The bill on long-term IIS was adopted by the State Duma in the first reading – Kommersant

The State Duma adopted in the first reading a bill that, from January 1, 2024, will allow opening a long-term individual investment account of the third type (IIS-3) in Russia. Information about this was published in system ensuring legislative activity.

Changes in legislation will make it possible to open a long-term IIS in addition to the existing three-year IIS-1 and IIS-2. According to the changes, investors will be able to transform their IIS opened before January 1, 2024 into IIS-3, or can continue to use IIS-1 and IIS-2 under the same conditions.

The document provides the rights to open and maintain IIS-3 for a management company of an open-end mutual investment fund. According to current legislation, IIS is opened and maintained only by a broker or manager. The government is also given the authority to determine which securities, including foreign issuers, are not allowed to be purchased on the IIS.

The right to tax deductions on IIS-3 is possible if the investment period is more than 10 years. The government provides for a transition period in which it is possible to close an account after 5 years with an increase in the period by 1 year each subsequent year. The bill provides for early withdrawal of money from an individual investment account of the third type (IIS-3) without losing the right to tax benefits exclusively for paying for expensive treatment.

According to the bill, from January 1, 2024, a ban will be established on the opening of IIS-1 and IIS-2 by individuals. The bill makes changes to budget, tax and financial legislation.

Read more in the Kommersant FM article. “Investors will be deducted”.

Alexandra Goroshilova