On 10 September 2026, the Expert Council under the Federal Tax Service convened a closed session to evaluate the tax implications of the recently amended Federal Law No. 156-FZ “On Investment Funds” (changes effective 1 October 2026) as applied to Closed-End Mutual Investment Funds (ZPIF). The discussion centered on three critical areas: (1) the new pass-through taxation regime for ZPIFs investing in infrastructure projects under the “National Projects” framework, (2) the treatment of carried interest allocations to fund managers under Article 284.1 of the Tax Code, and (3) the withholding tax obligations for non-resident investors following the 2025 removal of the “beneficial owner” exemption for treaty-shopping structures. The Council’s recommendations will form the basis of a forthcoming FTS Clarification Letter expected by 30 November 2026.
Key Takeaways
- Infrastructure Tax Incentive: ZPIFs allocating at least 70% of assets to qualifying infrastructure projects (per Government Decree No. 1842) enjoy a 0% corporate profit tax rate on distributed income until 31 December 2030, provided they maintain a minimum 5-year holding period.
- Carried Interest Recharacterization: The Council endorsed reclassifying performance fees exceeding 20% of hurdle-rate returns as employment income subject to 13%/15% PIT withholding, aligning with the Supreme Court Ruling No. 305-ES25-12000 (March 2026).
- Non-Resident Compliance Burden: Foreign investors in ZPIFs must now submit a certified tax residency certificate (Form 6166 or equivalent) annually by 1 March to claim reduced treaty rates; failure triggers a default 20% withholding on deemed distributions.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement