exchange participants are regulated by other legal acts and various documents. The main set of rules affecting the market is the Federal Law “On the Securities Market”.

Securities Market Law

The law regulates the issue, circulation, purchase/sale of securities and other actions of market participants:

• the role of the Bank of the Russian Federation;
• requirements for professional participants;
• appeals;
• information support;
• rights and obligations of a broker and dealer.
• determines the register of the Central Bank.

The law protects novice investors and organizations by regulating the interaction of investors and brokerage companies.

What securities are considered negotiable?

Another taxpayer asked for clarification of certain provisions of paragraph 3 of Art. 280 of the Tax Code of the Russian Federation, concerning the distinction between securities traded and not traded on the organized market . In particular, is it sufficient for the market quotation to be determined at least once in the last three months to recognize it as trading on an organized market, or is it necessary for its quotation to be determined every day for three months? In Letter dated 04.02.2011 N 03-03-06/1/63, the Ministry of Finance of Russia recalled that in accordance with clause 3 of Art. 280 of the Tax Code of the Russian Federation, securities are recognized as circulating on the organized securities market only if the following conditions established by clause 3 of Art. 280 of the Tax Code of the Russian Federation: 1. If information about their prices (quotations) is published in the media (including electronic) or can be provided by a trade organizer or other authorized person to any interested party within three years after the date of transactions with securities. 2. If during the last three months preceding the date of the taxpayer’s transaction with these securities, a market quotation was calculated for them, if this, in turn, is provided for by applicable law. Based on these provisions, officials concluded that in order to recognize a security as trading on an organized market, it is sufficient that its quotation be calculated at least once in the last three months. In this case, the quotation can be calculated by the trade organizer or the interested party independently in the manner set out in clause 4 of Art. 280 of the Tax Code of the Russian Federation, according to which the market quote is the weighted average price of a security for transactions completed during the trading day. If the weighted average price is not calculated by the trade organizer, then the weighted average price is taken to be half the sum of the maximum and minimum prices of transactions completed during the trading day through this trade organizer. Consequently, if a security participated in trading for at least one day, it is possible to determine the weighted average price, market quotation and, thus, comply with the conditions of clause 3 of Art. 280 Tax Code of the Russian Federation.

Enterprise as the main subject of microeconomics

14.1. Nature of the firm

Considering the course of economic processes, we constantly encountered an enterprise or firm as their main subject. With all this, we have not yet paid enough attention to the company itself as an organization. Meanwhile, even the very existence of firms is associated with a certain paradox.

Spontaneous order and hierarchy

As you know, there are two main forms of organizing economic activity: spontaneous order and hierarchy. Spontaneous order

involves coordination of actions through the market, when the decision is made by the participant in the transaction independently based on his own motives and available information. As a rule, price information has a significant influence on decision making.

Hierarchy

provides for the subordination of individual actions of individual participants to orders, derived from the Greek.
hierarchia
- sacred power). The role of coordinator in a hierarchical system is performed by the manager. His orders are unconditionally accepted by his subordinates and are binding. With this form of economic organization, priority is given not to price, but to the dictates of the leader, who consciously plans and organizes everything.

The company as a hierarchical system

Until now, it has been tacitly understood that hierarchy is characteristic of socialism, and that the market system is characterized exclusively by spontaneous order. In reality, the situation is much more complicated. The internal structure of a firm is a typical example of hierarchy.

The company operates as an integral, harmonious system, within which the principle of subordination of the company's employees to the orders of the manager operates.

A number of questions inevitably arise. Studying the market economy, we have repeatedly been convinced of the phenomenal ability of the market to spontaneously optimize economic activity. Why, along with the spontaneous order, do firms using the hierarchical principle of organization arise and operate successfully? What determines their size and quantity in the economy? Why is there a hierarchy at all? The answer to these questions was proposed more than 60 years ago by the American economist, winner of the 1991 Nobel Prize in Economics, Ronald Coase in his famous article “The Nature of Transaction Costs.”

Transaction costs

To carry out production activities, the firm incurs production costs (see "Costs"). However, in addition to costs directly related to production, the company also incurs non-production costs. They arise in the course of business activities and include the costs of preparing, concluding and implementing transactions. They are called transaction costs (from the Latin transactio

- contract). Indeed, in order to carry out a transaction, the company must:

1. select potential partners, collect information about them (information component of costs);
2. convince them of the profitability of the transaction (this includes the entire range of marketing and advertising efforts);
3. conduct negotiations, draw up an agreement (costs of concluding the transaction itself);
4. provide guarantees for the fulfillment of the agreement (the costs of improper execution of the transaction).

