“Manneken Pis” looking for holes in the tax system – and well. The problem is that the current draft of the taxation of closed-end mutual funds (FIZ) can hit the small customers, who believe that FIZ-y will bring them better returns than conventional funds open. Those who do not pay taxes, and so will find ways to avoid them. And the budget will never affect based 2.5 billion rubles per year. This can be the effect of the proposed it changes.
the Problem is the tax evasion on the part of wealthy businessmen called tax optimization exist. Recognized even by representatives of investment funds that the PiS MPs want to collect additional tax liabilities. Note, however, that changes in the form proposed will hit the pockets of small investors and capital market will be flipped upside down.
outraged, that the deputies want to make changes without any consultation of the sectoral social only because they entered into force on 1 January 2017. About the pace of work is evidenced by the fact that the first reading of the draft in the Sejm is scheduled on coming Friday.
representatives of the financial industry is pretty clear who the proposed changes will primarily use it. – Can you imagine that in the Warsaw law firms were able yesterday champagne corks. PiS wants to push hopeless law that will allow lawyers work for the next few years, says ironically, the industry of investment funds.
the New tax will hurt the clients funds
we will Remind, on Wednesday released a draft of PiS MPs who want to tax CIT closed-end investment funds (FIZ-y). The idea is to bring the country’s budget an additional 2.5 billion rubles a year.
- This project aims ukrócenie that wealthy businessmen evading taxes because they operate under the guise of private investment funds. Our idea has the purpose of taxation of small investors who put means in funds of open – assures money.pl Christmas Tułajew, Deputy PiS, co-author of the project.
really? To understand what is the change need in short to know the possible structures of mutual funds located in Poland.
simply put, Companies, Investment Funds can create the so-called open-end funds (FIO, SFIO) machines to customers units is a relatively simple method of investing money, with the entry threshold already, even from the sum of 100 rubles. Funds buy, such as stocks or bonds, and the cost of investments is reflected in the personality assessment. When the customer buys the units and pay the money to have to pay 19%. income tax, i.e. a tax on the Beam (do not include any Declaration to the tax office because tax has already been included in the assessment of units). In turn, TFI pays tax CIT, as well as any other company earns, for example, in the commissions, charges for management from clients.
Another design that is PHYSICAL and y, which do not sell units, and the so-called investment certificates. Creating PHYSICAL-TFI requires less bureaucracy, gives a little more investment opportunities (for example, derivatives), but the entry threshold for a client is much higher – moments. 40 thousand euros. Because the funds are often invested abroad, or in real estate, certificates can no longer be sold from day to day, but only within the strictly defined terms. These are the main differences compared to the FIO. After redemption, the customer also pays tax on the Beam. Tax CIT paid TFI.
Meanwhile, the idea of PiS MPs is to CIT-em to recover from the funds themselves are created by TFI. As explained money.pl representatives of foundations, this means that, in practice, the certificate holder will pay the taxes twice.
let’s Take an example: a customer buys a certificate for the equivalent of 200 thousand rubles In the investment process, the Fund earns 10 percent. At the time of redemption the customer now pays 3.8 thousand rubles (19 percent. from 20 thousand RUB.). To get back 216,2 thousand UAH. rubles.
And after the changes? Suppose that after a year, the Fund earned 10 per cent., but the client does not pay funds means that the Fund and so will download of 19 per cent. tax CIT, and after repayment the client will pay, a further 19%. tax Beams. In our example, this would mean the payment of “on hand” in the amount of about 213 thousand. RUB This means that in the case of such investments, the tax will be not really 19 percent, and by about 35%.
At the same time, customers FIO will continue to pay only the tax of the Beam at a rate of 19 percent.
responding to a Question about this MP Christmas Tułajew recognizes that the project will be discussed during a meeting of the parliamentary Committee on Public Finance and some of the changes are “not excluded”.
Thomas Tarczynski, Chairman of the Reflection TFI, estimates that “on the one hand, the government wants to encourage the Poles to long-term savings, and on the other – are preparing a project that will mean the need for them to pay higher taxes that invest their own funds in the capital market”. – It will make that the propensity to save among customers will decrease, says.
Without a chance of 2.5 billion rubles for the budget
Representatives of TFI in money.pl do not hide the indignation the proposal of the deputies of the PiS. – The project involves the practical elimination of PHYSICAL from the market, depriving them of one of the main features, which is to provide investors with investment without the need for double opodatkowywania the same profit. Thus, the PHYSICAL action is standard in Poland and abroad – says Artur Rawski Deputy President of the Forum TFI, which in the last ten years has created about a hundred funds in the assets worth almost 14 billion UAH.
it is Noted that he was surprised, the pace of work on the project, which was not anyone to consult. – Given the complex nature of modern financial market, such changes can not be done in haste without public consultation – says Artur Rawski.
he adds that if the main goal of the project authors is to attract 2.5 billion rubles to the budget of the state, then you can count it. – The introduction of new tax burdens and, consequently, reduce the profits of the investors, will cause the outflow of foreign funds, which will be able to offer better terms of trade. As a result, benefit only foreign financial institutions, at the expense of the state budget, and the Polish capital market, – says Artur Rawski.
FIZ is a way to avoid taxation?
And here we come to the crux of the problem, which wants to do “Manneken Pis”. – Many of the entrepreneurs use NAT-y in order to avoid the tax. Form complicated investment vehicles which place them in a privileged position in relation to small and medium companies that do not use tax optimization. In my conviction, something similar should not be says money.pl Christmas Tułajew.
it is interesting That even the representatives of mass recognize problem, about which the Deputy speaks PiS – is. Simply put, the idea is that the entrepreneur or other wealthy man “throws” NAT-its state in the form of, for example, businesses, real estate, etc., turns the property and removes from this tax. Theoretically, it can do so without end, he is both the sole member of such a Fund. This Foundation is often in the form of so-called non-public Fund assets.
on the Question of whether the funds recognize that this subject could be addressed in a relatively simple manner. One solution can be, for example, maintaining the tax exemption CIT of these funds, which, for example, the vast majority of assets in the financial instruments traded on exchanges or have some minimum number of participants who purchased investment certificates. All this in order to leave the opportunity for investment in PHYS-y this small investors that do this, really, for investment purposes and not for avoiding taxes.
the Rash all DEF’s in “one bag” is quite risky. Simple division of these funds for these to retail customers and those employees of tax optimization is also not easy. Sometimes it is believed that optimization of the serve mentioned funds non-public assets (the so-called FIZAN). But, on the other hand, also in this group you can find such, which certificates may purchase a larger number of investors.
P. s in recent years become the fastest growing segment of the market of investment funds in Poland. According to the Chamber, Fund Managers and Assets include PHYSICAL assets at 106 billion UAH.
Source: money.pl based on IZFiA.
At the same time when the “Manneken Pis” precepts of taxation P. s, the party promises to be both a desire to promote long-term savings among the Poles. Minister Matthew Morawiecki said recently that the government wants to promote the so-called REIT-s, that is, companies which emit stocks, and received from investors the funds believe the real estate market.
Artur Rawski Deputy President of the Forum TFI in the final interview money.pl asked why the government doesn’t want to use for this purpose an already existing mechanism, NAT-s, known and present on the Polish market for a long time. As can be seen, the latest draft of the tax changes, was the answer to this question.
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