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MOSCOW, March 18 (Itar-Tass) – The Russian Finance Ministry is ready to offer Russians a new “interesting financial instrument” – a personal investment account, Russian Deputy Finance Minister Sergei Shatalov told a tax conference, which was organised by the Russian Union of Industrialists and Entrepreneurs in the format of the Russian Business Week. “We hope it is able to become popular,” he added.
In his words, the account may be opened for the period of five years and place to the account 400,000 roubles a year (USD 1 = RUB 30.89). Brokers or professional managers will deal with the funds. “This is a marketable proposal,” Shatalov said, adding that the related bill is in the final stage of its drafting.
The news instrument envisages a special preferential taxation. “The preference of the kind will be performed in compliance with the decision of a taxpayer. He [or she] will be exempt from the taxation at the first or at the final stage, or he [or she] will receive a right for tax preference within the format envisages by the effective laws,” the deputy minister said.
The second scenario will not exempt funds from taxation, but all returns will be free of taxes at the end of the deposit term, he said.
While replying to a question about possible starting term of the new instrument, Shatalov said, “There is every reason to believe that this may occur already in 2014.”