Transaction costs amount to significant amounts. It is believed that in the United States and Western European countries, covering transaction costs currently accounts for up to 50% of the cost of goods and services produced. Unfortunately, there are no estimates for Russia. But there is no doubt that in conditions of a poorly organized market, low contractual discipline, lack of commercial information, and weak legal support for transactions, they are extremely high.

The large value of transaction costs is due to the fact that the problem of sales in a demand-limited market economy is complex. Finding the necessary resources is also expensive (although to a lesser extent than organizing sales). In addition, there is always the possibility of deception, distortion of information about the consumer properties of goods and their real value, and dishonesty of the counterparty.

Transaction costs as a selection criterion

The firm and the market represent alternative modes of economic organization. Production can be organized in a decentralized manner, using purely market relations, but a hierarchical principle of organization within one company can also be used.

For example, car companies usually design the car themselves. This is a hierarchical solution: the designers working in the company implement the director’s order to develop a car design that meets the characteristics set by the company’s management. But there are also real examples of ordering a design project from the outside. Here we are faced with a manifestation of a spontaneous order: a company buys a ready-made design project on the market, without entering into its development itself. If in the first case the enterprise organizes the implementation of the project and, therefore, must itself monitor the quality, timing and acceptable cost of its implementation, then in the second - all this is ensured by the spontaneous forces of the market. Competition between independent designers in accordance with the principle of the “invisible hand” forces them to strive to best satisfy the customer’s needs.

It is obvious that in market conditions the choice of a specific method of economic organization is determined by the amount of transaction costs corresponding to each of them. Firms (hierarchical path) survive in cases where transaction costs within the firm are lower than similar market costs. Otherwise, spontaneous order prevails.

In practice, in different spheres of economic life, the advantage is on the side of one or the other method of economic organization. Thus, no company does an audit of its books itself. On the contrary, secret commercial projects never trust strangers, entrusting their implementation to their trusted employees. In general, the fact of the widest distribution of firms in a market economy should be interpreted quite unambiguously. It indicates a significant reduction in transaction costs due to the use of hierarchical methods of organization within the enterprise. Otherwise, firms would never have become the dominant organizational form of production.

Reasons for the effectiveness of the company

The factors that ensure higher efficiency of the company in comparison with the spontaneous order are as follows.

Efficiently conduct complex operations

The firm is better equipped to handle complex business transactions and coordinate specialized resources. The specifics of the company's work are associated with the need to conduct many transactions. At the same time, the resources involved are usually, firstly, needed for a long term, and, secondly, they are of a specialized nature.

By accumulating a large amount of resources for a long time, the company has the opportunity to replace a number of individual transactions to attract factors with one single long-term contract. This leads to a significant reduction in transaction costs. If similar transactions were carried out through the market, there would be additional costs for setting prices for each factor, the costs of negotiating and concluding a separate contract for each market transaction. Let's imagine for a second that the director of a company, instead of having a secretary, would constantly turn to the free market for the appropriate services: either he needs a stenographer for an hour, then he needs a person who will sort the correspondence, then finally the search will begin for a waiter who will brew and serve tea! The absurdity of entrusting all these functions to the market is beyond doubt.

The presence of hierarchy within the company allows you to control the placement and use of resources, which also leads to the elimination of costs. A simple order can additionally transfer workers to a difficult area. In the same way, you can redistribute material and financial resources within the company. If every operation were linked to external suppliers (a purely market-based, non-hierarchical decision), such maneuvers would be impossible.

Reducing the market for dishonest partners

The company reduces the risk of dishonesty that counterparties to a transaction may exhibit. The fact is that when concluding an agreement, it is always possible for one of the parties to show bad faith. And in many forms: direct deception; concealing the true reasons for drawing up the contract; use of information available only to one of the parties to the agreement, etc.

To avoid or significantly reduce the risk of fraud, the company introduces precautions by creating a system for monitoring the fulfillment of obligations. Forms of control can be very different: strong motivation of managers for the success of the company, certification of employees, audits, scheduled and unannounced audits, inventory, etc.

The existing hierarchy in the company plays a decisive role in this matter. The boss has the right to use any form of verification, which would be extremely difficult when communicating with independent suppliers of goods and services. Let us compare, for example, two situations familiar to Russians. The work of the accountant, cashier and other financial employees of the company can be monitored at any time. In this way within the company

It's easy to check where every penny of your cash is.
But finding out what outside the company
with its money and whether it has been wasted at all is, as we know, not an easy task in our country. And although the development and implementation of control measures cost certain costs, the company as a whole benefits, since it eliminates or minimizes the economic dishonesty of counterparties.

