Importance Among the measures of State support for investment activity, tax instruments assume an important role. Currently, a comprehensive regulatory framework governing investment activity has been formed. Objectives Current tax legislation enables to allocate fiscal instruments to encourage investment processes in Russia. However, the realities lead to conclusions that investors often do not enjoy these benefits because of their inexpediency and (or) inefficiency. Methods The paper explores the active legislation and also laws and regulations in the field of investment activity regulation in the Russian Federation. I have analyzed the applied fiscal instruments to enhance the efficiency of investment projects for income tax of organizations, value added tax and property tax of organizations and their implication effect, and also have identified their drawbacks. The article researches the causes of low efficiency of tax regulation of investment development of the Russian economy and shortcomings of provisions of tax legislation that allowed developing the proposals for possible changes of the situation for the better. Despite the growth in investment, Russia still is among the leading countries in terms of wear and tear of fixed assets, which directly impact the volume and quality of its products, its competitiveness, and the level of production costs and company's performance level. Results The scarcity of financial resources remains one of the most painful and still unresolved issues. Conclusions and Relevance I emphasize that proposals to improve the existing instruments of tax regulation of investment activity and changes to existing tax legislation, will contribute to the improvement of the country's investment climate.
Keywords: investment activity, project financing, investments, tools, tax regulations, income tax, depreciation, losses, value added tax, organizations property tax
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