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The Russian Ministry of Finance proposed a tax deduction for all investment products

The Ministry of Finance of Russia is preparing a system of a unified tax deduction, within which it plans to gradually replace individual investment accounts of the main, first, type (IIA-I) with instruments of a new format. This followed from the development concept of this institution worked out by the department, which Vedomosti got acquainted with.
The Russian Ministry of Finance proposed a tax deduction for all investment products

According to the concept, a unified tax deduction will apply to 10-year contracts of non-state pension provision and "in the future" – on life insurance policies for a period of at least 10 years. People will be allowed to have no more than three long-term products at the same time to receive benefits, the concept says.

Funds must not be withdrawn within the specified period. However, in case of difficult life situations (their list will also be established by the government), citizens will be able to withdraw money ahead of schedule; this is not provided for by the current IIA format. “This will remove a psychological barrier to long-term investment,” Deputy Finance Minister Ivan Chebeskov told Vedomosti on the sidelines of the Moscow Financial Forum.

The limit on the amount of annual contributions is expected to be removed, and tax preferences will be a combination of benefits: a deduction for "entry" (from funds deposited as of end of the first year of account operation) and "exit" (tax exemption on return on investment after closing the account), the concept says.

Source: https://www.insur-info.ru/press/177937/

Photos are from open sources.

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