Improved adaptation

The company adapts more easily to sudden changes in the situation. The increased adaptability of the company to unexpected circumstances that arise is again associated with the hierarchy that exists within it.

Many surprises are easily handled by simply changing orders. For example, the Russian shock of devaluation and collapse of the banking system in 1998 created a lot of problems for enterprises outside, in relationships on the market. Disputes over the interpretation of contract texts in relation to changed conditions, lawsuits and extrajudicial “showdowns” have formed a long trail of consequences of unexpected government decisions. But there were practically no companies that faced insoluble problems within their organization. The power of the leadership was quite enough to ensure the implementation of the chosen course. Although very painful decisions were made here too - mass layoffs, salary cuts, cancellation of investment projects, emergency sales of real estate.

Another important point is that the company, as an organization capable of foresight, can predict the development of events and accumulate reserves in advance to minimize the consequences.

So, although a firm cannot completely eliminate transaction costs, carrying out business transactions within it involves lower costs compared to similar costs in a market organization. The company acts as a means of saving transaction costs.

Firm efficiency boundaries

But if a firm with its hierarchical organizational principle is more efficient than a market organization, then why does a market exist along with firms? Why can’t the entire economy be organized in the form of one giant company or a single factory country (which V.I. Lenin dreamed of)?

The theory answers the question posed as follows. As the size of the firm increases, the costs of organizing additional transactions within the firm increase. Consequently, the firm can expand not indefinitely, but to such a size until the costs of organizing one additional transaction within the firm become equal to the costs of conducting a similar transaction through exchange on the open market or equal to the costs of organizing it through another firm.

Let's look at how exactly the growth of transaction costs with a change in the size of the company is expressed.

The phenomenon of loss of control

As the size of the firm increases, the number of transactions it carries out also increases. Sooner or later, their number exceeds the physical capabilities of one person. From this moment on, the entrepreneur involved in the coordination of resources is unable to optimally allocate and use factors of production, and he begins to make mistakes in management. This phenomenon in economics is called the phenomenon of loss of control. The solution is to create a management pyramid that distributes the decision-making process among many people. But here lies another danger.

Effect of information distortion

A growing company creates the effect of distortion of information when it is repeatedly transmitted between people. Since a manager can work directly with only a small number of employees subordinate to him, an increase in the size of the company is accompanied by an increase in the number of levels of hierarchy. The transmission of information through these levels is delayed, the information is distorted. There is a bureaucratization of the company, i.e. The flexibility of decisions is lost and errors appear.

Weakening motivation

Another problem that arises with increasing firm size is the weakening of motivation. In a giant corporation, managers at various levels are just hired employees, often doing their jobs without enthusiasm and initiative, in contrast to the owner of a small company who is passionate about success. The market can create and maintain more powerful incentives. Therefore, a large company needs to bear additional costs to organize control over the proper use of production factors.

Increased accounting costs

Finally, an increase in transaction costs also occurs due to the need to maintain additional accounting and reporting.

In this regard, new questions arise: to what size can the company expand? Where is the boundary of a firm's efficiency? What is the criterion for its optimality?

Optimal firm size criterion

The optimality criterion for a company is the value of transaction costs. As soon as the transaction costs of management within the firm begin to exceed the costs of market transactions outside it, the size of the firm should be limited, since it becomes inefficient.

The development of many large firms strictly complied with this rule. The rapid growth of the company and the increase in its size ultimately led to excessive hierarchy and bureaucratization of organizational structures. There has been a significant increase in the costs of transmitting information needed to make business decisions; the process of their adoption was delayed. The company was losing its former flexibility, and economic indicators were rapidly deteriorating. As a result, either the company perished, or it was necessary to reduce its size: sell off part of the factories, fire workers and managers (in professional language, this set of measures is called disinvestment).

“downsizing” reduces intra-company transaction costs. Currently, the introduction of “profit centers” does not completely eliminate the problem of the inefficiency of excessive gigantism. The possibilities for decentralizing the structure of a company have limits, exceeding which leads to its transformation into a conglomerate of unmanageable divisions. Experience of this kind, by the way, is also already familiar to domestic enterprises. Many of our giants were actually destroyed from within by small enterprises created within their framework that pursued selfish policies.

Socialist economy as a superfirm

From the point of view of transaction cost theory, the socialist economy was a superfirm

, operating on the principle of hierarchy. It included a number of ministries that united dozens and hundreds of enterprises. Unable to independently determine the size of production, the range of products, the price of finished products, its suppliers and buyers, the enterprise was obliged to carry out the plan - the order of the coordinator-ministry. And since the hierarchy had many levels and was extremely cumbersome, the superfirm became unmanageable. The volume of administrative decisions made by the center grew to such a size that it was impossible to effectively carry out coordinating functions.

