| Fund real estate transactions (VON) |
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Fund real estate transactions (VON) - the creation, registration About Funds real estate (FTT):
An alternative to raising funds for the construction of housing - the Fund's use of real estate transactions (VON), whose activity is regulated by the Law of Ukraine "On the financial and credit mechanisms and management of property for housing and real estate transactions" from 19.06.2003, N 978-IV ( hereinafter - the Law on the background). Fund real estate transactions (VON) - funds received VON manager in the management, as well as real estate and other property, property rights and income gained from managing these funds. The main purpose of the acquisition of certificates of backgrounds - receive income due to growth in property prices and not getting the real estate in the property. This is a fundamental difference from other investment companies. Ownership certificates background allows investors to gain their interest income before the completion of construction, selling all or part of their certification background. Source of funding is the sale of certificates VON VON, who have the right to acquire both physical and legal entities, residents and nonresidents, which emphasize not so much intend to buy property in the property, how much money to real estate transactions, figuratively speaking, "speculate". VON certificate is a security that certifies the right of the owner to receive a portion of net assets VON in cash at the end of the period for which has been created corresponding to the background, and the right to insist on control limits of human trust. Issuer certificates background is a specialized finance company, operating under the license - the ruler of the background. The certificate holder background is entitled to a portion of income after the close of the background and the sale of its property, and the issuer background has the right to pay interim earnings certificate holders background. The initial price of certificates background will not be less than its face value, which is taken as a basis for the cost of construction, however, prevent the sale of certificates at a price above their face value. Subsequently, the ruler of the VON obliged to recalculate quarterly net asset value of the background and the basis of changes in the value of those assets, and adjust the sales price of certificates background at the initial offering. In contrast to the initial public offering on the secondary market price of certificates of background can be changed at least every day. And the owner of the certificate background has the right at any time in its sole discretion and at any price to sell the certificates to another person. Certificate holders background does not receive real estate is sold at market price to any person regardless of whether it is the owner of the certificate background or not. Borrowed funds are used in the background under the control of property for the benefit of certificate holders in the order determined by the Rules of the background. Certificate holders background may be any person or entity. Formed assets acquired financial services company, which creates the background of the issued and outstanding securities - certificates (VON) are directed exclusively to finance the construction of the property. Real estate transactions are accounted for separately from the general assets of a financial company. Ensuring proper financial obligations of the company at the expense of borrowed assets is not allowed. This mechanism enables the holders of such certificates (investors) have a transparent, secure and guaranteed income. Restrictions imposed by legislators, strictly determine gains attracted assets over time and cause financial obligations of the company. Net assets means the background is the size of which is the difference between the value of the property value of the background and liabilities incurred as a result of management background. Net asset value is determined by the VON at the end of the working day preceding the day on which will be hosted or redemption of certificates background, but at least once a quarter. Certificates themselves are provided by real estate mortgages, which will be built. Income earned on certificates generated from the sale of the completed project, and other real estate operations (rent, lease, etc.) and distributed among the certificate holders. In the general scheme of using the Fund's real estate operations is as follows.
Certificates VON have a serious competitive potential, and a number of advantages:
Certificates VON have several disadvantages:
Article 46 of the Law of Ukraine "On the financial and credit mechanisms and management of property for housing and real estate transactions," provides that the issuer of certificates VON no later than 30 days after placement of certificates VON shall submit to the registrar a report on the outcome of this issue certificates. Requirements to report on the issue of certificates VON provides that the registration by the registering authority within 15 days from the date of submission of all required documents. A report on the issue of certificates VON served in the registering body in two copies, certified by the signatures and seals the head of the issuer and the auditor (auditing firm). Under current law, the background created for a period set by the prospectus, and upon expiration of such period cease to function. In connection with this Securities Commission also settled the repayment and cancellation of registration certificates of registration VON issued in uncertificated form, by adopting its decision of 14.02.2006 N 107, the Regulations on the redemption and the cancellation of registration certificates of stock of real estate transactions, which are issued in uncertificated form. Position is regulated by the issuer shall repay on time certificates BACKGROUND:
