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Minfin Proposes IIA Limit Increase

29.05.2015 12:00 / TASS

The Russian Ministry of Finance is considering an increase of annual deposit limit for Individual Investment Accounts, currently at RUB 400k, Deputy Minister Alexey Moiseev told NAUFOR Conference.

“We will discuss the possible deposit limit increase from 400k. After all, here we are competing against deposits, where insurance has doubled. This matter is open for debate, the decision is yet to be passed”, he said.

National Stock Market Participants Association (NAUFOR) told TASS that the limit may increase from RUB 400k to RUB 1mln starting in 2016, with an additional RUB 1mln annual deposit for those who open their IIA in 2015.

Deputy Finance Minister also added that from 1 January 2016, IIA investment in bank deposits will be limited to 15 per cent.

As reported earlier, amendments to the Securities Market Act and the Tax Code, enacted on 1 January 2015, allow private individuals to open a privileged broker account. Maximum deposit is RUB 400k for a minimum of three years. While the account is active, it is eligible for a tax rebate of 13 percent.

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