Contribution of securities to the authorized capital

The next important question asked by the taxpayer to the Ministry of Finance concerned the procedure for taxation of operations to increase the authorized capital of an organization by introducing securities into it , if their estimated value, determined by an independent appraiser, exceeds the cost of acquisition. The question was whether the contribution of securities to the authorized capital is subject to income tax as another disposal of securities (according to Article 280 of the Tax Code of the Russian Federation) or not taxed as a property contribution to the authorized capital (according to paragraph 1 of Article 277 of the Tax Code of the Russian Federation). In Letter dated 01.02.2011 N 03-03-06/1/48, officials came to the unequivocal conclusion that an organization participating in a limited liability company does not generate profit (loss) when transferring securities (shares) to the authorized capital of a third-party organization as payment for the placed share. In this case, the value of the received share is recognized as equal to the value of the transferred securities (shares), determined according to tax accounting data on the date of transfer of ownership of the specified securities (shares), taking into account additional expenses that, for tax purposes, are recognized by the transferring party upon such contribution. Basis - pp. 2 p. 1 art. 277 of the Tax Code of the Russian Federation, according to which the taxpayer-shareholder (participant, shareholder) does not experience profit (loss) when transferring property (property rights) as payment for the placed shares (shares, shares). The tax base for transactions with securities when they are contributed to the authorized capital, in accordance with Art. 280 of the Tax Code of the Russian Federation, not determined. answered the question about the tax base for personal income tax for shareholders when increasing the authorized capital of JSC in Letter No. 03-04-05/4-119 dated February 25, 2011, where it indicated that the specifics of determining the tax base for personal income tax for transactions with securities installed Art. 214.1 Tax Code of the Russian Federation. According to clause 14 of this article, the tax base is recognized as a positive financial result obtained from transactions with securities in the aggregate for the tax period. In this case, the financial result is calculated by the difference between income and expenses. Paragraph 7 of the same article establishes that, in particular, income from the sale of securities is recognized as income. For this reason, specialists from the financial department came to the conclusion that at the time of increasing the authorized capital of an OJSC by increasing the par value of shares, taxable income does not arise for individual shareholders, since there is no sale of shares. In the case under consideration, the increase in the authorized capital of the company is carried out by issuing shares, placed by converting previously issued shares into shares of the same category with a higher par value. In this case, shares converted when the par value of the shares changes are canceled as a result of such conversion. The Ministry of Finance also reminded that in the future, if a taxpayer sells his converted shares, he will be able to recognize expenses for the acquisition of the original (convertible) shares in personal income tax expenses (paragraph 4, clause 13, article 214.1 of the Tax Code of the Russian Federation).

Tax accounting of securities

Securities include, in particular, stocks, bonds and bills.

A share is a security that gives its owner the right to participate in the management of a joint-stock company or to receive part of the profit of the joint-stock company in the form of dividends.

A bond is a debt obligation in the form of a security on which its owner must receive income in the form of a predetermined interest or discount.

A bill is a security that certifies the unconditional obligation of the drawer (that is, the one who issued the bill) or another payer specified in the bill to pay a certain amount to the holder (the owner of the bill) upon maturity.

Securities are reflected in accounting and tax accounting at their original cost.

The initial cost is the sum of all expenses associated with their acquisition. In both accounting and tax accounting, the initial cost of securities is formed depending on how they were received.

Securities can be:

— purchased from other companies;

- received as a result of an increase in the authorized capital of the company that issued the shares;

— received as a contribution to the authorized capital;

- received free of charge.

In accounting and tax accounting, the initial cost of purchased securities is formed in different ways. Some expenses are included in their initial cost according to accounting rules, but not according to tax accounting rules.

Accounting for costs associated with the purchase of securities is presented in the table:

Thus, according to tax accounting rules, the initial cost of securities does not include the cost of notary services related to the registration of the agreement under which the company receives ownership of the securities.

From January 1, 2009, in accounting, interest on loans received for the purchase of securities is taken into account as part of other expenses (clause 7 of PBU 15/2008). Moreover, now it does not matter when interest is calculated: before the securities are posted or after - interest is in any case taken into account as part of other expenses.

Securities received as a contribution to the authorized capital are reflected in accounting and tax accounting differently.

In accounting, they are capitalized at the value agreed upon between the shareholders (participants) of the company (clause 12 of PBU 19/02).

