The Ministry of Finance proposed to tax passive income of mutual funds at 15%

The Ministry of Finance proposed to establish for mutual investment funds (MIFs) the obligation to pay income tax on passive income at a rate of 15%. When taxing shareholders, the tax paid by the fund is planned to be taken into account for their tax liabilities. The relevant proposal was prescribed in the budget package, which was submitted to the Russian government today.

Now mutual funds do not pay income tax on such income. Taxation occurs when paying income to shareholders, as a result of which the time of payment of taxes can be postponed for a long time, the department indicated.

According to the Ministry of Finance, the current procedure creates prerequisites for tax optimization. In particular, the ownership of various assets can be structured using mutual funds, which allows you to postpone the occurrence of tax liabilities. The proposed changes are designed to eliminate this possibility, preserving the tax credit paid by the mutual fund for shareholders.

“These proposals have not been discussed with market participants. This decision would be correct to limit mutual funds for qualified investors, — commented on the proposal of the Ministry of Finance President of the National Association of Stock Market Participants (NAUFOR) Alexei Timofeev.

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