G.I. Scribes

1. General Provisions

Starting the analysis of accounting and taxation of REPO transactions, let's consider these transactions as a whole.

Firstly, the REPO operation itself is carried out only between two counterparties, one of which (the so-called first side) sells securities to the second party and at the same time accepts to myself commitment to buyback the same securities, and the other party, respectively, buys these securities and at the same time assumes an obligation to resale the seller for the first part of the REPO. The first side of a repo is also called the seller under the first part of the REPO, the original seller, the buyer under the second part of the REPO and often (but not always) the borrower and the second - the buyer under the first part of the REPO, the original buyer, the seller under the second part of the REPO and often creditor).

Based on the fact that the concept of “REPO” does not exist in civil law (it exists only in tax law and, accordingly, is used only for calculating taxes, in particular income tax), in the future the author will distinguish between these terms, calling actual REPO or simply REPO those types of transactions that are accepted in business practice, and tax REPO- those transactions that comply with tax legislation and are subject to taxation in accordance with Art. 282 of the Tax Code of the Russian Federation (TC RF).

The actual REPO is, from a civil law standpoint, nothing more than two related transactions for the purchase and sale of securities. Both transactions are concluded at the same time at the time of signing the agreement on conducting REPO transactions; fulfillment of obligations under both transactions takes place at different times - respectively, on the dates of the first and second parts of REPO.

From the point of view of further qualification, it is more correct to formalize REPO transactions in one contract, which specifies all the relationships between the participants in the transaction. It is this method of formalizing REPOs that is increasingly being used in practice, which is facilitated, among other things, by its indirect approval by the Bank of Russia (see clause 3.4 of the Regulation "On servicing and circulation of issues of state short-term zero-coupon bonds", approved by order of the Bank of Russia dated June 15, 1995 N 02-125, which provides, that the conclusion of a REPO transaction is carried out on the basis of a single application by registering two parts of the REPO transaction).

It is obvious that REPO operations are carried out not in order to make a profit from the sale of securities, but in order to provide temporarily excess either cash or securities for a period of temporary use with a subsequent return. For this, a fee is charged - interest on REPO.

Before proceeding to the description of the existing procedure for taxation of REPO transactions, let us dwell on the accounting of these transactions, since it is on the basis of accounting with some additions that the REPO participants will have to calculate the tax base.

2. Accounting for REPO transactions

Since neither the Ministry of Finance of Russia nor the Bank of Russia have developed any special procedure for recording REPO transactions in accounting, REPO transactions are formalized based on their legal nature, which consists of two contracts for the sale of securities.

In other words, in accounting (not to be confused with tax accounting), transactions are reflected as two purchase and sale transactions, that is, only the movement of assets is shown in the balance sheet.

Let's consider an example that first illustrates the existing generally established procedure, and then a possible option for accounting for REPO transactions, reflecting their economic essence.

Example.

Organization A transfers to organization B under the first part of the REPO a bond put on the balance sheet at a price of 120 rubles. [of which ACI (accumulated coupon income) is 20 rubles], for 135 rubles. (ATC on the date of transfer - 25 rubles). Some time later, the bond is redeemed in the second part of the REPO at a price of 190 rubles. (NKD on the date of transfer - 40 rubles).

The generally established procedure for recording REPO transactions

Operation		Organization A		Organization B		Sum
	Wiring Description	Debit	Credit	Debit	Credit

Purchased a bond
	taken into account by NKD
*First part of REPO*
Bond transferred/received
	taken into account by NKD

*Second part of REPO*
Bond received/transferred
	taken into account by NKD
Funds transferred

Accounting option for REPO transactions with reflection of a loan transaction

Operation		Organization A		Organization B		Sum
	Wiring Description	Debit	Credit	Debit	Credit
*The security has been placed on the balance sheet*
Purchased a bond
	taken into account by NKD
*First part of REPO*
Received / granted a loan
Transferred bond
	taken into account by NKD
Bond received
	taken into account by NKD
*Second part of REPO*
Loan repaid
Interest paid/received
Bond received
	taken into account by NKD
Transferred bond
	taken into account by NKD

3. Taxation of REPO transactions

3.1. General provisions

Starting from January 1, 2002, Art. 282 of the Tax Code of the Russian Federation provides for a special procedure for calculating the tax base, which primarily reflects the economic specifics of REPO transactions. When calculating the tax base for income tax on REPO operations, the following features should be taken into account:

1) in contrast to the sale of securities, the calculation of the tax base for REPO transactions does not depend on which securities are the subject of REPO - circulating or not circulating on the securities market. Another thing is important - the operation itself must be qualified as a REPO, and the qualification will go precisely within the framework of tax legal relations, and not in civil law ones;

2) application of the REPO taxation mechanism provided for in Art. 282 of the Tax Code of the Russian Federation, is possible only from January 1, 2002, since earlier the rules of Art. 282 of the Tax Code of the Russian Federation did not work. Therefore, even if all the conditions of the REPO transaction are met, but the first part of the transaction was concluded before January 1, 2002, and the second part falls already in 2002, taxation of both parts of such a transaction should be carried out separately, that is, as two ordinary securities purchase and sale transactions; accordingly, in this part there is no need to adjust the tax base of the transition period;

3) special attention should be paid to the qualification of repo transactions, the calculation of interest included in the tax base, netting, the creation of reserves, and so on. Let's take a closer look at these elements.

3.2. REPO operation qualification

The first and, according to the author, the main problem for applying the preferential taxation procedure for actual REPO transactions lies in the correct classification of the transaction being made - either as a REPO transaction (for tax purposes), or as a sale of securities and a subsequent purchase of sold securities. The difference between these options is as follows. If transactions are subject to taxation as REPO transactions , then object taxation (for the first sale of securities) is the percentage . If such operations (implementation operations) do not qualify for taxation as a transaction REPO , then income tax is subject to not a percentage, but the proceeds from the sale securities, since in this case both parts of the actual REPO qualify as different transactions (sale and purchase of securities). Moreover, according to the second sentence of paragraph 6 of Art. 282 of the Tax Code of the Russian Federation the sale price of the said securities is accepted for taxation purposes, taking into account the provisions of paragraphs 5 and 6 of Article 280 as of the date implementation such securities.

The main advantages (in the economic and tax aspect) of applying the mechanism for taxing ongoing operations as taxation of a REPO transaction are - the possibility of using pre-agreed (rather than market) prices by participants in such an operation, the possibility of attributing (for non-professional participants in the securities market) the costs of such an operation to reducing the main tax base(and consequently, the reduction of the amount of tax) - is a big question in the event of a non-literal or incorrect (from the point of view of either tax or judicial authorities) reading of the taxation rules set out in Art. 282 and 333 of the Tax Code of the Russian Federation.

Thus, the readers of the journal should correctly understand what is meant by a REPO operation for the purposes of the Tax Code of the Russian Federation.

According to paragraph 1 of Art. 282 of the Tax Code of the Russian Federation for the purposes of this Code, REPO transactions are understood as transactions for the sale (purchase) of emissive securities (the first part of REPO) with the obligatory subsequent repurchase (sale) of securities of the same issue in the same amount (the second part of REPO) through a certain agreement term at the price established by this agreement at the conclusion of the first part of such a transaction. For the purposes of the Tax Code of the Russian Federation, the period for which REPO transactions are concluded should not exceed 6 months. In this case, the transaction may be prolonged for a period not exceeding the number of days from the date of execution of the transaction under the terms of its conclusion until the end of the reporting period.

