The Ministry of Finance submitted to the government a bill on the introduction of IIS-3 – Kommersant
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The Ministry of Finance of Russia has prepared and submitted to the government a draft law that will allow individuals to open no more than three IIS-3 contracts at the same time without limiting the amount of funds deposited on them. The law may come into force from January 2024. This was reported press office Ministry of Finance.
Appropriate changes want to make to the federal law “On the securities market.” According to the bill, individuals will be able to open trust management and brokerage agreements, provided that there is no valid agreement for the maintenance of IIS-1 and IIS-2. As explained in the Ministry of Finance, the department is working on the issue of a gradual increase from five to ten years of the required investment period through IIS-3 to receive tax benefits.
Under the new instrument, investors will receive tax preferences in the form of a combination of IIS-1 and IIS-2 benefits. In particular, they will be entitled to receive investment tax deductions in the amount of funds for IIS-3 and in the amount of a positive financial result obtained from operations. This will be enshrined in the form of amendments to the Tax Code.
Also, investors will be able to fully or partially demand the return of funds recorded on IIS-3 without terminating the contract in case of a special life situation. The list of documents and requirements for them will be established by the Central Bank. The Russian government will determine the criteria for shares, including foreign issuers, that will not be available for purchase on IIS-3.
The press service of the Ministry of Finance added that IIS, opened until the end of 2023, will work on the same terms.
More details – in the material “Kommersant” “Third is not superfluous”.
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