MIFC: Key Facts
A source of basic facts about the International Financial Centre in Moscow
Task Assignments
06.12.2011 / Moscow
Events Calendar
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Media Coverage
29.01.2014 / Interfax
Russia #3 Worldwide in Foreign Direct Investment
FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.
06.04.2013 / Kommersant
Central Bank Builds Financial Center
FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.
29.01.2013 / Interfax
MIFC Location to be Determined by Workgroup
Russian Prime Minister Dmitry Medvedev is planning to establish a workgroup to determine the location of Moscow International Financial Center (MIFC) infrastructure.
Trading infrastructure
Trading infrastructure
Federal Tax Service Individual Investment Account Procedure Registered, Brokers Open
16.01.2015 13:00 / Interfax
The Federal Tax Service IIA Opening and Reporting Decree was published Friday and will be enacted 10 days later.
«According to the law, the opening and closing of an IIA involved reporting to the FTS, although the procedure did not exist and doing so involved risk. Now that licensed participants know how to notify the taxman, opening IIAs will spread like wildfire, I think», said Alexey Timofeev of NAUFOR.
Market participants did not wait for the FTS decree to open IIAs.
Head of Online Banking at BKS Group Pavel Sorokovoy told Interfax that several hundred BKS clients opened IIAs, mainly those who have been active in the financial market for a while.
Finam President Vladislav Kochetkov said there are currently 284 individual accounts open with the company, less than expected, since investors are careful about investment instruments with 3-year maturity due to high market volatility. Roughly half of the new accounts at Finam have been opened by existing clients.
CEO at Alor Group Alexander Kalin reported the opening of 20 IIAs, 20% accounting for new clients, the rest — old clients.
Individual Investment Account is an internal account for separate safekeeping of an individual’s money and securities, available from 1 January 2015. This type of account can be opened for a private individual by a broker or a trustee. There may be only one IIA contract per person.
A private individual can deposit with a broker or a trustee under the IIA contract a grand total of RUB 400K per year.
There are two types of tax deductions for IIA. A taxpayer may choose only one option — either to get an annual private income tax deduction equal to the sum deposited in IIA during the tax period, or — for three years after the IIA contract expires, the taxpayer is eligible for private income tax deduction equal to the income generated by the IIA, which effectively means that all investment profits will be tax-free.