Thus, a REPO operation (transaction) with securities for the purposes of profit taxation, as follows from paragraph 1 of Art. 282 of the Tax Code of the Russian Federation, the implementation of two differently directed securities purchase and sale transactions between two counterparties is recognized. At the same time, not two multidirectional transactions of purchase and sale of securities can be qualified (and, accordingly, income / expenses on them are determined according to the preferential rules specified in Article 282 of the Tax Code of the Russian Federation) for taxation as REPO transactions. These two transactions are recognized for taxation as a REPO transaction if the following conditions are met (these conditions directly follow from the literal meaning of the above definition of REPO):

1) subject these operations can only be emission securities.

Considering that the definition of the concept of "equity securities" in the Tax Code of the Russian Federation is not given, then in accordance with subparagraph 1 of Art. 11 of the Tax Code of the Russian Federation (institutions, concepts and terms of other branches of legislation are used for taxation in the sense in which they are used in the relevant branches of legislation), it is necessary to use Art. 2 of the Federal Law of April 22, 1996 N 39-FZ "On the Securities Market" (hereinafter - Law N 39-FZ), which gives the meaning of this term.

The most well-known types of emissive securities are stocks and bonds. However, other types of securities, such as housing certificates and some derivative securities (in particular, an option certificate), fall under the specified definition of emissive securities if the requirements of Law N 39-FZ are observed during their issue (the main requirement is the prospectus for the issue of such securities must be registered with the FCSM of Russia, for credit organizations - with the Bank of Russia, for insurance organizations - with the Ministry of Finance of Russia).

In paragraph 1 of Art. 280 of the Tax Code of the Russian Federation states that the procedure for classifying objects of civil rights as securities is established, among other things, by the applicable laws of foreign states. It also says there that the procedure for classifying securities as emission securities is established by national legislation.

Therefore, if the subject of REPO transactions (even between residents Russian Federation) are securities of foreign issuers, then one should use the definitions provided for in the laws on the securities market or on equity securities of the country - the issuer of securities with which REPO transactions are made. Abroad, emissive securities often include depository receipts, banker's acceptances, shares, etc.;

2) both deals purchase and sale must be exercised (that is, the securities must be delivered) between two contractors.

Similarly, the conclusion of an agreement on the transfer of securities for a fee between three persons, in accordance with which two purchase and sale transactions are carried out, during which the seller of securities in the first transaction redeems them from a third party (and not from the buyer) cannot qualify for taxation as a REPO transaction. for the first transaction)

3) period between dates both parts of the repo should not exceed maximum 364 days(more precisely, six months plus the term until the end of the reporting period).

Readers of the journal should note the following:

1) in accordance with paragraph 8 of Art. 282 of the Tax Code of the Russian Federation, the dates of both parts of the REPO are date of actual transfer securities.

There are no restrictions in the Tax Code of the Russian Federation on how its term should be indicated in a REPO agreement. According to Art. 11 of the Tax Code of the Russian Federation, as well as a reference to the contractual terms of REPO participants contained in paragraph 1 of Art. 282 of the Tax Code of the Russian Federation, in this case, one should be guided by the norms of the Civil Code of the Russian Federation.

Analysis of Art. 190 and 314 of the Civil Code of the Russian Federation shows that the REPO term does not have to be fixed in order to be considered the term specified in the agreement.

In addition to references to a specific date (for example, January 15, 2003), there are other options for designating the dates as of which the securities under REPO transactions must actually be transferred (that is, the obligations of the parties must be fulfilled), for example " sale / purchase of securities - the subject of REPO is carried out on the 26/83rd day from the date of conclusion of this agreement " or "Securities must be redeemed within 20 days from May 15, 2003."

At the same time, confirmation of the transfer of a security (that is, the loss and restoration of ownership of it) is of great importance;

2) in accordance with paragraph 8 of Art. 282 of the Tax Code of the Russian Federation, the dates of both parts of the REPO are the dates the actual transfer of the security, and not the date of the actual transfer of funds for the delivery of securities.

Taking into account the requirements of paragraph 8 of Art. 282 of the Tax Code of the Russian Federation in such cases, the actual (contractual) REPO term should be recalculated into the REPO term in accordance with the rules of Art. 282 of the Tax Code of the Russian Federation. In some cases, this may lead to the fact that the so-called tax interest on REPO will be higher than the actual interest established by the REPO agreement.

These restrictions should also be taken into account due to the fact that repo agreements with non-residents sometimes set the repo rate as a percentage calculated on a different time base, for example, on the 365/360 base. It is obvious that the actual rate in such cases (calculated as the product of the real rate by 365/360) will be higher than that specified in the agreements, and this, accordingly, must also be taken into account when setting the repo tax rate, especially if it concerns expenses.

Netting. In Art. 282 of the Tax Code of the Russian Federation, there are no restrictions on the fact of recognition / non-recognition of securities purchase and sale transactions as REPO operations, depending on the procedure for cash settlements between the parties. Therefore, the mere fact that the parties are netting (setting off the claims of the parties) does not give the tax authorities the right to require accounting for these transactions as transactions for the sale of securities.

Readers of the journal should pay attention to something else: from the point of view of the Tax Code of the Russian Federation, it is impossible to netting on monetary obligations and monetary claims under one REPO agreement (that is, it is impossible to netting the first and second parts of REPO), but it is possible to netting on monetary claims for one part of REPO with monetary obligations under another transaction, including another REPO transaction with this counterparty, or any other transaction.

In the practice of 2002, the following situations were quite common when taxpayers incorrectly qualified the transactions being made as REPO transactions (when netting in cash within one transaction), believing that such transactions comply with the requirements of Chapter 25 of the Russian Tax Code.

Example.

A REPO agreement was concluded, outwardly fully compliant with the norms of Art. 282 Tax Code of the Russian Federation .

In accordance with this agreement, the first party to the REPO sold the securities (the ownership of them was transferred to the second party to the REPO), but the second party to the REPO did not pay for them, but remained indebted (that is, the first party to the REPO had a receivable for the sold, but not paid securities) paper).

When executing the reverse transaction, the second party to the REPO sold the securities to the first party to the REPO. At the same time, the first party has an obligation to supply funds to the second party.

After that, an act was signed between both parties of the REPO on the mutual settlement of the supply of funds, and as a result, the first party (or the second party) paid the difference between the prices of the first and second parts of the REPO.

It is clear that the above difference actually coincides with the REPO interest. However, can it be included as an expense? Obviously not, and here's why. Indeed, all the provisions of Art. 282 of the Tax Code of the Russian Federation, the conditions for conducting REPO transactions (the ownership of securities was actually transferred by one party to the other party and vice versa).

However, in paragraphs 3 and 4 of Art. 282 of the Tax Code of the Russian Federation states that the difference between the prices for the first and second parts of REPO is recognized as interest for the use of borrowed funds, to which the norms of Art. 265 of the Tax Code of the Russian Federation. In paragraph 1 of subparagraph 2 of Art. 265 of the Tax Code of the Russian Federation indicates that interest is paid for the time of actual use of borrowed funds.

It is obvious that in the above situation there was no actual use of borrowed funds. Therefore, there is no reason to recognize the above difference as REPO interest. Since this is not a REPO, then this is an ordinary sale of securities, which is subject to taxation on a general basis.