If your company received securities free of charge, then they are reflected in accounting as follows:

- if securities are quoted on an organized market - based on the current market value calculated by the trade organizer;

- if the securities are not quoted on an organized market - based on the amount that can be received as a result of their sale.

In tax accounting, such securities are reflected at market value. At the same time, the cost of securities cannot be less than the cost of their acquisition according to the transferring party (Article 250 of the Tax Code of the Russian Federation).

If the amount of these costs is greater than the market price of the securities, then in tax accounting they are reflected based on the costs of their acquisition (according to the transferring party), and in accounting - at market value.

Securities can be written off from the company's balance sheet as a result of:

- sales;

- free transfer;

- transfer as a contribution to the authorized capital of another company.

When selling securities, tax accounting must reflect:

— revenue from sales;

- costs associated with their implementation.

If these indicators in accounting and tax accounting coincide, then there is no need to maintain tax registers for revenue or expenses from the sale of securities. All the necessary information can be obtained from accounting.

In accounting and tax accounting, proceeds from the sale of securities are formed in different ways. Thus, according to accounting rules, some income increases sales revenue, but according to tax accounting rules, it does not.

As can be seen from the table, according to tax accounting rules, income from the sale of securities does not include:

— amount differences;

— interest on commercial loans;

— interest (discount) on bills.

These amounts are reflected differently in accounting than in tax accounting. Also, income from the sale of securities under commodity exchange agreements is reflected differently in accounting and tax accounting.

As a rule, proceeds from the sale of securities are determined based on their sale price established by the contract. However, there are exceptions to this rule. Thus, if the proceeds from the sale of securities traded on the market are below the minimum prices for them established by the trade organizer, the minimum price is used for tax purposes.

For securities that are not traded on the market, sales proceeds are determined based on their selling price if it:

— exceeds the minimum prices for similar (identical, homogeneous) securities established by the trade organizer;

— deviates by no more than 20 percent from the weighted average price for similar (identical, homogeneous) securities calculated by the trade organizer;

- differs from the estimated value of the security by no more than 20 percent (if the company does not have information on the weighted average price). The estimated value of securities is determined by the company independently on the basis of certain information about them (for example, the peculiarities of their circulation, the value of the issuer's net assets, etc.).

The Tax Code does not say how to determine revenue if the sale price of securities does not meet the mentioned criteria. In such a situation, revenue is calculated based on:

- from the minimum prices for similar (identical, homogeneous) securities established by the trade organizer;

- from the weighted average price for identical or similar securities calculated by the trade organizer, reduced by 20 percent;

- from the estimated value of the security, reduced by 20 percent.

Expenses associated with the sale of securities reduce the income from their sale. In accounting and tax accounting, such expenses are formed differently.

In accounting, there are three methods for writing off the original cost of securities sold:

— at the cost of each security;

— at the cost of securities, the first in time of acquisition (FIFO method);

- at average cost.

In tax accounting, there are also three methods for writing off the original cost of securities sold:

— at the cost of each security;

— at the cost of securities, the first in time of acquisition (FIFO method);

— at the cost of securities most recently acquired (LIFO method).

The easiest way is to establish in both accounting policies a single method for writing off the initial cost of securities for both accounting and tax accounting (for example, the FIFO method). This will allow you to avoid double work and not keep tax records of expenses for writing them off. All necessary information can be obtained based on accounting data.

A loss from the sale of securities can be carried forward to subsequent tax periods in the following order:

— a loss from the sale of securities traded on an organized market reduces the income from the sale of the same securities received in subsequent tax periods;

— a loss from the sale of securities not traded on an organized market reduces the income from the sale of the same securities received in subsequent tax periods.

In accounting, the initial cost of securities transferred free of charge, as well as the costs associated with such transfer, are reflected as part of other expenses. When taxing profits, such expenses are not taken into account (Clause 16, Article 270 of the Tax Code of the Russian Federation).

In accounting, securities transferred as a contribution to the authorized capital are reflected at the value agreed upon between the founders.

If this cost is greater than their original price, then in accounting the excess amount is reflected as part of other income. In tax accounting, this amount is not taken into account as income (Clause 1, Article 277 of the Tax Code of the Russian Federation).

If the value of the securities agreed upon by the founders is less than their original price, then in accounting the amount of the loss is reflected as part of other expenses. Such a loss does not reduce taxable profit (clause 3 of Article 270 of the Tax Code of the Russian Federation). The tax department has provided only one register that reflects information on the disposal of securities - the register for recording transactions of disposal of property, work, services, and rights. However, this register does not contain data on the initial cost of securities and the amount of expenses associated with their sale.

Securities include, in particular, stocks, bonds and bills.

