Tax incentives for bond-oriented individual investors: evidence from the Russian Federation

Belomyttseva, Olga S.; Grinkevich, L. S.; Grinkevich, Anastasiia; Bobek, Samo; Tominc, Polona

doi:10.15826/jtr.2018.4.2.047

Cited by 2 publications

(1 citation statement)

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“…In Russian journals there are publications on IIA and bonds as a promising and effective instrument for investment with IIA (Lakhno 2015). Features of applying tax incentives for individual investors in Russian Federation bonds are considered by Belomyttseva et al (Belomyttseva et al 2018a).…”

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Tax Preferences on the Investment Attractiveness of Bonds for Retail Investors: The Case of Russia

Boldyreva

Reshetnikova

Tarkhanova

et al. 2020

JRFM

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The impact of tax incentives on the investment attractiveness of bonds for retail investors is assessed in the article. The paper presents a comparative empirical analysis of investment attractiveness of Russian bonds and bank deposits for domestic retail investors. We identify investment preferences of retail investors in Russia, analyze investment characteristics of deposits in Russian banks and a variety of bonds available for retail investors. Given the tax benefits of the recently introduced Individual Investment Account, we show that the real yield of investment in government bonds is over eight times higher than the yield of bank deposits. Despite higher risks of investing in bonds, we conclude that government bonds taking into account the tax benefits of the Individual Investment Account could be a realistic alternative to bank deposits for Russian retail investors.

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Section: Literature Reviewmentioning

confidence: 99%