11.08.2022
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The Central Bank supported the restriction of benefits when buying foreign securities on IIS

The Bank of Russia confirmed its position on a possible limitation of tax benefits in the event purchases of foreign valuable papers to individual investment accounts (IIA), RBC Investments was told in the press service of the regulator.

“The Bank of Russia supports the restriction of the provision of investment tax deductions in respect of foreign financial instruments on IIA,” the Central Bank said in a statement.

The Central Bank plans to ban the purchase of foreign securities on IIS IIS , Central Bank , Investments , Shares

The Central Bank supported the restriction of benefits when buying foreign securities on IIS1

For the first time, the regulator put forward such an idea in response to the proposal of the head of the State Duma Committee on the financial market, Anatoly Aksakov, to completely ban the purchase of foreign shares on IIS. And at the same time, the press service of the regulator told RBC Investments that the possibility of “a ban on the acquisition of foreign financial instruments and foreign currency on IIS is not being discussed now.”

Earlier today, Aleksey Timofeev, head of NAUFOR, spoke about the authorities’ plans to ban the purchase of foreign securities on IIS. “Recently, we received for evaluation a bill to increase the contribution for all types of IIA to ₽3 million, while it is proposed to ban investments from IIA in foreign securities,” Timofeev said. He noted that the association will support the bill, but will propose to replace the complete ban on investments in foreign securities by limiting their share in IIS.

In May 2021, the head of the Bank of Russia, Elvira Nabiullina, proposed not to include foreign securities purchased on the IIA in the calculation of the base for which the tax deduction is provided. However, the idea was not developed – as Deputy Finance Minister Alexei Moiseev told RBC Investments, the problem was to separate foreign issuers from Russian ones registered abroad.

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A financial instrument used to raise capital. The main types of securities: shares (gives the owner the right of ownership), bonds (debt security) and their derivatives. More

Source: RBC

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