The Bank of Russia is negotiating the taxation of closed-end funds

At the Investfunds Forum, Olga Shishlyannikova, director of the department of investment financial intermediaries at the Bank of Russia, said that the Bank of Russia is discussing with the Ministry of Finance and the Federal Tax Service possible changes to the taxation of unit investment funds (PIFs).

At present the operations of a PIF are exempt from profits tax. For that reason, over the last few years a large number of properties have been "repackaged" into closed-end mutual funds (ZPIFs).

In the view of the Bank of Russia, the Ministry of Finance and the Federal Tax Service, the surge in the movement of commercial real estate into PIFs is connected, among other things, with the optimisation of tax receipts to the budget.

According to the representative of the Bank of Russia, however, it is planned to keep the existing tax regime for retail unit investment funds.

How, at the level of legislation, the "optimisers" are to be separated from those for whom the relief is to be kept is not yet clear. There is also no information on when such changes may be reflected in the Tax Code of the Russian Federation.

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