A share is a security that gives its owner the right to participate in the management of a joint-stock company or to receive part of the profit of the joint-stock company in the form of dividends.

A bond is a debt obligation in the form of a security on which its owner must receive income in the form of a predetermined interest or discount.

A bill is a security that certifies the unconditional obligation of the drawer (that is, the one who issued the bill) or another payer specified in the bill to pay a certain amount to the holder (the owner of the bill) upon maturity.

Securities are reflected in accounting and tax accounting at their original cost.

The initial cost is the sum of all expenses associated with their acquisition. In both accounting and tax accounting, the initial cost of securities is formed depending on how they were received.

Securities can be:

— purchased from other companies;

- received as a result of an increase in the authorized capital of the company that issued the shares;

— received as a contribution to the authorized capital;

- received free of charge.

In accounting and tax accounting, the initial cost of purchased securities is formed in different ways. Some expenses are included in their initial cost according to accounting rules, but not according to tax accounting rules.

Accounting for costs associated with the purchase of securities is presented in the table:

Thus, according to tax accounting rules, the initial cost of securities does not include the cost of notary services related to the registration of the agreement under which the company receives ownership of the securities.

From January 1, 2009, in accounting, interest on loans received for the purchase of securities is taken into account as part of other expenses (clause 7 of PBU 15/2008). Moreover, now it does not matter when interest is calculated: before the securities are posted or after - interest is in any case taken into account as part of other expenses.

Securities received as a contribution to the authorized capital are reflected in accounting and tax accounting differently.

In accounting, they are capitalized at the value agreed upon between the shareholders (participants) of the company (clause 12 of PBU 19/02).

If your company received securities free of charge, then they are reflected in accounting as follows:

- if securities are quoted on an organized market - based on the current market value calculated by the trade organizer;

- if the securities are not quoted on an organized market - based on the amount that can be received as a result of their sale.

In tax accounting, such securities are reflected at market value. At the same time, the cost of securities cannot be less than the cost of their acquisition according to the transferring party (Article 250 of the Tax Code of the Russian Federation).

If the amount of these costs is greater than the market price of the securities, then in tax accounting they are reflected based on the costs of their acquisition (according to the transferring party), and in accounting - at market value.

Securities can be written off from the company's balance sheet as a result of:

- sales;

- free transfer;

- transfer as a contribution to the authorized capital of another company.

When selling securities, tax accounting must reflect:

— revenue from sales;

- costs associated with their implementation.

If these indicators in accounting and tax accounting coincide, then there is no need to maintain tax registers for revenue or expenses from the sale of securities. All the necessary information can be obtained from accounting.

In accounting and tax accounting, proceeds from the sale of securities are formed in different ways. Thus, according to accounting rules, some income increases sales revenue, but according to tax accounting rules, it does not.

As can be seen from the table, according to tax accounting rules, income from the sale of securities does not include:

— amount differences;

— interest on commercial loans;

— interest (discount) on bills.

These amounts are reflected differently in accounting than in tax accounting. Also, income from the sale of securities under commodity exchange agreements is reflected differently in accounting and tax accounting.

As a rule, proceeds from the sale of securities are determined based on their sale price established by the contract. However, there are exceptions to this rule. Thus, if the proceeds from the sale of securities traded on the market are below the minimum prices for them established by the trade organizer, the minimum price is used for tax purposes.

For securities that are not traded on the market, sales proceeds are determined based on their selling price if it:

— exceeds the minimum prices for similar (identical, homogeneous) securities established by the trade organizer;

— deviates by no more than 20 percent from the weighted average price for similar (identical, homogeneous) securities calculated by the trade organizer;

- differs from the estimated value of the security by no more than 20 percent (if the company does not have information on the weighted average price). The estimated value of securities is determined by the company independently on the basis of certain information about them (for example, the peculiarities of their circulation, the value of the issuer's net assets, etc.).

The Tax Code does not say how to determine revenue if the sale price of securities does not meet the mentioned criteria. In such a situation, revenue is calculated based on:

- from the minimum prices for similar (identical, homogeneous) securities established by the trade organizer;

- from the weighted average price for identical or similar securities calculated by the trade organizer, reduced by 20 percent;

- from the estimated value of the security, reduced by 20 percent.

Expenses associated with the sale of securities reduce the income from their sale. In accounting and tax accounting, such expenses are formed differently.

In accounting, there are three methods for writing off the original cost of securities sold:

— at the cost of each security;

— at the cost of securities, the first in time of acquisition (FIFO method);

- at average cost.

