TY - JOUR

T1 - Financial access as a determinant of tax incentives for business investment activity in the Russian Federation

AU - Ivanov, V. V.

AU - Lvova, N. A.

PY - 2020

Y1 - 2020

N2 - The paper is devoted to the topical problems of tax incentives for investment. The research starts from the premise thatfinancial access can be positioned as one of the determinants of tax incentives for investment. At the same time, we considerfinancial access primarily as the availability of external investment financing, which allows us to combine the problems offinancial development, investment activity and tax incentives into a single context. Thus, the research purpose is to provethe importance of financial access as a determinant of tax incentives for business investment activity in the RussianFederation. To this end, we address the theoretical and methodological aspects of the problem, including scientific ideasabout the content of financial access, approaches to its assessment, and the relationship with investment processes. Havingspecified the interpretation of financial access as a determinant of tax incentives for business investment activity, we analyzeempirical data on investment financing in Russia. It is revealed that the predominant share in the total volume of investmentfinancing is accounted for self-financing. This situation does not contradict the world practice. However, a negative featureof Russia is the lack of bank lending to investments. Against the background of banks ' dominance in the financial structureof the economy, this reflects the destructive nature of financial development and the inefficiency of the investment policybeing implemented. Summarizing the results obtained allows us to suggest recommendations for the development of toolsfor tax incentives for investment. The novelty of the author's approach is that it is aimed at the lender, which interacts withthe investor. This makes it possible to increase the effectiveness of tax incentives for investment and overcome the mostserious gap in the level of financial access. In particular, it is proposed to introduce a special credit a contract under whichcredit institutions that provide investment loans at a below-market rate will be able to recover lost income through taxdeduction.

AB - The paper is devoted to the topical problems of tax incentives for investment. The research starts from the premise thatfinancial access can be positioned as one of the determinants of tax incentives for investment. At the same time, we considerfinancial access primarily as the availability of external investment financing, which allows us to combine the problems offinancial development, investment activity and tax incentives into a single context. Thus, the research purpose is to provethe importance of financial access as a determinant of tax incentives for business investment activity in the RussianFederation. To this end, we address the theoretical and methodological aspects of the problem, including scientific ideasabout the content of financial access, approaches to its assessment, and the relationship with investment processes. Havingspecified the interpretation of financial access as a determinant of tax incentives for business investment activity, we analyzeempirical data on investment financing in Russia. It is revealed that the predominant share in the total volume of investmentfinancing is accounted for self-financing. This situation does not contradict the world practice. However, a negative featureof Russia is the lack of bank lending to investments. Against the background of banks ' dominance in the financial structureof the economy, this reflects the destructive nature of financial development and the inefficiency of the investment policybeing implemented. Summarizing the results obtained allows us to suggest recommendations for the development of toolsfor tax incentives for investment. The novelty of the author's approach is that it is aimed at the lender, which interacts withthe investor. This makes it possible to increase the effectiveness of tax incentives for investment and overcome the mostserious gap in the level of financial access. In particular, it is proposed to introduce a special credit a contract under whichcredit institutions that provide investment loans at a below-market rate will be able to recover lost income through taxdeduction.

KW - financial availability

KW - investment activity

KW - tax incentives

KW - investment

KW - tax incentives of investment activity

UR - http://vestnik-ku.ru/images/2020/3/2020-3-11en.pdf

M3 - Article

SP - 130

EP - 134

JO - Корпоративное управление и инновационное развитие экономики Севера: Вестник Научно-исследовательского центра корпоративного права, управления и венчурного инвестирования Сыктывкарского государственного университета

JF - Корпоративное управление и инновационное развитие экономики Севера: Вестник Научно-исследовательского центра корпоративного права, управления и венчурного инвестирования Сыктывкарского государственного университета

SN - 2070-4992

IS - 3

ER -