Russia to Tax ZPIF/IPIF Passive Income, Raising 100B Rubles Annually by 2027-2029

Russia plans to introduce a profit tax on passive income from closed-end and interval mutual funds (ZPIFs and IPIFs), projected to add 100 billion rubles annually to the federal budget in 2027-2029. The measure targets investment vehicles often used for tax-efficient structures, potentially altering fund flows and investor behavior. Details on rates and implementation remain unspecified, with fiscal impact estimates subject to market conditions.