At the same time, the Tax Code of the Russian Federation actually prohibits netting on securities between the same counterparties. After all, Art. 282 of the Tax Code of the Russian Federation requires the actual transfer of a security, and in the case of netting in the sense that is accepted in Russian business practice, it is impossible to confirm the actual transfer of a security. By this, the author means

The readers of the journal should pay attention to the fact that if such netting is carried out, then depending on which transactions it is made between, the tax consequences may be different:

A) if on the closing day of the initial REPO a new REPO transaction is opened between the same counterparties and at the same time a similar “non-standard” netting is carried out for the second part of the REPO transaction No. 1 and for the first part of the REPO transaction No. 2, then there is no real movement of assets, and, according to essence, as well as in terms of Art. 282 of the Tax Code of the Russian Federation, this is the actual prolongation of the original REPO. The term of such prolongation is equal to the term of REPO No. 2.

From the point of view of the Tax Code of the Russian Federation, the actual prolongation is carried out for the following reason: in paragraph 8 of Art. 282 of the Tax Code of the Russian Federation states that the dates of the tax REPO are the dates of the actual transfer of securities. In other words, a necessary condition for a repo to be considered taxable is the fulfillment of the obligation to buy back securities in the proper form, moreover, in the form provided for by the Tax Code of the Russian Federation - by direct delivery of securities.

Recall that offset (namely, it is hidden under the specified concept of “non-standard” netting) is one of the ways to terminate obligations (Article 410 of the Civil Code of the Russian Federation), along with other methods, proper execution, compensation, innovation, coincidence of the debtor and creditor in one face.

Article 282 of the Tax Code of the Russian Federation does not call into question the very fact of the legality of the fulfillment of the obligation to supply securities by offset. In this case, the date of the second part of the REPO itself - the date of the actual transfer of securities - is simply absent, and if so, it turns out that the REPO operation itself (which is absent in civil law) has not ended, that is, it is valid or being prolonged;

B) if, on the closing day of the initial REPO, a new transaction for the sale (and not for REPO) of securities is carried out to the second side of the REPO, then again there is no real movement of assets, but this is actually a confirmation of an ordinary transaction for the purchase and sale of securities, and not a transaction REPO transactions. If as a result an additional payment is made, then, in the author's opinion, such an additional payment should be considered as proceeds from the sale of securities as of the date of the first part of the REPO.

A) a clearing organization holding an appropriate license;

B) if there are documents of this organization on the netting;

C) if there are documents stating that before the beginning of clearing and after its completion, the participants had securities in an amount sufficient to complete the transfer of securities in full;

D) if there are documents confirming the ownership of the entire volume of securities with which specific REPO transactions are made;

3) the rule on the prolongation of the tax REPO (the third sentence of paragraph 1 of article 282 of the Tax Code of the Russian Federation) is best considered on a number of examples:

If on January 1, 2002 a securities purchase and sale agreement was concluded, in which it was stipulated that the operation to buy back the sold securities was to be carried out on January 24, 2002, then such an operation, according to the criterion of timing, fell under the definition of paragraph 1 of Art. 282 of the Tax Code of the Russian Federation and, accordingly, could be recognized as an operation tax REPO;

If before the expiration originally established period between the counterparties, an additional agreement was concluded to the original agreement, according to which the originally set period for the repurchase of securities was postponed (extended) until February 2, 2002 (in total, the total period was equal to one month and two days), then such an operation on formal grounds already could be and not recognized as an operation tax REPO (although it remained an actual REPO), since the original deadline was extended. In this case, the qualification of the transaction (REPO or non-REPO, that is, sale) for taxation depended on the procedure for paying income tax that the bank or financial company (repo party) chose for itself:

If the income tax reporting period for a bank (or another party to a REPO) was a period defined as a quarter, six months and nine months, then the bank was still entitled to determine the results of such a transaction in accordance with the rules tax REPO;

If the reporting period for the bank was January, January-February, January-March, etc., then, given that the originally set REPO execution date (that is, the date of the second part of the REPO, in our example - January 24, 2002) for the reporting period - January, prolongation of the transaction " … for a period of more than the number of days from the date of execution of the transaction under the terms of its conclusion until the end of the reporting period…” (in our example, this is the period from January 24 to January 31, 2002, or seven days) led to the need to reclassify the first transaction (for the sale of securities under the first part of REPO) as a regular sale of securities. In other words, in this case it was necessary to adjust the tax base of January 2002;

If the bank paid income tax based on the quarterly determination of the tax base, then the conclusion on January 2, 2002 of a securities purchase and sale agreement with the inclusion of a clause on the mandatory repurchase of securities on June 2, 2002, in the presence of an extension of the agreement until August 31, 2002, made it possible to qualify the actions taken under such an agreement as the implementation of the operation tax REPO.

Tax risks arise if the REPO transaction is prolonged after the end of the reporting periods, but within the tax period for a period exceeding the number of days from the date of the second part of the REPO (specified on the date of the first part of the REPO) until the end of the tax period. For example, the date of the second part of the REPO is October 2, 2002, and the actual REPO is extended for a period of five months until March 2, 2003;

4) if, as of the date of the second part of the REPO, the ownership of the securities is transferred to the seller under the first part of the REPO not for the entire number of securities that were the subject of the REPO transaction, then in the part corresponding to the share of securities not returned as part of the REPO transaction, the sale of securities securities in the first part of the REPO is not recognized as a REPO transaction for taxation and, accordingly, is subject to taxation in such cases according to the rules of Art. 280, 281, 328, 329 of the Tax Code of the Russian Federation. This follows from paragraphs 1 and 6 of Art. 282 of the Tax Code of the Russian Federation.

Paragraph 1 of Art. 282 of the Tax Code of the Russian Federation:

“For the purposes of this Code, REPO transactions are understood as transactions for the sale (purchase) of emissive securities (the first part of REPO) with the obligatory subsequent repurchase (sale) of securities of the same issue in the same amount (the second part of REPO) after a period specified in the agreement by the price established by this agreement at the conclusion of the first part of such a transaction. For the purposes of this Code, the period for which REPO transactions are concluded should not exceed 6 months. In this case, the transaction may be prolonged for a period not exceeding the number of days from the date of execution of the transaction under the terms of its conclusion until the end of the reporting period.

Paragraph 6 of Art. 282 of the Tax Code of the Russian Federation:

“If, as of the date of execution of the second part of the REPO, the transaction of repurchase (sale) of securities has not been executed or has not been executed in full, the organization - the seller of the first part of the REPO

In investment activities, repurchase agreements, also referred to as repurchase agreements, have become widespread. REPO transactions are one of the instruments of the securities market. At the same time, there is no such concept in civil law. In this article, Ortikon specialists will talk about the features of accounting for REPO transactions, as well as their experience in automating such operations using the example of implementing a program on the 1C:Enterprise 8 platform at Financial Company Russian Investment Club LLC.

REPO accounting methodology

There is no definition of a REPO transaction in civil law. It can only be found in the regulatory documents of the Bank of Russia and the Tax Code of the Russian Federation.

At its core, a REPO is a transaction for the sale of securities with an obligation to repurchase them in the future.

Thus, a REPO transaction consists of two parts: the sale and repurchase of securities. The repurchase - the second part of the REPO - must be made at a predetermined price. The buyback price is usually determined at the time of the sale (the first part).

From an economic point of view, REPO transactions in most cases are the provision of a loan secured by securities. The difference between the first and second parts of the transaction is the so-called interest paid for the use of funds. Therefore, the financial result from REPO transactions for tax purposes is determined not separately for each part, but in total for both parts, i.e. during the second part of the transaction, and is calculated as the difference between the sale price and the buyback price.

