Tax incentives for innovative small business: the Russian model

Designing an effective tax regime for small businesses remains a pressing issue. The authors engaged a comparative analysis of types and methods of tax incentives for small business and innovative business in global practice. It is concluded that the stimulating function of the taxation system in the Russian Federation has low efficiency and that innovative tax incentives are to be introduced. The authors propose a model of small business taxation with an embedded automatic regulator of the degree of tax burden on particular small entities with regard to their socio-economic impact and innovativeness

Формирование и особенности системы инвестиционных налоговых вычетов в Российской Федерации

The paper addresses a new tax deduction (videlicet, investment tax deduction), that is effective from 2015. The objective is to study the implementation details of the deduction in the Russian Federation and reveal development prospects. Investment tax deductions are classified into investment tax deductions as tax allowance for long-term holding of securities and investment tax deductions linked to opening individual investment accounts (types A and B). The authors present three schemes of investment tax deductions implementation. Besides, types of investors are identified and financial instruments for each type of investment tax deduction are recommended. It is determined that using tax allowance for long-term holding of securities and individual investment account (type A) implies conservative investment, whereas using individual investment account (type B) is associated with speculative investors. Foreign practice in implementing analogous deductions is summarized. The authors identify bonds as a dominant instrument in the framework of investing in individual investment accounts and present reasons for such considerations. Statistical data regarding opening individual investment accounts is presented from year 2015 and for the period January - May of 2016. The authors conclude that investment companies dominate in this market segment and make optimistic forecasts regarding development of this financial instrument. However, controversial issues related to investment tax deduction legislation are revealed. Lack of information on individual investment accounts, poor awareness of Russian citizens as well as a need for financial advisors are also named as a hindrance to the development of individual investment accounts system.Статья посвящена анализу особенностей предоставления гражданам нового вида налогового вычета по НДФЛ - инвестиционного налогового вычета, действующего с 2015 г. Целью настоящей статьи является анализ особенностей применения инвестиционных налоговых вычетов в РФ, а также выявление перспектив их развития. Авторами представлена классификация инвестиционных налоговых вычетов как инвестиционных налоговых вычетов в виде льготы для долгосрочного владения ценными бумагами и инвестиционных налоговых вычетов, связанных с открытием индивидуальных инвестиционных счетов (типы А и Б). Рассмотрены три схемы получения инвестиционных налоговых вычетов. Для каждого вида инвестиционного налогового вычета авторами определены типы инвесторов и рекомендованы виды финансовых инструментов. Использование льготы для долгосрочного владения ценными бумагами и индивидуального инвестиционного счета типа А подразумевают консервативное инвестирование. Применение индивидуального инвестиционного счета типа Б возможно спекулятивными инвесторами. Авторами также обобщен зарубежный опыт использования аналогичных вычетов. Облигации названы доминирующим инструментом в рамках инвестирования средств на индивидуальных инвестиционных счетах в силу высокой текущей доходности, большого числа надежных эмитентов и значительного числа эмиссий на внутреннем рынке. Приведены статистические данные относительно открытия индивидуальных инвестиционных счетов по итогам 2015 г. и пяти месяцев 2016 г. Сделан вывод о доминировании в данном сегменте рынка инвестиционных компаний. Авторами дан оптимистичный прогноз относительно дальнейшего развития инвестиционных налоговых вычетов. Выявлены спорные вопросы законодательства об инвестиционных налоговых вычетах, преимущественно связанные с ведением индивидуальных инвестиционных счетов. Отмечена слабая информированность населения относительно индивидуальных инвестиционных счетов и необходимость привлечения финансовых консультантов

Tax incentives as the tool for stimulating hard to recover oil reserves development

The share of hard-to-recover oil reserves, principally from unconventional hydrocarbon sources, has significantly increased in the world petroleum market. Russian policy of subsurface management is directed to stimulate the development, survey and involvement into production of hard-to-recover oil reserves by tax-financial and economic-organizational tools among which tax incentives is the most effective one. The article highlights different categories of hard-to-recover oil reserves as a basis for generating tax incentives. Also the aspects of tax influence on petroleum business (involved in production of had to recover reserves) in Tomsk region are revealed, both positive and negative

