The Russian government refused to provide tax incentives NPF

The Russian government refused to provide tax incentives NPF (private pension funds). Negative opinion on the amendments to the Tax Code was signed by Prime Minister Vladimir Putin, wrote on Tuesday's Kommersant newspaper. At the disposal of the newspaper is the conclusion of the Government on the bill, proposing to amend the current taxation of profit from the placement of pension reserves NPF. Now income tax (20%) is subject to income derived from investment of pension reserves and excess refinancing (now - 11,5%). According to the 75-FZ "On Private Pension Funds", this income is sent to replenish the pension reserve and the formation of property destined for the charter of the fund. The amendments proposed to tax only the portion of income allocated to the financing authorized activity of APF. Negative opinion of the Government on the bill is based on the findings presented in the Government Ministry of Finance, Economic Development and the Ministry of Justice (is in the possession of publication). Ministry of Economic Development believes that the adoption of amendments to the Pension Fund contributions will be unjustified preference over other financial investments. "Savings on contracts of private pension schemes will have exceptional fiscal conditions compared with other mechanisms of long-term investment" - the newspaper quoted the resolution of the ministry. Justice noted that "realization of the bill would lead to the loss of budget revenues, but sources said compensation decreased income is not defined". The average yield of investment of pension reserves to the crisis amounted to 16,5% per annum, counts the chairman of the National Association of Pension Funds Konstantin Ugryumov. The refinancing rate was then 10-11%. "Abolishing the tax on income from investment of reserves, the state would have missed 1.2 billion rubles, or almost imperceptible amount for the federal budget, but it is important for customers NPF, because their pensions will be reduced by the amount of collected tax" - the expert believes. "The crisis is not the best time for such initiatives, now we can not afford even the loss of such sums," - source object to the publication of the Ministry of Finance. The federal budget deficit for January-May totaled 511 billion rubles or 3,6% of GDP. According to the forecast of the Finance Ministry, the budget deficit in 2009 could amount to 7,5-9% of GDP and 10% taking into account the costs of the National Welfare Fund. According to experts, the lack of tax breaks inhibits the development of private pensions. "First, employer contributions to the Pension Fund is subject to social tax at a rate of 26%, then a tax on income earned by investing pension reserves, and finally, pension, paid from the fund created by the employer in the NPF, and are subject to more tax on personal income, - quotes the edition Ugryumova words. Moreover, he notes that in the public co-financing of pensions (mandatory pension insurance), tax incentives exist. "The development of voluntary pension is not possible without changing the rules of taxation of contributions," - the newspaper quoted the president of NPF "Social Development" Vyacheslav Fyodorov. Portal Bank.ru Materials Rihanna.