The procedure for taxation of REPO transactions is determined by Article 282 of the Tax Code of the Russian Federation. With the adoption of the Federal Law of June 6, 2005 No. 58-FZ, it has undergone some changes. On April 13, 2006, the Russian Ministry of Finance issued letter No. 03-03-02/84, in which it explained in detail the procedure for taxing such transactions. In accordance with Article 282 of the Tax Code of the Russian Federation, REPO transactions are understood as two interconnected transactions concluded simultaneously for the sale and subsequent acquisition of issue-grade securities of the same issue in the same quantity, carried out at prices established by the relevant agreement.

Thus, if the subject of a REPO transaction is non-issued securities or if the obligations under the second part are not fulfilled, such a transaction is not recognized as a REPO transaction, but is qualified as two securities purchase and sale transactions, the taxation of which is carried out in accordance with Article 280 of the Tax Code of the Russian Federation.

Reflection of operations on the first part of REPO

In accounting, in accordance with PBU 19/02, accounting options are possible that are accepted in the accounting policy of the organization: by average, FIFO, LIFO, by accounting unit.

In the accounting records of the seller's organization, REPO sale transactions are reflected as follows:

Debit 51 "Settlement accounts" Credit 66.03 "Short-term loans" - funds received to the current account; Debit 76.10 "Settlements on securities" Credit 58 "Financial investments" - transfer of securities from the portfolio to REPO at the book price; Debit 76.10 "Securities settlements" Credit 58 "Financial investments" - transfer of the coupon from the portfolio to REPO at the balance price.

Reflection of REPO purchase transactions in the accounting records of the buyer's organization:

Debit 58.03 "Granted loans" Credit 51 "Settlement accounts" - a loan was received; Debit 58 "Financial investments" Credit 76.10 "Settlements on securities" - securities received at the price specified in the purchase agreement; Debit 58 "Financial investments" Credit 76.10 "Settlements on securities" - a coupon was received at the price specified in the purchase agreement.

Reflection of operations on the second part of REPO

For the second part of the transaction, the following entries will be made in the accounting records of the seller's organization:

Debit 66.03 "Short-term loans" Credit 51 "Short-term loans" - loan returned; Debit 58 "Financial investments" Credit 76.10 "Settlements on securities" - transfer of securities from REPO to portfolio; Debit 58 "Financial investments" Credit 76.10 "Securities settlements" - transfer of the coupon from REPO to the portfolio; Debit 91.1 "Other income" (91.2 "Other expenses") Credit 76.10 "Calculations on securities" - the interest on REPO is accrued (the difference between the first and second part of the REPO).

The reflection of operations at the buyer's organization will be documented by postings:

Debit 51 "Settlement accounts" Credit 58.03 "Granted loans" - funds received to the current account; Debit 76.10 "Settlements on securities" Credit 58 "Financial investments" - transfer of securities from the portfolio to REPO at the book price; Debit 76.10 "Securities settlements" Credit 58 "Financial investments" - transfer of the coupon from the portfolio to REPO at the balance price; Debit 76.10 "Settlements on securities" Credit 91.1 "Other income" (91.2 "Other expenses") - interest on REPO is accrued (the difference between the first and second part of the REPO).

Both the seller and the buyer must maintain a register for REPO transactions separately for each agreement.

The seller's organization reflects:

date of sale and value of securities sold;
redemption date and value of securities.

The buyer's organization reflects:

the date of purchase and the value of the purchased securities;
the date of sale and the value of the securities.

Automation of accounting for REPO transactions

Let us consider the issue of automating the accounting of a separate area for REPO transactions using the example of the implementation of the "1C: Enterprise 8" system in an investment company that carries out such transactions, in particular, under trust management agreements.

To automate accounting and tax accounting for transactions with securities, a specialized industry solution "Orticon: Financial investments" was chosen, intended for use with the software product "1C: Accounting 8", which implements the above methodology for accounting for financial investments.

The investment company had certain requirements for automating the site for REPO transactions:

Automatic formation of bookkeeping and tax accounting entries in accordance with the requirements of the legislation on REPO transactions.
Automatic calculation of the cost of write-off securities.
Automated determination of the conditions of the second parts of transactions.
Maintenance of registers for REPO transactions.

To automatically calculate the cost and generate accounting and tax entries for REPO transactions, a number of documents and processing have been added.

The sale of securities in REPO is registered using the document: "Disposal in REPO" (see Fig. 1).

Rice. 1. An example of conducting the first part of a REPO transaction. Sale in REPO.

This document automatically generates the appropriate accounting and tax entries according to the scheme described above.

For the accounting of securities, the program provides the possibility of conducting batch accounting using the FIFO, LIFO, and also "average" methods.

For the purposes of tax accounting, batch accounting can be maintained using the FIFO and LIFO methods. A variant of accounting for financial investments by accounting unit is provided.

Methods for determining the cost are established in the accounting policy of the organization.

To carry out the second part of the REPO under this transaction, there is a "Repurchase" document (see Fig. 2).

Rice. 2. An example of the second part of a REPO transaction. Buyback.

To automatically fill in the terms of the transaction, it is enough to set the counterparty and the contract under which the second part of the transaction is carried out, and click on the "Selection for repurchase" button.

Acquisition of securities in REPO is reflected in the document "Purchase of REPO" (see Fig. 3).

Rice. 3. An example of conducting the first part of a REPO transaction. Buying REPO.

To carry out the second part of the REPO under this transaction, there is a "Repurchase" document (see Fig. 4).

Rice. 4. An example of the second part of a REPO transaction. Reverse sale.

After that, transactions according to the specified conditions will appear in the upper tabular part of the document.

This table can be edited. Also, during the second part of the transaction, additional costs (commissions) are possible.

They must be entered in the lower tabular part of the document "Commission".

According to the letter of the Russian Ministry of Finance No. 03-03-02/84 dated April 13, 2006, participants in a REPO transaction have the right to change the date of the second part of the transaction both in the direction of reduction and in the direction of its increase. The main thing is that the final period between the first and second parts of the transaction does not exceed one year. To prolong the term of the second part of the REPO, it is necessary to use the document "Change of the REPO agreement" (see Fig. 5).

Rice. 5. An example of prolonging the term of a REPO agreement.

At any moment of time, the user has the opportunity to create registers for REPO transactions.

Thus, automation made it possible to quickly solve the problems of maintaining a large number of REPO transactions and analysis for constant control over the conduct of the second parts of transactions.

Also read the article "Automation of accounting for financial investments in a management company" in issue 9 (September) of "BUH.1C" for 2005, p. 13.

