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Ivanov A.I., Kuznetsov A.P.
Kolomna Institute (branch) of Moscow State University
of Mechanical Engineering (MAMI), Russia
Russian
investment policy at present
Russia
with its vast domestic market, significant scientific and technical potential,
substantial resource base, including land, forest and water resources, mineral
resources and rich soil, favorable climatic conditions, is able to carry out
economic activities in virtually every sector of the economy. So, potentially Russia
is one of the leading countries to attract foreign investment.
A
sound state investment policy is necessary to solve the problem of attracting
investments into the country. An investment policy is a set of economic
decisions that determine the source, size, structure, main areas of investment,
measures to focus on the most important areas of economic development and
effective use. In other words, an investment policy of a state is aimed at
finding sources of investment and determining rational areas of its use.
The
main objective of the state investment policy is creating an enabling
environment conducive to attracting and more efficient using of investment
resources.
The
investment policy should be focused at identifying the feasibility of
investment volumes for each time period and their structure, choosing
priorities and increasing the efficiency of investment.
The
Federal Law «On Investment Activity Carried Out in the Russian Federation in
the Form of Capital Investments» defines two main principles of state
regulation of investment activity: the creation of an enabling environment for
investment and direct state involvement in investment activity.
According
to a survey of British auditing and consulting firm Ernst & Young «EY’s
attractiveness survey – Europe 2014. Back in the game» Russia is ranked third
after the USA and China in the list of investment attractiveness, leaving
behind the UK, France, Germany, Singapore and Brazil. However, in the current
geopolitical and economic situation, when the Russian relations with the NATO
and the European Union
are full of misunderstanding, tension and confrontation, and our country is
perceived in the first place not as a partner, but as a potential threat, a
strategic priority for Russia is expanding mutually beneficial cooperation with
the Asia-Pacific region.
Speaking
at the Business Summit Forum «Asia-Pacific Economic Cooperation», President of
the Russian Federation Vladimir Putin said that Russia as part of the Asia-Pacific
region is required to use the competitive advantages provided by this rapidly
growing center of economy, technology and innovation. A key role in this
process is assigned to the Far Eastern Federal District.
In
order to increase the investment attractiveness of the Russian Far East the
government is going to create in the region a territory of rapid socio-economic
development, which is to give to its residents a series of preferential
conditions for doing business, namely:
¾
special conditions of land use;
¾
preferential rents;
¾
tax benefits and insurance payments;
¾
reduced tax rate on corporate
profits. Zero rate of tax is paid to the federal budget (instead of the
standard 2%) for a period of 5 years from the first tax period after the
acquisition of a resident status on the territory of rapid development. The
reduced rate of tax is paid to the budgets of federal sub-entities of Russia (instead of
the standard 18%), namely, the rate does not exceed 5% for the first 5 years,
and then at least 10% for the next 5 years;
¾
establishment of a discount factor
to the tax rate on mining for 10 years;
¾
reduced rates of insurance premiums
for employers-residents of the territory of rapid development (7.6% instead of
the standard 30%);
¾
special mode of state and municipal
control (supervision);
¾
preferential connection to the
infrastructure;
¾
use of the customs procedure of a
customs-free zone;
¾
application of technical and
sanitary regulations of the most developed countries used by the Organization for Economic Co-operation and
Development (OECD);
¾
use of accelerated depreciation
pertaining to their objects of depreciable property (by a factor of 2);
¾
simplified procedure for attracting
qualified foreign personnel.