Issue №3, 2020



Financial Access as a Determinant of Tax Incentives for Business Investment Activity in the Russian Federation


DOI: 10.34130/2070-4992-2020-3-130

Ivanov V. V. — Doctor of Economic Sciences, Professor, Head of the Chair of Credit Theory and Financial Management, Saint Petersburg State University, Saint Petersburg, Russia, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Lvova N. A. — Doctor of Economic Sciences, Associate Professor, Professor of the Chair of Credit Theory and Financial Management, Saint Petersburg State University, Saint Petersburg, Russia, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Full article 

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

Keywords: financial availability, investment activity, investment, tax incentives, tax incentives of investment activity


1. Vlasova O. V. Investicionnyj krizis kak prichina stagnacii ekonomiki Rossii v usloviyah sankcij [Investment crisis as the reason for the stagnation of the Russian economy under sanctions], Vestnik NGIEI [Bulletin NGIEI], 2019, no. 5, pp. 86—94 (In Russian).

2. Lvova N. A., Semenovich N. S. Drajvery investicionnoj aktivnosti biznesa: ob"yasnyaet li teoriya rossijskuyu praktiku? [The drivers for investment activity of business: does the theory explain the Russian practice?], Nauchnye issledovaniya i razrabotki. Ekonomika firmy [Scientific research and development. Economics of the firm], 2019, no. 4, pp. 26—32 (In Russian).

3. Ivanov V. V., L'vova N. A., Pokrovskaya N. V., Andrianov A. Yu. Issledovanie zhiznennogo cikla investicionnoj aktivnosti predpriyatij: opyt Rossii [A study of life cycle of the investment activities of enterprises: evidence from the best practices of Russia], Finansy I kredit [Finance and credit], 2019, no. 3, pp. 677—690 (In Russian).

4. Rossiya v mezhdunarodnom dvizhenii kapitala v 2018 — nachale 2019 goda: analiticheskij doklad [Russia in international capital flows in 2018-early 2019: analytical report] / A. S. Bulatov, Yu. D. Kvashnin, A. V. Kuznecov et al; Ed. A. S. Bulatov, Moscow: MGIMO-Universitet, 2019, pp. 59 (In Russian).

5. Čihák M., Demirgüçt-Kun A, Feyen E., Levine R. Benchmarking financial systems around the world, WB Policy Research Working Paper, 2012, no. 6175, pp. 58.

6. Sahay R., Cihák M., N’Diaye P., Barajas A., Bi R., Ayala D., Gao Y., Kyobe A., Nguyen L., Saborowski C., Svirydzenka K., Yousefi S. R. Rethinking financial deepening: stability and growth in emerging markets, IMF Staff Discussion Note, 2015, no. 15/08, pp. 41.

7. Sahay R., Čihák M., N’diaye P., Barajas A., Mitra S., Kyobe A., NianMooi Y., Yousefi S. R. Financial inclusion: can it meet multiple macroeconomic goals? IMF staff discussion note, 2015, no. 15/17, pp. 33.

8. Demirgüç-Kunt A., Maksimovic V. Law, finance, and firm growth. Journal of Finance, 1998, vol. 53, no. 6, pp. 2107– 2137.

9. Rozmainsky I. The basic elements of the postKeynesian analysis of the post-soviet model of Russian capitalism. Ekonomicheskij vestnik Donbassa [Economic herald of the Donbass], 2016, no. 4, pp. 21—27.

10. Bulatov A. Rossiya v mezhdunarodnom dvizhenii kapitala: perelom tendencij [Russia in international capital movement: turn of tendencies]. Voprosy ekonomiki [Issues of economics], 2017, no. 5, pp. 148—158 (In Russian).

11. Rubtsov B., Annenskaya N. Factor Analysis of the Russian Stock Market. Journal of Reviews on global economics, 2018, no. 7, pp. 417—425.

12. Abramova M. A., Lavrushin O. I., Pishchik V. YA., Rubcov B. B., Solyannikova S. P. Programmnyj dokument Banka Rossii «Osnovnye napravleniya razvitiya finansovogo rynka Rossijskoj Federacii na period 2019-2021 godov»: mnenie ekspertov Finuniversiteta [The draft guidelines for the development of the Russian financial market in 2019-2021 prepared by the Bank of Russia: expert opinion of Financial University]. Ekonomika. Nalogi. Pravo [Economics. Taxes. Law], 2019, no. 3, pp. 17—24 (In Russian).

13. Yudinceva L. A. Vliyanie denezhno-kreditnoj politiki na ekonomiku: regional'nyj aspekt [The impact of monetary policy on the economy: the regional dimension]. Finansy i biznes [Finance and business], 2017, no. 2, pp. 42—53 (In Russian).

14. Afanas'ev M. P., Shash N. N. Rossijskie investicii v stranah Evropy: tekushchee sostoyanie I perspektivy [Russian investments in European countries: current state and future prospects]. Problemy prognozirovaniya [Studies on Russian economic development], 2020, no. 3, pp. 113—123 (In Russian).

15. Aganbegyan A. G. Budushchee Rossii zavisit bol'she vsego ot razvitiya nashej finansovoj sistemy [Russia’s future mostly depends on development of domestic financial system]. Nauchnye trudy Vol'nogo ekonomicheskogo obshchestva Rossii [Scientific works of the VEO of Russia], 2019, no.1, pp. 170—194 (In Russian).

16. Semenova N. N., Arapova O. A. Nalogovoe stimulirovanie investicionnyh processov v Rossii: dejstvuyushchaya praktika I perspektivy razvitiya [Tax incentives for investment processes in russia: current practices and future development]. Mezhdunarodnyj buhgalterskij uchet [International accounting], 2018, no. 2, pp. 173—186 (In Russian).

17. Tovgazova Z. A. Nalogovye instrument stimulirovaniya investicij v ekonomiku Rossii [Tax instruments of stimulation of investments into economy of Russia]. Problemy ekonomiki I yuridicheskoj praktiki [Economic problems and legal practice], 2018, no. 2, pp. 58—60 (In Russian).

18. Lebedeva K. M. Kompleks mer po minimizacii spekulyativnyh investiciji uvelicheniyu investicionnyh gorizontov na razvivayushchihsya finansovyh rynkah: primer Rossii [Strategies for speculative investment minimization and investment horizons prolongation in emerging markets: Russian example]. Finansy. Den'gi. Investicii [Finances, Money & Investments], 2020, no. 2, pp. 35—40 (In Russian).

19. Panskov V. G., Lukasevich I. Ya. Nalogovye mekhanizmy stimulirovaniya modernizacii ekonomiki Rossijskoj Federacii [Tax mechanisms for stimulating economic modernization in the Russian Federation]. Finansy [Finance], 2017, no. 8, pp. 42— 48 (In Russian).

20. Gluhova M. N., Shohin A. N. Special'nyj investicionnyj kontrakt: vzglyad biznesa [Special capital investment project: the viewpoint of business]. Vlast' [Power], 2017, no. 7, pp. 7—12 (In Russian).

For citation: Ivanov V. V., Lvova N. A.Financial access as a determinant of tax incentives for business investment activity in the Russian Federation // Corporate Governance and Innovative Economic Development of the North. Bulletin of Research Center of Corporate Law, Management and Venture Investment of Syktyvkar State University. 2020. No. 3. Р. 130—134. DOI: 10.34130/2070-4992-2020-3-130.