ACCOUNTING METHODOLOGY AND PRACTICE Accounting for REPO agreements AM Rabinovich, Chief Methodologist, Energy Consulting Group of Companies What regulatory documents regulate REPO transactions and how should such transactions be reflected in accounting? Regulatory Regulation of REPO Agreements The legal basis for REPO transactions is Federal Law No. 39 FZ of April 22, 1996, On the Securities Market. A REPO agreement is an agreement under which one party (the seller under the REPO agreement) undertakes to transfer securities to the other party (the buyer under the REPO agreement) within the time period established by this agreement, and the buyer under the REPO agreement undertakes to accept the securities and pay for of them a certain amount of money (the first part of the REPO agreement), and according to which the buyer under the REPO agreement undertakes to transfer the securities to the ownership of the seller under the REPO agreement within the period established by this agreement, and the seller under the REPO agreement undertakes to accept the securities and pay for them a certain amount of money (the second part of the REPO agreement). Note that although the "roles" of the seller and the buyer in the first part of the REPO are reversed in the second part of the REPO, in the framework of the special terminology of the Law on the Securities Market, their name remains the same - received in the first part of the REPO. Strictly speaking, this makes the traditional clarification of which part of the repo the organization is a seller or buyer redundant. However, to facilitate understanding, we will still stipulate this every time. Securities under a repurchase agreement can be equity securities of a Russian issuer, investment units of a mutual investment fund managed by a Russian management company in trust, shares or bonds of a foreign issuer, and securities of a foreign issuer certifying rights in relation to securities of a Russian and ( or) a foreign issuer. Within the framework of civil law relations, the general provisions of the Civil Code of the Russian Federation on the purchase and sale are applied to the repurchase agreement, respectively, if this does not contradict Art. 51.3 of the Law on the securities market and the essence of the contract. At the same time, the seller and the buyer under the REPO agreement are recognized as sellers of securities, which they must transfer in fulfillment of obligations under the first and second parts of the REPO agreement, and buyers of securities, which they must accept and pay in fulfillment of obligations under the first and second parts of the REPO agreement. The economic sense of REPO transactions is to attract borrowed funds, while the subject of the loan can be both cash and securities. When the seller attracts (provides by the buyer) under the first part of the transaction, the securities transferred under the first part of the transaction act as a pledge subject to return (repurchase) upon return of the borrowed funds and payment of interest upon execution of the second part of the transaction. Accordingly, the seller in the first part of the transaction, when executing the second part of the transaction, pays a higher amount than he received in the first part of the transaction (you buy the securities transferred in the first part of the transaction at a higher price than he sold). The difference between the prices of the first and second parts of the transaction is the interest paid by the seller on the first part for the use of attracted funds. Accounting № 3 March 2013 33 METHODOLOGY AND PRACTICE OF ACCOUNTING In the professional language (which is used, among other things, by the courts1), such a transaction is called a direct REPO, defining it as a sale transaction with an obligation to repurchase. The emphasis is on this obligation, since it is executed at a higher price than the first part of the transaction, i.e., on less favorable terms for the seller for the first part. If the subject of the loan is the securities transferred under the first part of the transaction, then the funds paid in this case play the role of a pledge to be returned upon return (repurchase) of the borrowed securities and payment of interest upon execution of the second part of the transaction. This interest is withheld by the seller for the first part of the funds received by him during the execution of the second part of the transaction, as a result of which he pays a smaller amount than he received under the first part of the transaction (repurchases the securities transferred under the first part of the transaction at a lower price than he sold) . The difference between the prices of the first and second parts of the transaction is the interest paid by the buyer on the first part for the use of the borrowed securities. Such a transaction is called a reverse repo, defining it as a purchase transaction with an obligation to resell. The emphasis is on the obligation, which is executed at a higher price than the first part of the transaction, i.e., on conditions that are now less favorable for the buyer for the first part. Accounting PBU 19/02 and other regulatory legal acts on accounting do not contain special rules governing the accounting for REPO transactions. In this situation, the organization may be guided directly by the general rules for accounting for financial investments, without stipulating this in the accounting policy, or may be in accordance with clause 7 PBU 1/2008 independently develop a method of accounting, including on the basis of IFRS. However, on the basis of whatever the organization develops an accounting method - the requirement of the priority of economic substance over the legal form, the norms of the previous 1st IAS (IAS) 39 "Financial Instruments: Recognition and Measurement" or replacing it since 2013 IFRS (IFRS) 9 " Financial Instruments" (significantly changing the procedure for recording REPO transactions), the accounting method used should not contradict the provisions of PBU 19/02. This is fundamentally important. Transfer of securities and cash within the framework of a REPO transaction According to paragraph 3 of PBU 19/02, in order to accept assets as financial investments for accounting, it is necessary to fulfill the following conditions at a time: to receive funds or other assets arising from this right; – transition to the organization of financial risks associated with financial investments (the risk of price changes, the risk of the debtor's insolvency, liquidity risk, etc.); - the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value (in the form of the difference between the sale (repayment) price of a financial investment and its purchase value as a result of its exchange, use when paying off the obligations of the organization , increase in the current market value, etc.). The first of these conditions actually contains not one, but two conditions: - availability of properly executed documents confirming the existence of the right to financial investments; – the presence of properly executed documents confirming the existence of the right to receive funds or other assets arising from the first right. This coincides with one of the forms of the third condition for the recognition of financial investments - the ability of an asset to bring economic benefits (income) to the organization in the future in the form of interest, dividends. As a rule, especially in the case of emissive securities, these two rights coincide and are confirmed. documents. But in the case of REPO, the rights and documents are "bifurcated". The organization's rights to issued securities of a documentary form of issue are certified by certificates (if the certificates are held by the owners) or by certificates and records on depo accounts in depositories (if the certificates are deposited with the depository). The rights of holders to non-documentary issuance securities are certified in the register maintenance system by entries on personal accounts with the registrar or, if rights to securities are recorded with a depository, by entries on depo accounts with depositories. In the framework of a REPO transaction, the obligation to transfer securities is considered fulfilled at the moment of delivery of documentary securities, and in the case of transfer of book-entry securities or documentary securities with obligatory centralized storage - from the moment they are credited to the acquirer's personal account in the register of securities holders or to the acquirer's depo account. This means that when securities are transferred under the first part of the REPO, the right to them, in accordance with and in the manner prescribed by the Law on the Securities Market, passes from the transferor to the party that received the securities. Thus, the seller in the first part of the REPO after the transfer of securities does not have properly executed documents confirming the existence of the right to them. At the same time, he retains the right to receive income on transferred securities paid by their issuer in the interval between the first and second parts of the REPO: in accordance with paragraph 13 of Art. 51.3 of the Law on the Securities Market, the buyer who received these incomes under the first part of the REPO (as the owner of securities listed in the issuer's register) is obliged to transfer the received payments to the seller under the first part of the REPO or to offset, in accordance with the agreement, against the redemption price of securities under the second part of the REPO . Documentary confirmation of the right of the seller under the first part of the REPO to the specified income is the REPO agreement. In theory, the described situation is called the separation of the rights of the legal owner of the securities 1 transferred under the first part of the REPO and the economic owner of the income on them between different entities: the buyer becomes the legal owner, the economic one remains the seller in the first part of the REPO. Since in this situation the seller in the first part of the REPO after the transfer of securities does not have duly executed documents confirming the existence of the right to securities, one of the necessary conditions for recognizing (reflecting on the balance sheet) financial investments is not met. According to paragraph 25 of PBU 19/02, as of the date of the one-time termination of the conditions for accepting financial investments for accounting, given in paragraph 2 of this Regulation, the disposal of financial investments is recognized in accounting. Therefore, the transfer of securities under the first part of REPO leads to the complete termination of their recognition by the transferring party. A similar position, in our opinion, is shared by the Ministry of Finance of Russia. So, speaking about the need for additional disclosure in the reporting of information on assets recognized as retired in accordance with RAS 19/02, he names among them assets with an obligation to buy back under repurchase transactions (subparagraph "b" paragraph 18 of the letter dated 21.12. 