Not later than 10 days after completion of payment certificates VON issuer submits to the Securities Commission report on the redemption of certificates background. Regulations also stipulate that when filing a report on the redemption of certificates VON issuer applies for cancellation of registration certificates of registration VON information on their issue, the prospectus and the statement, the original certificate of registration of issue of certificates background reports about reasons for termination of operation of the background and copy print media with the printed report (in the case of early redemption). Consider the peculiarities of taxation when investing through the construction of VON to income tax and value added tax. Tax on profitsThe main feature of the principle of taxation when investing through the construction of the background of the investors is the lack of double taxation. In accordance with Article 1.38. 1 of the Law of Ukraine "On taxation of enterprise profits, as amended by Law of 22.05.1997, N 283/97-VR (hereinafter - the Law of the profits), the certificate of stock of real estate transactions - investment certificate, which certifies the holder's right to receive income from investing in real estate transactions in accordance with law. That is, certificates VON equated with investment certificates. Sub-paragraph 7.9.1 and sub-paragraph 7.9 of Article 7.9.2. 7 of the return states that the funds raised at VON manager of issue of certificates are not included in his gross income. Under sub-paragraph 4.1 of Article 4.1.1. 4 of the income in gross income includes income from the sale of certificates of background, except for transactions on their primary production (placement) and final maturity (liquidation). Not included in gross income monies raised from fund certificate holders of real estate transactions, income from operations with assets of funds of real estate operations and income accrued over the assets of real estate funds established in accordance with the law (sub-paragraph 4.2.8 4.2 Art. 4 of the profits). Trustees also do not reflect gross income. Principals do not reflect in their own gross expenditure on purchased certificates under sub-paragraph 7.9.2 paragraph 7.9 of article. 7 of the profits. From all this it comes up, the transactions on the primary issue (offering) and operations end redemption of certificates VON outside the tax records of the taxpayers. Income arises only when the sale of certificates of background on the secondary market. As for the payments to be paid to the owner of the certificate VON as a result of the distribution of income background, they are treated as dividends pursuant to Article 1.9. 1 of the profits. In particular, this norm of the Law on profit says that equates to a dividend as a payment that is paid to the owner a certificate fund real estate transactions as a result of the distribution of income fund real estate transactions. Accordingly, they are subject to a special system of taxation of dividends, as set out in paragraph 7.8 of Article 7 of the profits. In this case, the appropriate transfer of the amount of advance payment of income tax (withholding tax) to reduce the tax administrator under subparagraph 7.8.4 of the Law of the profits, but if the manager of the taxable profit from his remuneration or other activities. Law on the FSF specifies two types of payments to owners of certificates BACKGROUND:
Concerning the issue of taxation of remuneration of Directors: С одной стороны суммы вознаграждения не облагаются на основании все того же подпункта 4.2.8 п. 4.2 ст. 4 Закона о прибыли, согласно которому не подлежат включению в валовой доход доходы, начисленные по активам фондов операций с недвижимостью. Это подтверждает и статья 33 Закона о ФФС, согласно которой вознаграждение управляющего устанавливается в соотношении к стоимости чистых активов ФОН. Однако подпункт 7.9.3 Закона о прибыли устанавливает особенные правила налогообложения. В частности, указанная норма гласит, что плательщик налога, осуществляющий доверительные операции с денежными средствами или имуществом доверителя, относит в состав своих валовых доходов конечный финансовый результат такой доверительной операции, определяемый по итогам налогового периода, в течение которого осуществляется возврат доверителю части дохода, фактически полученного доверенным лицом от операций по размещению денежных средств или имущества такого доверителя, и равный вознаграждению за осуществление таких доверительных операций, удерживаемому в пользу доверенного лица за счет выплаты такого дохода. До тех пор, пока доход от операций с недвижимостью не распределяется между доверителями, управитель не облагает свой собственный доход в виде вознаграждения за предоставленные услуги. Доход от операций с недвижимостью не подлежит налогообложению ни у доверителей, ни у управляющего до момента его перечисления доверителям. Прибыль доверителей - юридических лиц от продажи сертификатов ФОН, которая не сопряжена с эмиссией-погашением, облагается по правилам пункта 7.6 ст. 7 Закона о прибыли. Согласно подпункту 7.6.1 п. 7.6 ст. 7 Закона о прибыли налогоплательщик ведет отдельный налоговый учет финансовых результатов операций с ценными бумагами (в том числе ипотечными сертификатами участия, ипотечными сертификатами с фиксированной доходностью и сертификатами фондов операций с недвижимостью). VATОперации управляющего ФОН, налогом на добавленную стоимость не облагаются согласно подпункту 3.2.1 п. 3.2 ст. 3 Закона об НДС, который гласит, что не является объектом налогообложения операции выпуска (эмиссии), размещение в любые формы управления и продажи (погашение, выкупа) за средства ценных бумаг, которые выпущены в обращение (эмитированные) субъектами предпринимательской деятельности, Национальным банком Украины, Министерством финансов Украины, органами местного самоуправления соответственно закону, включая инвестиционные и ипотечные сертификаты, сертификаты фонда операций с недвижимостью. Не облагаются налогом на добавленную стоимость, согласно подпункту 3.2.11 п. 3.2 ст. 3 Закона об НДС, следующие операции:
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