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


Belomyttseva O.S.

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. Keywords: non-state pension fund, pension reserves, pension savings, income tax, tax benefit, efficiency of tax benefits, fiscal efficiency, tax expenditures, stock index Highlights: ♦ the content and scale of income tax benefits for non-state pension funds in the securities market are determined; ♦ the methodological foundations for assessing the fiscal effectiveness of tax benefits for non-state pension funds in the securities market are formulated; ♦ the author`s methodology for tracking the effectiveness of tax benefits for non-state pension funds in the securities market from the position of the state is presented; ♦ some controversial aspects of the author`s methodology are noted.

Olga S. Belomyttseva - National Research Tomsk State University, Tomsk, Russia


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