The Ministry of Finance has proposed a tax deduction for investors

The financial regulator proposes to introduce a tax deduction for owners of individual investment accounts in the amount of up to 30 million rubles for up to 10 years.

The Tax Code proposes to introduce appropriate amendments. It will be impossible to withdraw money from such an account for longer than from existing accounts.

An individual investment account can be opened after January 1, 2024. It is proposed to establish a tax deduction for the amount of income up to 30 million rubles. Such amendments to the Tax Code were prepared by the Ministry of Finance.

Thus, the maximum amount of personal income tax from which the investor will be exempt will be 3.9 million rubles at a tax rate of 13% and 4.5 million rubles at a tax rate of 15%.

This tax deduction will be applied only if the investor holds funds in the account for 10 years. At the same time, a transitional period will be established and when opening an account in 2024, the deadline for receiving tax benefits will be 5 years.