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The accrued coupon income trap
Selling a bond before the coupon payment date does not exempt you from taxes. The broker will withhold personal income tax (NDFL) from the Accrued Coupon Income (ACI) received from the buyer, even if the transaction itself is closed at a loss relative to the par value.
This leads to a paradox: you may have recorded a market loss on the bond's principal, but you still pay tax on the virtual coupon profit. The tax authority does not account for the market revaluation of the debt, focusing solely on the cash flow within the transaction.
The math is harsh: a deal can be a net loss, yet taxes will still be deducted.
#taxes #bonds