A one-time tax deduction will affect investments in a third type individual investment account (third type IIA), contributions to a long-term savings program and under a non-state pension agreement. At the same time, the law has retroactive force and will apply to contracts concluded from January 1, 2024, notes the Bank of Russia.
Contributions totaling up to 400 thousand rubles are exempt from personal income tax (NDFL). per year – for all three products. “Thus, the maximum deduction can range from 52,000 to 60,000 rubles per year, depending on the investor’s income,” says the Central Bank.
As explained by the Ministry of Finance, the law also establishes the obligation for non-state pension funds to submit to the tax authorities information related to the conclusion of long-term savings agreements, which will ensure control over the granting of deductions.
In addition, the law establishes the conditions for transforming “old” investment accounts into a new type, as well as a gradual increase in the minimum period of ownership of IIS of the third type. Thus, the minimum term of an account opened in 2024-2026 will be five years, and will subsequently increase by one year until it reaches 10 years, indicated the Central Bank.
IIS-3 replaces the previous two types of investment accounts, which will no longer be able to be opened from January 1, 2024. The list of securities available for purchase in IIS-3 is limited. This applies mainly to foreign assets. With IIS-3, you can invest only in securities of Russian issuers, as well as in companies registered in the Eurasian Economic Union (EEU). It is also planned to secure funds in IIS-3 in the event of bankruptcy of the management company. The insurance amount will be the same as that of bank insurance: up to 1.4 million rubles.
As follows from the data of the Bank of Russia, at the end of 2023 the number of individual investment accounts (IIA) increased by 15% (now there are more than 6 million), but the growth did not in any way affect the increase in money. in the accounts. “Data from non-credit financial institutions show that the share of empty brokerage IIS at the end of the 4th quarter was 71%, another 6% of accounts had a balance of no more than 10 thousand rubles,” noted the Central Bank . .
The tax deduction will have retroactive effect and may be applied to contracts entered into as of January 1, 2024.
The long-term savings program (LSP) also began operating in Russia from January 1, 2024. The main goal of the program is to help citizens save for big long-term goals: buying an apartment, educating your children and additional income during retirement. At the same time, the state will not only ensure the safety of savings, but will also support the PDS participants, both with rubles and benefits, Finance Minister Anton Siluanov told Rossiyskaya Gazeta.
During the first three years of participation in the program, the State will co-finance citizens’ contributions: up to 36 thousand rubles. in the year. In addition, pension savings previously generated in non-state pension funds can be transferred to the program.
The minimum period of participation in the program is 15 years, it is unlimited, investments are insured for up to 2.8 million rubles: exactly double the insurance for a bank deposit.