In tax accounting, there are also three methods for writing off the original cost of securities sold:

— at the cost of each security;

— at the cost of securities, the first in time of acquisition (FIFO method);

— at the cost of securities most recently acquired (LIFO method).

The easiest way is to establish in both accounting policies a single method for writing off the initial cost of securities for both accounting and tax accounting (for example, the FIFO method). This will allow you to avoid double work and not keep tax records of expenses for writing them off. All necessary information can be obtained based on accounting data.

A loss from the sale of securities can be carried forward to subsequent tax periods in the following order:

— a loss from the sale of securities traded on an organized market reduces the income from the sale of the same securities received in subsequent tax periods;

— a loss from the sale of securities not traded on an organized market reduces the income from the sale of the same securities received in subsequent tax periods.

In accounting, the initial cost of securities transferred free of charge, as well as the costs associated with such transfer, are reflected as part of other expenses. When taxing profits, such expenses are not taken into account (Clause 16, Article 270 of the Tax Code of the Russian Federation).

In accounting, securities transferred as a contribution to the authorized capital are reflected at the value agreed upon between the founders.

If this cost is greater than their original price, then in accounting the excess amount is reflected as part of other income. In tax accounting, this amount is not taken into account as income (Clause 1, Article 277 of the Tax Code of the Russian Federation).

If the value of the securities agreed upon by the founders is less than their original price, then in accounting the amount of the loss is reflected as part of other expenses. Such a loss does not reduce taxable profit (clause 3 of Article 270 of the Tax Code of the Russian Federation). The tax department has provided only one register that reflects information on the disposal of securities - the register for recording transactions of disposal of property, work, services, and rights. However, this register does not contain data on the initial cost of securities and the amount of expenses associated with their sale.

Simple mortgage certificates and income tax

The next question asked by the taxpayer to the Ministry of Finance concerned the procedure for determining the tax base for income tax on transactions with simple mortgage certificates. In Letter dated March 22, 2011 N 03-03-06/2/45, officials reported that a simple warehouse certificate, as well as a double warehouse certificate, including each of their two parts, issued by a warehouse as confirmation of acceptance of goods for storage, are securities according to Art. 912 of the Civil Code of the Russian Federation. In this case, a simple bearer warehouse receipt must contain the mandatory details listed in clause 2 of Art. 917 Civil Code of the Russian Federation. According to paragraph 1 of Art. 280 of the Tax Code of the Russian Federation establishes that the procedure for classifying objects of civil rights as securities is established by the civil legislation of the Russian Federation. Thus, transactions with simple warehouse receipts are subject to income tax in the general manner established by Art. 280 Tax Code of the Russian Federation. When selling a simple bearer warehouse certificate issued to the taxpayer by a warehouse, the price of its acquisition consists of the cost of the goods transferred for storage to the warehouse in the tax accounting of the taxpayer, as well as the costs associated with storing the goods in the warehouse until the warehouse certificate is sold.

If the bonds are not repaid by the issuer

Another aspect considered by the Ministry of Finance of Russia in Letter dated March 25, 2011 N 03-03-06/2/53 is the determination of the financial result in the event that an organization acquired securities (bonds), the obligations for which were subsequently not fulfilled by the issuer . The taxpayer was interested in the timing when securities can be recognized as retired for the purpose of calculating the tax base for income tax. In its Letter, the Ministry of Finance recalled that unfulfilled obligations on securities should be written off as non-operating expenses in the manner prescribed for bad debts. According to paragraphs. 2 p. 1 art. 265 of the Tax Code of the Russian Federation, only interest on bonds can be classified as non-operating expenses. With regard to the possibility of recognizing the uncollectible amount of principal on purchased bonds, the following must be considered. Taxation of the profits of organizations when carrying out transactions with securities is carried out in the manner established by Art. 280 Tax Code of the Russian Federation. Expenses upon the sale (or other disposal) of securities are determined based on the purchase price of the security (including expenses for its acquisition), the costs of its sale, the amount of discounts on the estimated value of investment shares, the amount of accumulated interest (coupon) income paid by the taxpayer to the seller of the security paper. In accordance with Art. 280 of the Tax Code of the Russian Federation, the tax base for transactions with securities is determined as of the date of sale or other disposal of securities. Consequently, the taxpayer does not have the right to take into account losses associated with the acquisition of securities, including in the form of bad debt on bonds, as part of non-operating expenses on the basis of paragraphs. 2 p. 2 art. 265 Tax Code of the Russian Federation. Thus, given that Art. 280 of the Tax Code of the Russian Federation does not provide for a procedure for including in expenses the cost of bonds for which the debt is recognized as bad; officials came to the conclusion that there is no possibility of accounting for such expenses for tax purposes.

