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Taxation

  • In accordance with the current legislation of Estonia, AS KIT Finance Europe is not a tax agent for the purposes of tax withholding from foreign investors (non-residents of Estonia) deriving income from operations involving financial instruments.
  • Investors (non-residents of Estonia and Cyprus) deriving income from operations involving investment instruments are exempt from payment of any taxes within the territory of Estonia and Cyprus.
  • Non-U.S.-resident clients deriving income from operations involving American depositary receipts are exempt from payment of tax on such income within the territory of the U.S.
  • All investors deriving income from operations involving financial instruments via the use of services provided by Estonian investment firms independently compute and transfer income tax to the respective budget in accordance with the prevailing law of the investors’ country of jurisdiction.

Please pay attention to the taxation peculiarities when dealing with Russian market securities. According to the requirements of Russian legislations, in particular the clause #312 of the Tax Code of Russian Federation, which entered into force on 01.01.2015, the terms and conditions of international double taxation agreements of Russian Federation are applied to the actual income recipients/beneficiaries.

According to the clause #5.3 of The Terms and Conditions of Rendering investment services by AS KIT Finance Europe and Appendix #3 to the Terms and Conditions, the Clients who receive any income from transactions and securities which are subject to taxation in Russian Federation have to submit a tax certificate or any other document proving the tax residency of the Client or the end owner of securities (actual income recipient / beneficiary) for the current tax period (calendar year). The certificate is to be provided annually.

In case the Client doesn’t provide such a document or fails to provide it to the Investment firm on time, the Client bears all the risks concerning non-use of preferential tax rate by the tax agents.


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