The State Tax Service said that the amendments to the Fiscal Code, which concern optional nonstate pension funds, came into force. The notion “nonstate pension” used so far was replaced with “optional pension”. The amendments stipulate that optional pension funds are considered the funds that were created and work in accordance with the Law on Optional Pension Funds, IPN reports.

The law specifies the requirements for the organization and licensing of optional pension funds and the work done by the managers of such funds, the norms applying to the depositories of these funds and the duties to supervise these entities assigned to the National Commission for Financial Markets.

Following the amendments made to the Fiscal Code, the services related to the management of collective investment schemes and optional pension funds are exempted from VAT without the right to deduct.