quinta-feira, abril 16, 2009

New guidelines for repo transactions and securities lending

The Austrian ministry of finance has recently issued new guidelines on the tax treatment of securities lending and repo transactions.
Traditional tax treatment
According to the traditional
Austrian tax administration practice, the sale of securities by a repo seller results in the transfer of economic ownership in the securities from the repo seller to the repo buyer, also where the parties have agreed upon a true repurchase agreement. Consequently, the repo buyer is considered the economic owner of the securities and the beneficial owner of the interest or dividends derived there from.

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