Perfection of Tax Regulation of Investment Processes

Abstract

Regulation of investment sphere is carried out by the state with a complex of legal, economic and executive - administrative measures to form favorable investment climate in the country, maintain economic conditions for realization of innovative activity with a view of satisfaction of national interests in the present and in the prospect. Efficiency of state regulation assumes creation of the financial system capable to provide steady interrelation and unity of all levels of the economy. It means that state regulation mechanisms in the sphere of investments should be based on real processes in budgetary - tax sphere and in the credit and financial markets. Besides, these mechanisms should consider financial position and condition of scientific - industrial potential at the level of managing subjects. Basic condition of transition of Russian economy from raw orientation to the economy of new type is formation of the tax policy capable to provide post-crisis restoration of the national economy, to accelerate its transition to innovative development. Tax policy realization is carried out through the tax mechanism which is a system of the forms established by the state, kinds and methods of the organization of fiscal relations. Practice of tax regulation in the market economy testifies inter-conditionality of the processes of state investment, innovative and fiscal policy. In particular, decrease in the intensity of innovative activity decreases real net national product (at the expense of reduction of the contribution of hi-tech branches with the highest added cost to its production). In turn, reduction of net national product reduces the base of taxation and investment possibilities of the enterprises.