Налоговое стимулирование инвестиций частных инвесторов в облигации в Российской Федерации

Статья посвящена анализу особенностей налогового стимулирования инвестиций частных инвесторов в облигации в РФ. Необходимость налогового стимулирования приобретения облигаций частными инвесторами отмечена как составная часть стратегии бондизации, заявленной Банком России. Целью настоящей статьи является анализ специфики применения инвестиционных налоговых льгот в РФ, выявление спорных и требующих конкретизации вопросов. Отмечены широкое освещение темы налогового стимулирования инвестиций в иностранной периодической литературе и практически полное игнорирование данной тематики отечественными авторами. В статье проанализированы налоговые новации в области инвестиций российских частных инвесторов: льгота по купонному доходу корпоративных облигаций, инвестиционные налоговые вычеты (индивидуальные инвестиционные счета и льгота по долгосрочному владению ценными бумагами), льгота по долгосрочному владению ценными бумагами высокотехнологичного (инновационного) сектора экономики. Определены возможности совмещения вышеназванных льгот. Отмечен недостаток количественных данных для оценки эффективности налоговых льгот для частных инвесторов вследствие короткого периода их действия. Авторы пришли к выводу относительно отсутствия единой системы предоставления льгот частным инвесторам и более широком льготировании облигаций в сравнении с прочими инструментами. Конкретным результатами работы можно считать констатацию необходимости внесений изменений в НК РФ с целью выравнивания налогообложения по производным инструментам, созданным на основе облигаций, паям паевых инвестиционных фондов и корректировки ряда технических моментов применения льгот, а также оценку эффективности описанных льгот.The paper addresses the specificities of tax incentives in the form of tax reliefs designated for individual investors, who invest in bonds in the Russian Federation. The need for the use of tax incentives to encourage individual investors to purchase bonds is regarded as an integral aspect of the bondization, announced by the Bank of Russia. The objective of this paper is to analyze the specific features of the investment tax relief implementation in the Russian Federation and to reveal issues that remain controversial and require particularization. It was found that stimulation of investment through tax is widely studied by foreign scientists; however, it is almost completely disregarded in Russia. The following tax innovations related to investments of individual Russian investors were analyzed: tax relief for coupon income, derived from corporate bonds; investment tax deductions (individual investment account and long-term capital gains exemption); long-term capital gains exemption for securities of the high-tech (innovation) sector of economy. Reconciliation schemes for the above-mentioned reliefs were identified. Insufficiency of quantitative data for the effectiveness evaluation of tax relief for individual investors was revealed, which was explained by the short validity period of this relief. The authors proved the absence of a uniform system tax relief instruments for individual investors and found that bond holders have more tax relief options, compared to share holders of other investment instruments. In this context, it was proposed to make amendments to the Tax Code of the Russian Federation in order to ensure tax equalization with relation to derivative instruments, designed on the basis of bonds, mutual fund units). In addition, it was recommended to adjust a number of technical aspects, connected with tax relief application and to evaluate the effectiveness of the reliefs under study

Approaches of Russian oil companies to optimal capital structure

Oil companies play a vital role in Russian economy. Demand for hydrocarbon products will be increasing for the nearest decades simultaneously with the population growth and social needs. Change of raw-material orientation of Russian economy and the transition to the innovative way of the development do not exclude the development of oil industry in future. Moreover, society believes that this sector must bring the Russian economy on to the road of innovative development due to neo-industrialization. To achieve this, the government power as well as capital management of companies are required. To make their optimal capital structure, it is necessary to minimize the capital cost, decrease definite risks under existing limits, and maximize profitability. The capital structure analysis of Russian and foreign oil companies shows different approaches, reasons, as well as conditions and, consequently, equity capital and debt capital relationship and their cost, which demands the effective capital management strategy

CHANGE IN CONTENT OF GLYCOPROTEINS ON THE SURFACE OF ENDOTHELIAL CELL CULTURE EA.HY 926 AND INTIMA OF INTERNAL CAROTID ARTERIES UNDER THE INFLUENCE OF MAGNESIUM OROTATE

Aim. To study changes in the glycoproteins content in the glycocalyx of endothelial cells under the influence of magnesium orotate.Material and methods. Endotheliocytes of cell culture EA.hy 926 were examined before  and after addition of the magnesium orotate to the culture medium. Intimal endothelium of internal carotid arteries, fragments of which were obtained by sequential execution of bilateral resection of the arteries before  and after course of treatment with magnesium orotate was also investigated. Anthony’ method (1931), designed for the study of glycoproteins in the bacteria capsule and adapted by L.V. Didenko (2013) for eukaryotes was used to detect glycoproteins. The scanning electron microscopy with simultaneous x-ray microanalysis was applied.Results. Total number of Cu2+-signals per one scanning field in the mapping of samples for Cu2+ as the indirect index of proteoglycan content in EA.hy 926 endothelial cell culture before incubation with magnesium orotate was 6928±124, and after incubation with magnesium orotate – 7592±131. Number of Cu2+-signals on the surface of the internal carotid artery intima before treatment with magnesium orotate was 5015±407, and after treatment – 6100±152 per one scanning field.Conclusion. A significant increase in the content of glycoproteins on the surface of EA.hy926 endothelial cell culture (+10%) and internal carotid artery intima (+22%) under the influence of magnesium orotate was found

