CEO of Alpha-Capitalisti Irina Kryboza, CEO of VIM Investments Vladimir Kirallov and Director General of the First Criminal Code Andrey Barshansky sent a warning to Finance Minister Anton Silanov: a new tax on the income of mutual funds threatens the sale of government bonds. The Ministry of Finance intends to collect a tax from funds that buy its bonds at the same time. On September 30, 2026, the government presented Bill No. 617-9. Closed-end and margin funds for qualified investors are proposed to be taxed at 15% on dividends, interest, royalties and rental payments received. Now such profits at the level of mutual funds are not taxed, and the tax rises from the shareholders when income is received. According to the Ministry of Finance, a long delay helps to avoid taxes. The expected collection from two types of funds is about 100 billion rubles annually in 2027-2029. After receiving a 100 ruble coupon on the bond, the fund can reinvest all 100 rubles. With the proposed tax, 15 rubles will immediately enter the budget, and 85 will remain to work for the shareholder. The project provides for the beginning of the capital tax with late taxation of the investor. This reduces the risk of double payment, but today's loss of 15 rubles will not bring moderate income. In another appeal in Silanov, dated October 15, 7 representatives of management and financial companies estimated that possible sales of Z at a maximum of 170 billion rubles. According to their data, as of July 31, 166 mutual funds with assets of 604.1 billion rubles were operating in Russia. Of these, 153 funds for accredited investors held assets worth $543 billion. According to the authors of the letter, these funds had about 168 billion in government bonds. $70 billion is just a possibility, not a sales decision. Payment of margin financing units can usually be extremely open windows, often lasting two weeks or a month.

CEO of Alpha-Capitalisti Irina Kryboza, CEO of VIM Investments Vladimir Kirallov and Director General of the First Criminal Code Andrey Barshansky sent a warning to Finance Minister Anton Silanov: a new tax on the income of mutual funds threatens the sale of government bonds. The Ministry of Finance intends to collect a tax from funds that buy its bonds at the same time. On September 30, 2026, the government presented Bill No. 617-9. Closed-end and margin funds for qualified investors are proposed to be taxed at 15% on dividends, interest, royalties and rental payments received. Now such profits at the level of mutual funds are not taxed, and the tax rises from the shareholders when income is received. According to the Ministry of Finance, a long delay helps to avoid taxes. The expected collection from two types of funds is about 100 billion rubles annually in 2027-2029. After receiving a 100 ruble coupon on the bond, the fund can reinvest all 100 rubles. With the proposed tax, 15 rubles will immediately enter the budget, and 85 will remain to work for the shareholder. The project provides for the beginning of the capital tax with late taxation of the investor. This reduces the risk of double payment, but today's loss of 15 rubles will not bring moderate income. In another appeal in Silanov, dated October 15, 7 representatives of management and financial companies estimated that possible sales of Z at a maximum of 170 billion rubles. According to their data, as of July 31, 166 mutual funds with assets of 604.1 billion rubles were operating in Russia. Of these, 153 funds for accredited investors held assets worth $543 billion. According to the authors of the letter, these funds had about 168 billion in government bonds. $70 billion is just a possibility, not a sales decision. Payment of margin financing units can usually be extremely open windows, often lasting two weeks or a month.