09 No. ПЗ 4/2009 "On the disclosure of information on financial investments of the organization in the annual financial statements"). PBU 19/02 does not say whether the disposal of financial investments is recognized as other expenses. According to the Instructions to the Chart of Accounts, the redemption (repurchase) and sale of securities recorded on account 58 "Financial investments" are reflected in the debit of account 91 "Other income and expenses" and the credit of account 58 (except for organizations that reflect these operations on account 90 "Sales"). Compliance with this procedure in a REPO transaction would lead to the recognition by the seller of securities of income and expenses or only expenses (Dt account 91, Kt account 58) on the transaction at the time of execution of its first part. Such recognition would not correspond to the economic nature of expenses and incomes under a REPO transaction which are interest on borrowed funds and a uniform procedure for recognition of races D t c. 76, K t sc. 91 - at the price of the second part of the transaction; D t c. 91, K t sc. 58 - according to the book value of securities. Accounting № 3 March 2013 35 METHODOLOGY AND PRACTICE OF ACCOUNTING for income and expenses under consideration, if they occur during more than one reporting period, established by paragraph 16 of PBU 9/99 and paragraph 8 of PBU 15/2008. Due to the above considerations, in the seller's accounting for the first part of the REPO, the disposal of securities is reflected not in the debit of account 91, but in the debit of account 76 "Settlements with various debtors and creditors", which shows the buyer's debt under the first part of the REPO for the return of transferred securities during the execution of the second part of the transaction. In a direct REPO, the transferred securities are simultaneously recorded with their seller (the seller in the first part of the transaction) in the off balance sheet on account 009 "Securities for obligations and payments issued", and with the buyer - on account 008 "Securities for obligations and payments received", from both - at the price of the second part of the transaction (higher than the balance sheet). Such an assessment is due to the provisions of the Civil Code of the Russian Federation, according to which, unless otherwise provided by the contract, the pledge secures the claim to the extent that it has by the time of satisfaction, in particular, interest, penalty, compensation for damages caused by delay in performance, as well as compensation for necessary the pledgee's expenses for the maintenance of the pledged item and collection expenses. The same follows from the Instructions to the Chart of Accounts. The buyer under the first part of the REPO puts the received securities on the balance sheet, since he meets all the conditions for recognizing financial investments. True, one of them - the right to receive income from securities - is carried out only formally (legally, not economically). The buyer of the first part of the REPO, having received income from securities (as their legal owner according to the entry on the depo account in the depositary or on the personal account in the registry system with a specialized registrar), must transfer this income to the seller of securities or take it into account in mutual settlements with him under the second part of REPO. However, if we proceed solely from this and do not put the buyer's securities under the first part of the REPO on the balance sheet, then he will not be able to reflect in the accounting the financial result from transactions with these securities, to which he has the full right as a legal owner 36 Accounting No. 3 March 2013 both for direct and reverse REPO, and for the sake of which only reverse REPO is concluded. In this case, the buyer registers the received securities at the lower of two values: the book value at which they were recorded in the seller’s account, indicated in the act of acceptance of the transfer of securities, or the amount of funds transferred (as a rule, the second exceeds the first) . This is due to: – firstly, the fact that the money paid by the buyer cannot be considered the cost of acquiring securities, since this contradicts the loan secured economic nature of REPO or, at least, violates the consistency and integrity of this understanding; – secondly, the principle of accounting prudence, which requires a greater willingness to recognize expenses and liabilities in accounting than possible income and assets, not allowing the creation of hidden reserves (clause 6 PBU 1/2008). In this case, the choice is made in favor of an earlier and obvious non-increase in the value of assets before a possible future overestimation of income in the event of a temporary disposal of securities (opening a short position). In case of a reverse REPO, the securities are recorded with the buyer in the first part of the REPO as a loan in things; accordingly, the disposal of securities is recorded with the seller as an interest-bearing loan. In a direct repo, when the first part of the transaction is executed, the seller, along with the disposal of securities, records the receipt of borrowed funds in cash, while the buyer records their provision at interest. Subsequent valuation of securities by the buyer for the first part of the REPO Financial investments for which the current market value can be determined in accordance with the established procedure are reflected in the financial statements at the end of the reporting year at the current market value by adjusting their valuation as of the previous reporting date. This adjustment can be made monthly or quarterly. These norms do not contain any exceptions or peculiarities of revaluation of securities received by the buyer under the first part of REPO. In connection with this, in our opinion, it would be wrong to assume that PBU 19/02 does not regulate the issue of revaluation of such securities. It is settled by the fact that there are no specified exceptions or features, which means that this issue should be resolved in a general manner. From our point of view, it would be more correct if, during the execution of the second part of the REPO transaction, the seller begins to accept the securities in the first part of the transaction on the balance sheet, taking into account the results of the revaluation indicated in the certificate of acceptance of the transfer of securities. If the buyer performs purchase and sale operations with securities received under the first part of the transaction in the period between the first and second parts of the transaction, the securities acquired in the course of these transactions are subject to revaluation. Disposal and acquisition of securities between the first and second parts of the REPO Unless otherwise provided by the REPO agreement, the buyer under the first part has the right to make purchase and sale transactions with the received securities. In professional language and in the terminology of the Tax Code of the Russian Federation, the disposal of a security is called (with some exceptions) the opening of a short position, and the acquisition of securities of the same issue (additional issue) is called its closing. At the same time, for tax purposes, when opening a short position, the financial result is not determined - and it is clear why: the buyer in the first part does not have expenses for the purchase of a security that could be recognized against the proceeds received. This result is determined when a short position is closed (acquisition of the same securities), when the proceeds received earlier is reduced by the real costs of acquiring securities (clause 9, article 282 of the Tax Code of the Russian Federation). Following this order in accounting - refusal to determine the financial result at the time of disposal of the security and transferring it to the future - at the time of the reacquisition of the same security, which may take place even 364 (365) days after the disposal, in our opinion , will not comply with accounting rules. EXAMPLE 1 The seller's direct REPO is 100,000 rubles. The seller (buyer under the REPO agreement for a period of 5 months) in the first part receives (pays) 120,000 rubles for given securities, according to which security papers are determined, 120,000 rubles, in the second - it is the same as the current market value. The book value pays (receives) 135,000 rubles. Accounts of transferred securities in accounting are given in table. 1. P TABLE 1 Content of the transaction Seller Buyer Kt Dt Kt Cost, thousand rubles. 76 58-tsb* 58-tsb 76 100 009 - 008 - 135 51, 52 66 58-loans 51, 52 120 91 3 (135 - 120) : 5 Primary document D-t First part of the transaction Transfer of securities Personal account statement with the registrar or on a depo account with a depository, REPO agreement, act of acceptance and transfer Receipt (payment) of funds Payment documents, REPO agreement In the period between the first and second parts of the transaction Monthly Accrual of interest REPO agreement, accounting statement under the REPO agreement calculation statement 91 66-percent 76-percent Accounting No. 3 March 2013 37 METHODOLOGY AND PRACTICE OF ACCOUNTING End of table 1 Operation content Seller Buyer Primary document D-t K-t D-t K-t Cost, thousand rubles. Upon receipt of income on securities (dividends, coupon) Accrual of income on securities Issuer's decision (prospectus), REPO agreement Receipt/transfer of income on securities Payment documents 76 REPO counterparty 91 76 issuer 76 REPO counterparty 5 51 , 52 76-repo counterparty 51, 52 76-issuer 5 76-repo counterparty 51, 52 5 58-CB 91 18 68 99 3.6 76 91 150 91 58 100 68 77 10 (150 – 100) ´ ´ 20 % 58 76 120 77 68 6 (150 – 120) ´ ´ 20 %) 77 99 4 As of the end of the quarter (according to the accounting policy) Revaluation of securities Trade organizer data – Operations with securities (opening and closing of a short position) Sale Purchase Purchase agreement -sales, extract from the register or on the depo account Sale and purchase agreement, extract from the register or on the depo account Second part of the transaction Transfer of securities not accepted by the seller 58-tsb 76 100 76 58-tsb 118 91 76 18 77 68 3.6 Option 2 – revaluation is accepted by the seller 52 51, 52 58-loans 120 66 percent 51, 52 51, 52 76 percent 15 * 58-CB - account 58, sub-account "Securities". In table. 1 and 2, sub-accounts opened for the indicated accounts are similarly indicated. 38 Accounting № 3 March 2013 METHODOLOGY AND PRACTICE OF ACCOUNTING Reverse REPO (pays) for securities 135,000 rubles. the seller (buyer) receives the first part Correspondence accounts are given in Table. 2. TABLE 2 Seller Content of the transaction Buyer Kt Dt Kt Cost, thousand rubles. Primary document D-t The first part of the transaction Transfer of securities Statement on the personal account with the registrar or on the depo account with the depository, REPO agreement, acceptance certificate 58-loans 58-cb 58-cb 66,100 Receipt (payment) of funds Payment documents, REPO agreement 51, 52 76 76 51, 52 135 66 percent 3 (135 – 120): 5 In the period between the first and second parts of the transaction Monthly Accrual of interest REPO agreement, accounting statement-calculation 76 percent 91 91 on securities (dividends, coupon) Accrual of income Issuer's decision (prospectus), REPO agreement Receipt-transfer of income Payment documents 76-repo counterparty 91 76-issuer 76-repo counterparty 5 51, 52 52 76-issuer 5 76-repo counterparty 51, 52 At the end of the quarter (according to the accounting policy) Revaluation of securities Data of the organizer of trade - 58-CB 91 18 68 99 3.6 Operations with securities (opening and closing a short position) Similarly Example 1 of the Second I part of the transaction Transfer of securities Statement of a personal account with a registrar or a depo account with a depository, a REPO agreement, an act of acceptance and transfer Option 1 - revaluation is not accepted by the seller 4.5 Option 2 – revaluation is accepted by the seller 58-cb 58-loans 66 58-cb 100 58-cb 91 91 76 18 68 99 99 68 3.6 Payment (receipt) of funds Payment documents, REPO agreement 76 51, 52 51 , 52 76 120 Settlement (offset) of interest REPO agreement, offset act 76 76 percent 76 percent 76 15 Accounting No. 3 March 2013 39