Production operation of small petroleum enterprises in Tomsk region

Implementing resource-innovative strategy to develop Russian fuel-and-energy sector implies the promotion of small oil production enterprises developing fields with the reserves of less than 5 mln. tons. However, the efficiency of such enterprises, investigated on the example of Tomsk region (considering the indexes of oil extraction, growth of reserves, amount of capital expenditures and geological surveys), signifies the presence of definite tendencies. Consequently, management decisions concerning economic, organizational, financial and fiscal character should be taken in order to eliminate detrimental factors

Novel allosteric mechanism of p53 activation by small molecules for targeted anticancer therapy

Given the immense significance of p53 restoration for anti-cancer therapy and that p53-activating molecules are in clinical trials, elucidation of the mechanisms of action of p53-activating molecules is of the utmost importance. Here we report a discovery of a novel allosteric modulation of p53 by small molecules, which is an unexpected turn in the p53 story. We identified a structural element involved in allosteric regulation of p53, whose targeting by small molecules RITA, PpIX and licofelone blocks the binding of two p53 inhibitors, MDM2 and MDMX, thereby restoring p53 function. Deletion and mutation analysis followed by molecular modeling and its thorough validation, identified the key p53 residues S33 and S37 targeted by RITA and PpIX. We propose that the binding of small molecules to the identified site in p53 induces a conformational trap preventing p53 from the interaction with MDM2 and MDMX. These results point to a high potential of allosteric activators as targeted drugs. Our study provides a basis for the development of therapeutics with a novel mechanism of action, thus extending the p53 pharmacopeia

Differential modulatory effects of GSK-3β and HDM2 on sorafenib-induced AIF nuclear translocation (programmed necrosis) in melanoma

<p>Abstract</p> <p>Background</p> <p>GSK-3β phosphorylates numerous substrates that govern cell survival. It phosphorylates p53, for example, and induces its nuclear export, HDM2-dependent ubiquitination, and proteasomal degradation. GSK-3β can either enhance or inhibit programmed cell death, depending on the nature of the pro-apoptotic stimulus. We previously showed that the multikinase inhibitor sorafenib activated GSK-3β and that this activation attenuated the cytotoxic effects of the drug in various BRAF-mutant melanoma cell lines. In this report, we describe the results of studies exploring the effects of GSK-3β on the cytotoxicity and antitumor activity of sorafenib combined with the HDM2 antagonist MI-319.</p> <p>Results</p> <p>MI-319 alone increased p53 levels and p53-dependent gene expression in melanoma cells but did not induce programmed cell death. Its cytotoxicity, however, was augmented in some melanoma cell lines by the addition of sorafenib. In responsive cell lines, the MI-319/sorafenib combination induced the disappearance of p53 from the nucleus, the down modulation of Bcl-2 and Bcl-x_L, the translocation of p53 to the mitochondria and that of AIF to the nuclei. These events were all GSK-3β-dependent in that they were blocked with a GSK-3β shRNA and facilitated in otherwise unresponsive melanoma cell lines by the introduction of a constitutively active form of the kinase (GSK-3β-S9A). These modulatory effects of GSK-3β on the activities of the sorafenib/MI-319 combination were the exact reverse of its effects on the activities of sorafenib alone, which induced the down modulation of Bcl-2 and Bcl-x_Land the nuclear translocation of AIF only in cells in which GSK-3β activity was either down modulated or constitutively low. In A375 xenografts, the antitumor effects of sorafenib and MI-319 were additive and associated with the down modulation of Bcl-2 and Bcl-x_L, the nuclear translocation of AIF, and increased suppression of tumor angiogenesis.</p> <p>Conclusions</p> <p>Our data demonstrate a complex partnership between GSK-3β and HDM2 in the regulation of p53 function in the nucleus and mitochondria. The data suggest that the ability of sorafenib to activate GSK-3β and alter the intracellular distribution of p53 may be exploitable as an adjunct to agents that prevent the HDM2-dependent degradation of p53 in the treatment of melanoma.</p

Results of external quality control study in flow cytometric acute lymphoblastic leukemia diagnostics

Comparison of interpretation of acute lymphoblastic leukemia (ALL) flow cytometric diagnostics data was the aim of the study. Immunophenotyping data obtained from 10 patients with ALL were analysed separately in 26 laboratories from Russian Federation and Kazahstan. Results comparison showed four main type of discordance: B-lineage ALL diagnostics during heavy bone marrow regeneration, great variability of T-ALL interpretation, complexity of ambiguous lineage acute leukemia and, finally, very different report types, unique for each laboratory. All these problems are the serious obstacles for standardization of flow cytometric ALL diagnostics in multicenter setting. Continuation of similar QC rounds following by consecutive discussions with further development of consensus diagnostic algorithm could be the first step for standardization of ALL immunophenotyping in Russian Federation and CIS countries