Transfer of securities from one to another

The answer to the question whether the from one management company to another in kind in favor of the taxpayer The explanation was as follows: according to para. 10 clause 18 art. 214.1 of the Tax Code of the Russian Federation, payment of income in kind from transactions with securities is recognized as the transfer by a tax agent to a taxpayer of securities from a securities account (personal account) of a tax agent or a securities account (personal account) of a taxpayer, over which the tax agent has the right of disposal. Payment of income in kind is not recognized as the transfer by a tax agent of securities at the request of the taxpayer related to the latter's execution of transactions with securities, provided that the funds for the relevant transactions have been received in full to the taxpayer's account opened with this tax agent. Also, the transfer (re-registration) of securities to a securities account, which certifies the ownership rights of a given taxpayer, opened in a depository operating in accordance with the legislation of the Russian Federation, is not a payment of income in kind. Since the transfer of securities from one management company to another is not mentioned as an exception in paragraph. 10 clause 18 art. 214.1 of the Tax Code of the Russian Federation, the Ministry of Finance of Russia came to the conclusion that with such a transfer not related to the execution of transactions, income in kind arises, subject to personal income tax.

Tax refund on transactions with securities

Typically, a tax agent (broker or management company) calculates and pays taxes for the investor trading securities. What to do if there is a loss at the end of the year? Who will recalculate the tax base?

If a taxpayer decides to apply a tax deduction on securities, that is, to carry forward losses from previous years, he independently submits a 3-NDFL tax return for the year in which the profit was made.

An example from the practice of experts of the online service NDFLka.ru

Our subscriber asked whether it is possible to offset a previously received loss and return personal income tax?

Kirill received a loss for 2022 from trading shares in the amount of 600 thousand rubles. In 2022, similar transactions were profitable, and the client received a profit of 1.8 million rubles.

From the documents uploaded to the online service NDFLka.ru it is clear that when paying income, the broker withheld income tax from Kirill of 234 thousand rubles (1.8 million rubles * 13%). Operations in 2022 and 2022 there were similar ones - the sale of securities. This means that the profit of 2022 can be reduced by the amount of the loss of 2022 in full.

The tax expert calculated the amount of tax to be refunded, filled out and sent the declaration for 2022 to the Federal Tax Service.

The calculation turned out like this:

1,800 thousand rubles. — 600 thousand rubles. (loss for 2022) = 1,200 thousand rubles. — the size of the tax base for 2022. Accordingly, the tax paid for 2022 is reduced by 78 thousand rubles (600,000 * 13%).

The client ordered our “Turnkey Deduction” service and received money in his account in a week instead of four months.

Calculation of personal income tax if losses and profits are received from different brokers

Often investors work with different brokers. When withholding personal income tax, the broker may not know about the investor’s other accounts, transactions and financial results.

If a profit from operations with securities was received from one broker, and a loss from another broker, then such a loss can be offset using the 3-NDFL declaration. If the loss was received from different brokers, the amount of the loss is added up and included in the deduction for securities.

Method for determining the estimated price

The Federal Tax Service of Russia for the Chelyabinsk Region, in a message dated 02/04/2011, posted at https://www.r74.nalog.ru/ul/ul_pr_orq/3782131/ on the official website of the department, reminded taxpayers of the procedure for determining the estimated price of non-traded securities on organized markets, for income tax purposes. The Procedure for determining the settlement price itself was approved by Order of the Federal Service for Financial Markets dated November 9, 2010 N 10-66/PZ-N (hereinafter referred to as the Procedure). According to this Procedure, the estimated value of a security that is not traded on an organized market can be determined in three ways: 1) as a price calculated based on the prices of this security existing on the securities market in accordance with clause 4 of the Procedure; 2) as the price of a security calculated by the organization according to the rules provided for in clauses 5 - 19 of the Procedure; 3) as the estimated value of the security determined by the appraiser. The Federal Tax Service reports that the methods for determining by the taxpayer the estimated price of securities not traded on the organized market, as well as the conditions for their application, must be established by the taxpayer in the accounting policy for tax purposes.

Security concept

Economics defines commodity relations as the availability of goods and money. In the process of economic relations, the need arises for the transfer of funds. In world practice, there are two possibilities for the global transfer of funds:

• lending;
• release (issue) of securities.

In the securities market, documents act as objects of trade carried out by buyers (investors) and sellers (companies), as well as intermediaries (brokers).

Central Bank is a type of existence of capital that differs from other forms of its existence (commodity, productive, monetary). Paper can be transferred instead of capital and generate profit. Securities are themselves commodities.