REPO (from the English repurchase agreement (REPO) - repurchase agreement) is a transaction for the sale of securities with the obligation to repurchase them in the future. Thus, a REPO transaction consists of two parts: the sale and repurchase of securities. Repurchase - the second part of the REPO - can be made at a predetermined price or at the market price of this security on the date of repurchase.

From an economic point of view, REPO transactions resemble a loan secured by securities. In the first part of the REPO, one party (the borrower) transfers securities to the other (the lender) for a period of time, and receives money for the same period. According to the second part of the transaction, the borrower gives back the money taken, and the securities are returned to it in turn.
In its economic sense, REPO is not always analogous to a loan. The repurchase can be made at the market price on the day of the repurchase, that is, who is the borrower and who is the lender may not be known until the last day. Both sides are in the stock market their speculative game. The one who sold the securities in the first part of the REPO expects prices to fall. So, he will redeem his securities cheaper. The one who purchased the securities in the first part of the REPO, on the contrary, is bullish. That is, he believes that prices will rise. In addition, short-term speculation is usually included in the plans of both participants in the transaction. Each of them, in the interval between the first and second parts of the REPO, puts the received securities or money into circulation, trying to get the maximum benefit.

For the purpose of taxation of REPO profits, not all transactions with securities with an obligation to repurchase them are considered, but only those that are carried out with issue-grade securities and concluded for a period not exceeding one year. This is enshrined in paragraph 1 of Article 282 of the Tax Code of the Russian Federation. The term of the REPO transaction is calculated from the date stipulated by the agreement for the fulfillment of its obligations under the first part of the REPO, until the date of execution of the second part of the REPO also provided for by the agreement. In case of fulfillment of obligations to deliver securities and pay for the first (second) part of REPO on different dates, the date of the first (second) part of REPO, respectively, will be the latest of the dates of fulfillment of obligations to pay or deliver securities. If the date of execution of the second part of the REPO falls on a non-working day, the expiration date is the next business day following it, unless otherwise provided by the agreement or the rules of the trade organizer. REPO transactions, for which the date of execution of the second part (repo transactions with an open date) is not determined, are recognized as REPO transactions for tax purposes, if they meet the requirements of Art. 282 of the Tax Code of the Russian Federation. At the same time, in the case of a REPO transaction with an open date, the price is considered to be set if the agreement provides for a mechanism for its determination (calculation). The REPO transaction rate should be understood as the rate on the basis of which the parties calculate the obligations under the second part of the REPO transaction.

The taxation of REPO transactions is similar to the taxation of loans.

If the term of a REPO transaction exceeds one year, or if its subject is non-equity securities, then such a transaction is not recognized as a REPO transaction for profit tax purposes. It is considered as two independent purchase and sale transactions. In this case, the taxation of these transactions should be carried out in accordance with the articles regulating the procedure for determining the tax base for transactions with securities (Articles 271, 272, 280, 281, 328, 329 of the Tax Code of the Russian Federation).

Taxation of income from REPO transactions is carried out on the basis of Article 282 of the Tax Code of the Russian Federation. Thus, the disposal of securities, neither in the first nor in the second part of the transaction, is considered to be a sale by the party that is the seller. Indeed, for the purposes of taxation of profits, the payment of funds under the first and second parts of a REPO transaction is the issuance and return of a loan, respectively. At the same time, securities that are transferred under the first part of the REPO are removed from the seller's tax registers and are recorded with the buyer until the moment of the second part of the REPO transaction.

The buyback price of a security, as a rule, differs from the price of its disposal in the first part of the transaction. However, after the repurchase (the second part of the REPO), the securities must be reflected in the seller's tax records at the same value at which they were registered with him before the start of the REPO transaction. This is stated in paragraph 2 1 of Article 282 of the Tax Code of the Russian Federation. And the price difference between the second and first parts of the REPO with the seller in the first part of the REPO, if the difference is positive, and with the buyer in the first part of the REPO, if the difference is negative, is considered the interest accrued on borrowed funds, and reduces the tax base within the limits established by Article 269 RF Tax Code for other types of loans and credits. This is spelled out in paragraphs 3 and 4 of Article 282 of the Tax Code of the Russian Federation. At the same time, the date of recognition of expenses in the form of interest on a REPO transaction is the date of fulfillment (termination) of the participants' obligations under the second part of the REPO, subject to the provisions of paragraphs 3 and 4 of Article 282 of the Tax Code of the Russian Federation.

Interest-bearing bonds (including government bonds) quite often become the subject of REPO transactions. The main feature of the taxation of interest on bonds is that the tax on them is paid by the original owner of the bonds.

This follows from the literal interpretation of paragraph 7 2 of Article 282 of the Tax Code of the Russian Federation. It says the following. . Under a REPO transaction, payments made by the issuer on securities during the period between the execution dates of the first part of the REPO and the second part of the REPO may be accepted as a reduction in the amount of funds payable by the seller under the first part of the REPO upon subsequent acquisition of securities under the second part of the REPO, or transferred by the buyer under the first part of the REPO to the seller under the first part of the REPO in accordance with the agreement. Such payments are not recognized as the income of the buyer under the first part of the REPO and are included in the income of the seller under the first part of the REPO. Interest (coupon) income is taken into account when calculating the seller's tax base for the first part of REPO in the manner prescribed by Articles 271, 273 and 328 of the Tax Code of the Russian Federation, and is not taken into account when determining the tax base for interest (coupon) income on securities that are the object of a REPO transaction, from the buyer for the first part of the REPO.
At the same time, the sale (purchase) price for the second part of REPO does not change in this case.
The price for the second part of the REPO can be changed in the case provided for by the agreement, when the issuer makes a coupon payment (partial redemption of the nominal value of securities) between the first and second parts of the transaction. This circumstance is reflected in paragraph 7 of Article 282 of the Tax Code of the Russian Federation.

