Russia: Tax disclosure requirements


Following our Announcement A14154, dated 28 November 2014, and effective


the country and status disclosure of holders is requested on an aggregate basis by the Depository Receipt Agents (DR agents) even for the positions to be taxed at 15% statutory rate.


The Federal Law #366-FZ,  dated 24.11.2014, “on changes to the part two of the Tax Code of Russian Federation and some other federal laws of Russian Federation”  and Federal Law #376-FZ,  dated 24.11.2014, “on changes to the Tax Code of Russian Federation” introduced, inter alia, the abolition of the 30% “punitive” tax rate for the non-disclosed positions. As from 1 January 2015, with respect to non-disclosed securities, withholding agents apply the standard tax rate of 15% by default.

However, the disclosure requirements stated by the Russian securities markets legislation are still in force (as such requirements have not been abolished). Consequently, the DR agents continue to request the aggregate disclosure of the positions to be taxed at 15% statutory tax rate.

Impact on Customers

Customers applying for 15% statutory rate are encouraged to disclose the country and status of the final beneficial owners.

Furthermore, customers that provided the One-Time Certificate for Depository Receipts with Russian underlying Securities with BOX 1.b. or 2 ticked-off and requesting the 15% tax rate application by default (standing instruction) should inform Clearstream Banking1 via SWIFT message before the next applicable event (by the deadlines prescribed in the tax notification) if they want to cancel the standing instruction and remain undisclosed for the future dividend payments. In the event of non-receipt of such confirmation, Clearstream Banking will continue to disclose the entire position of the respective customer based on the information included in the One-Time Certificate.

Further Information

For further information, customers may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or their Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.