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.
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
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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.