In addition, it follows from paragraph 8 of Article 282 of the Tax Code of the Russian Federation that a change in the sale (purchase) price for the second part of the REPO is also possible if the contract provides for settlements in the period between the first and second parts of the REPO, related to the criteria for changes in market prices established by the terms of the contract on securities that are the object of a REPO transaction, and according to the terms of the agreement, such settlements change the sale (purchase) price for the second part of the REPO.

The buyer can open a short position in relation to the first part of the REPO on the security that is the subject of the REPO transaction. This follows from paragraph 9 of Article 282 of the Tax Code of the Russian Federation. For the purposes of Article 282 of the Tax Code of the Russian Federation, opening a short position on a security that is the object of a REPO transaction and is held by the buyer in the first part of the REPO, is understood to be the alienation of the specified security by him, with the exception of the sale of the security in the first part of the REPO or the sale of the security in the second part REPO within one REPO operation. At the same time, opening a short position is not:
- alienation by the buyer in the first part of the REPO of the securities that are the subject of this REPO transaction, in the second part of the same REPO transaction;
- alienation by the buyer of the first part of the REPO of the securities that are the subject of this REPO transaction, under another REPO transaction, when he is the seller of the first part.

If the buyer in the first part of the REPO owns securities of the same issue as the securities purchased in the first part of other REPO transactions, then a short position is not opened. Guided by the provision of paragraph 9 of Article 282 of the Tax Code of the Russian Federation, the closing of a short position on a security must occur before the acquisition of securities of the same issue into the buyer's securities portfolio under the first part of the REPO, the subsequent (immediate) alienation of which will not lead to the opening of a short position.

Closing a short position in a security means the execution of the second part of the REPO transaction by the buyer on the first part of the REPO due to:
- securities received under another REPO transaction of the same issue, on which a short position is opened;
- acquisition of securities of the same issue on which a short position is opened, except for the acquisition of securities under a REPO transaction and the fulfillment of obligations for the purchase of securities by the seller under the second part of the REPO. Short positions are closed in the sequence determined by the accounting policy using methods (FIFO), (LIFO), at unit cost. The tax base for a short position is determined as of the closing date of the short position.

Clause 10 of Article 282 of the Tax Code of the Russian Federation determines that the income received from an operation related to the opening of a short position is determined in the manner prescribed by clauses 5 or 6 of Article 280 of the Tax Code of the Russian Federation. The costs of the transaction associated with the closing of a short position and the costs associated with the acquisition and sale of the relevant securities are determined in the manner prescribed by Article 280 of the Tax Code of the Russian Federation. Expenses associated with the closing of a short position are recognized on the date the short position is closed.

Features of determining the tax base for income tax when conducting such transactions. Examples

REPO transactions subject to a special taxation regime are transactions with emissive securities for a period not exceeding one year. If the term is longer, both parts of the REPO are taxed as different transactions (purchase and then sale of a security). If the term is less than one year, the REPO transaction for tax purposes is actually equated to a loan agreement. In Chapter 25 of the Tax Code of the Russian Federation, two articles are devoted to repo transactions - 282 and 333.

Example
Company A sold shares to Company B for 100 rubles, and then bought them back for 120 rubles.
The first part of the transaction (the sale of shares for 100 rubles) is not subject to income tax. When repurchasing shares, it is considered that company A paid company B interest on a loan in the amount of 20 rubles, which can be included in expenses according to the rules established for ordinary loans and credits (that is, in accordance with Article 269 of the Tax Code of the Russian Federation).
If at the end of the REPO transaction, not the entire package of securities was bought back, the difference is considered to be a normal sale of securities and is taxed in the general manner. If the subject of a REPO transaction are bonds, for which, in the period between the first and second parts of the REPO transaction, the issuer pays accrued coupon income (ACI), then these amounts may reduce the seller's payments under the first part of the REPO when he buys back the bonds under the second part of the REPO, or transferred by the buyer under the first part of the REPO to the seller under the first part of the REPO in accordance with the agreement. This is stated in accordance with subparagraphs 2 and 7 of Art. 282 of the Tax Code of the Russian Federation. At the same time, the coupon income is taken into account when calculating the seller's tax base for the first part of REPO in the manner prescribed by Articles 271, 273 and 328 of the Tax Code of the Russian Federation, and is not taken into account when determining the tax base for coupon income on securities that are the object of a REPO transaction from the buyer under the first part of the REPO.

When transferring bonds at the first stage of a REPO transaction, the seller does not change the purchase price and ACI paid for this security in tax accounting (clause 1, article 282 of the Tax Code of the Russian Federation). When bonds are repurchased, the ACI on the repurchase date is added to their price. Article 333 of the Tax Code of the Russian Federation establishes that the seller of securities in the reverse part of REPO transactions records securities from the date of their acquisition in accordance with the first part of REPO transactions until the sale (repurchase by the first participant in the transaction) ). Accounting reflects the date of sale and the value of the sold securities subject to redemption upon execution of the second part of agreements on securities purchase and sale transactions with repurchase, the date of redemption and the value of securities redeemed upon execution of the second part of agreements on purchase and sale transactions.

Example
Firm X bought the bond for RUB 120. The ACI on the purchase date was RUB 20. Some time later, firm X enters into a repurchase agreement with firm Y. The bond is transferred to company Y at a price of 135 rubles, the ACI on the date of transfer is 25 rubles. Then, in the second part, firm X redeems the bond at a price of 190 rubles. with NKD on the date of transfer of 40 rubles.
The first part of the REPO for company X is not considered a sale of a security, but is equivalent to obtaining a loan. In the tax accounting for the first part of the REPO, company X must reflect:

1) disposal of the bond;
2) getting a loan.

According to paragraph 1 of Art. 282 of the Tax Code of the Russian Federation, a REPO transaction does not change the purchase price of securities and the amount of ACI, which means that the disposal of a bond is reflected at the acquisition cost (100 rubles plus 20 rubles). The bond was transferred for 135 rubles. (110 rubles plus 25 rubles), therefore, in tax accounting it is necessary to reflect the receipt of a loan for 135 rubles.

The company is obliged to reflect in the tax accounting the issuance of a loan in the amount of 135 rubles, and also to recognize income in the form of interest at the end of each reporting period (REPO fee).

In practice, an organization that purchases bonds under the first part of a REPO does not necessarily keep them on its balance sheet without movement, because it can earn not only on the price difference in the framework of a REPO transaction. In the interval between the two parts of the transaction, the organization can put the securities into circulation, resell them at a higher price and make a profit. When the deadline for the return of securities approaches, the participant in the transaction will purchase them on the market and return them to the seller in the first part of the REPO.

The resale of securities (including the difference in ACI, if any) is taxed according to the general rules of taxation of securities. At the same time, paragraph 1 of Art. 282 of the Tax Code of the Russian Federation requires that the bonds be returned to the seller's tax registers for the first part of the REPO at the original cost. For example, if the bonds were originally purchased for 100 rubles. plus 20 rubles. NKD, and after the REPO transaction were redeemed at 190 rubles, for tax accounting the price of the bonds remained the same - 120 rubles.

REPO accounting methodology

Reflection of operations on the first part of REPO

Reflection of operations on the second part of REPO

Automation of accounting for REPO transactions

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