About tax benefits for non-state pension funds in the securities market and methodology for assessing their effectiveness

Abstract

The author states the fact that there is a tax benefit for non-state pension funds on income tax when investing pension reserves and savings. The necessity of assessing the fiscal effectiveness of this tax benefit is noted, as well as the lack of research on this issue in foreign and domestic scientific literature. On the basis of statistical data on non-state pension funds (the amount of assets and profitability of pension reserves and pension savings), the calculation of the amount of this tax benefit (state tax expenditures) for 2017-2020 was made. The conclusion is made about the materiality of this tax benefit. The author s methodology and methodology for evaluating/calculating the effectiveness of tax benefits in the securities market for private pension funds are presented. The methodology is based on data on the structure of assets of pension reserves and pension savings by instruments and industries, as well as the industry structure of the Moscow Exchange indices. The debatable components of the methodology and the possibility of its application are noted for a wide range of private investors who have tax benefits when investing in the securities market.