This article discusses Circular 13 and Circular 7481 which are aimed at avoiding the improper use of tax benefits and the multiple application of relief from Swiss and foreign withholding tax and other tax relief in connection with securities lending and borrowing and repo transactions, including stadard securities lending and borrowing transactions, chain transactions, original payments and compensation payments, securities lending and borrowing with Swiss securities and with non-Swiss securities, cash collateral and repo rate, corporate income tax, individual income tax, and federal transfer stamp duty.