Release:
2024. Vol. 10. № 3 (39)About the authors:
Irina N. Pavlova, Cand. Sci. (Econ.), Associate Professor, Department of Finance, St. Petersburg State University of Economics, St. Petersburg, Russia; kira_koren@mail.ru, https://orcid.org/0009-0005-3702-1192Abstract:
A special investment contract (SPIC) was developed as one of the ways of comprehensive provision of various industrial incentives to an economic entity. The SPIC appeared relatively recently in the practice of Russian investors, and its potential has not been fully studied as of now. This study tests the hypothesis that the SPIC contributes to the growth of direct investment in the short term, resulting in the growth of gross domestic product and tax revenues of the budget in the long term. Using the methods of data grouping and quantitative analysis of statistical data, the authors confirmed that the SPIC promotes investment growth, yet their distribution by economic sectors and Russian regions is uneven. Moreover, in the North-West Federal District, most SPICs are implemented in the sectors of regions’ traditional specialization. Russia’s SPIC tax expenses on corporate profits tax in 2022 amounted to 32 bln RUB (appr. 328 mln USD), which is almost 16 times higher than the accrual of this tax in the same period. The results that at the current stage of its development, the SPIC does provide various measures to the economic entity in order to stimulate industrial activity, but it does not contribute to the diversification of the Russian economy and investment in long-term projects with low profitability, which casts doubt on its effectiveness. The SPIC regime needs to be “adjusted” in accordance with the goals of sustainable functioning and economic development.References:
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