Investors will be warmed up with benefits – Kommersant FM
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Russian authorities want to add benefits to retail investors. The Federation Council sent its recommendations to the Central Bank and the government, Vedomosti writes. In particular, the senators want to exempt for five years investors who buy shares during an IPO, SPO or within a month after from paying personal income tax on dividends received on these securities. In addition, income from the sale of such shares may be exempt from income tax if the investor has continuously held them for more than a year.
How actively will investors go to the market if the authorities approve? Investment banker Evgeny Kogan considers this a significant incentive to invest in shares: “It is clear that foreign investment will not come to our market now. Consequently, investments will come that we ourselves will organize, that is, we will stimulate our respected investors so that they understand that the state is interested in money.
Today, the main source of movement in the Russian market and the main source through which money can be raised is the funds of our native investors. Some, especially after the events with the freezing of assets, with the St. Petersburg Exchange, thought that it was probably better to take the money home. The state gives them an incentive. So do I believe that this will bring investors into the market? I guess, yes. Only if this is accompanied by a whole series of correct and reasonable steps.
There will be plenty of opportunities to show your goodwill to investors. In particular, carry out all necessary actions to unfreeze assets.
What is the benefit of no income tax for an investor? This shows people that the government is interested in them going to the market. The state stimulates them. People know how to count money. There are two points here. The first is an economic incentive. The second is moral. People see that the state has an interest in the fact that they came to the market and bought primary and secondary securities. That is, those that are placed and traded in secondary trading.”
At the same time, the Ministry of Economic Development worked on similar measures two years ago. It was proposed to exempt retail investors from paying personal income tax when selling shares purchased at the IPO or within a year after it. True, the matter did not go further than discussions. The new version of tax incentives is unlikely to significantly increase the number of companies on the stock exchange.
This is what Andrey Khokhrin, director for strategic development of the investment company Ivolga Capital, thinks: “The increase in IPOs and FPOs is influenced by the economic or investment climate. It is determined not only by taxes, which are not the highest in Russia, but by the observance of property rights and the influence of domestic and foreign policy. And networks of influence are stressful. So will there be more IPOs? We see a trend towards an increase in their number. At the same time, the situation with IPOs does not look like the bottom of a trend, it is already a plateau.”
The government last week published a plan for the number of IPOs in Russia. The document states that in 2024, from nine to 11 companies should place their shares on the stock exchange, in 2025 – 10-12, and, for example, in 2030 – from 15 to 20. For comparison, on US stock exchanges, According to estimates by the international auditing company EY, more than 130 such transactions took place this year.
Everything is clear with us – Telegram channel “Kommersant FM”.
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