Assessment of hard-to-recover oil reserves production potential in Tomsk region

The development of the licensed areas, profound geological exploration, enhanced oil recovery due to innovative technologies introduction and revitalization of oil production from unconventional horizons could significantly increase the oil production in the Tomsk region. This article deals with the issue of oil producing companies’ affairs of the Tomsk region for the past 10 years and proves the oil production potential growth through the development of both conventional and hard-to-recover unconventional oil reserves, concentrated in the Bazhenov and Tyumen Formations, as well as in the Lower Jurassic sediments. The Russian Federation is far behind from the economically developed countries, especially from the United States, in the exploitation of hard-to-recover unconventional hydrocarbon resources. The «shale revolution» was determined by a complex of financial and tax incentives introduced for oil and gas companies. However, this was mainly beneficial for medium and small sized companies. Therefore, both the business entities and regional authorities should increase the investments spending, as well as introduce the additional tax incentives considering the quality and type of potentially available raw hydrocarbons produced in the region, in contrast to the declared benefits in the territory of Eastern Siberia. The introduction of tax incentives justified by the authors, and the implementation of public-private partnership mechanism will ensure the profitability of marginal and hard-to-recover deposits development of the Tomsk region in the long run, which in its turn, should ensure the stability of the economic development of the reviewed subject of the Russian Federation

Налоговое стимулирование инвестиций частных инвесторов в облигации в Российской Федерации

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.Highlights1. A tendency towards emergence of a tax relief system for individual investors is revealed in the context of the active development of the bond market in the Russian2. In the Russian Federation, there are a number of tax reliefs for bond holders, including coupon income exemption from tax and investment tax deductions, which are not bound into a uniform system3. Reconciliation of tax reliefs for individual investors is possible; however, there are issues that remain controversial and require particularization4. The current tax reliefs for individual investors require improvement. It is important to make certain amendments to the Tax Code of the Russian Federation and evaluate the effectiveness of tax reliefsFor citationBelomyttseva O. S., Grinkevich L. S., Grinkevich A. M., Bobek S., Tominc P. Tax incentives for bond-oriented individual investors: evidence from the Russian Federation. Journal of Tax Reform, 2018, vol. 4, no. 2, pp. 108–124. DOI: 10.15826/jtr.2018.4.2.047Article infoReceived June 6, 2018; accepted July 12, 2018 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.Основные положения 1. Формирования системы налоговых льгот для частных инвесторов в РФ имеет место в рамках активного развития рынка облигаций2. В РФ существует ряд налоговых льгот для владельцев облигаций, включая льготу по купонному доходу и инвестиционные налоговые вычеты, не связанных между собой единой системой3. Совмещение налоговых льгот для частных инвесторов возможно, однако существуют спорные и требующие конкретизации вопросы4. Логично реформирование системы налоговых льгот для частных инвесторов в РФ, включая необходимость внесения изменений в НК РФ и оценку эффективности льготДля цитирования Беломытцева О. С. Налоговое стимулирование инвестиций частных инвесторов в облигации в Российской Федерации / О. С. Беломытцева, Л. С. Гринкевич, А. М. Гринкевич, C. Бобек, П. Томинц // Journal of Tax Reform. — 2018. — Т. 4, № 2. — С. 108–124. — DOI: 10.15826/jtr.2018.4.2.047Информация о статье Дата поступления 6 июня 2018 г.; дата принятия к печати 12 июля 2018 г.

Evaluating perspectives of economy "decarbonation" - environmental aspect

The present paper deals with evaluation of economy "decarbonation" perspectives in post-Soviet states. The dynamics of this process over the period of 1990-2014 has been studied and the countries have been ranked respectively. Decoupling of GDP growth and CO2 emissions has been identified. The authors suggest a classification of tools to manage the process

Tax incentives for innovative small business: the Russian model

Designing an effective tax regime for small businesses remains a pressing issue. The authors engaged a comparative analysis of types and methods of tax incentives for small business and innovative business in global practice. It is concluded that the stimulating function of the taxation system in the Russian Federation has low efficiency and that innovative tax incentives are to be introduced. The authors propose a model of small business taxation with an embedded automatic regulator of the degree of tax burden on particular small entities with regard to their socio-economic impact and innovativeness

Налоговое стимулирование инвестиций частных инвесторов в облигации в Российской Федерации

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